malaysiang
KUALA LUMPUR,, Kuwait Finance House KSCP said it has decided to voluntarily withdraw from the Malaysian market and wind down Kuwait Finance House (Malaysia) Bhd (KFHMB) after 19 years of operation.
The group said in a statement here today that this followed a recent announcement on the group’s international business strategic review to focus on and expand in regional markets namely Gulf Cooperation Council (GCC) countries and the Middle East.
Acting chief executive officer Ida Aizun Husin said KFHMB is profitable and remains solvent as the group approach this transition with a strong financial foundation, ensuring that all their commitments are met with the highest level of responsibility.
‘Our primary focus is to facilitate a smooth transition, reflecting our deep appreciation for the business partnerships we have developed in Malaysia. We do not foresee any service disruptions to clients, employees, and partners,’ she said.
Meanwhile, as part of ensuring a smooth transition, KFHMB is also exploring the
potential sale of certain portfolio segments to prospective buyers, all subject to regulatory approvals, said the group.
The group added that the entire process will adhere strictly to Malaysia’s regulatory frameworks, ensuring compliance with shariah principles.
KFHMB will continuously keep all relevant parties updated on material matters, said the group.
‘KFHMB extends its gratitude to the Malaysian government and various regulatory bodies whose support has been unwavering. We look forward to maintaining strong ties as we navigate through this transition,’ it added.
According to its website, KFHMB is the first foreign Islamic bank that was granted a licence under the Islamic Banking Act (Malaysia) 1983 on May 8, 2005 and commenced branch operations on Aug 8, 2005.
Source: BERNAMA News Agency
