Issue 3 - Kuwait Finance House

Issue 3 2012 | PQ/PP1505(17504) | Malaysia
KFH Malaysia’s 11th branch
opens in Kota Damansara
New @
KFH Malaysia
NEW @
KFH Malaysia
NEW @
KFH Malaysia
Getting to know
the Chairman of
KFH Malaysia,
Dr.Nabeel
Al-Mannae
Another
feather
in the cap!
Now juniors can
invest in gold too
Page 06
Page 08
Page 08
Contents
Issue 3 - 2012
THE DUNES
Editorial Advisor
YBhg Dato’ Jamelah Jamaluddin
Chief Executive Officer
Editor
Akmal Baqi Mohamed Ariff
Corporate Communications
Contributors
Fun @ Work
12
After the hard
work… some fun!
Hajjah Rumaizah Dato’ Abu Bakar
(Head)
Fazlynn Nadira Mohd Azrul Raj
Hardy Irwan Maarof
Huzaifah Mazlina Mohd Alias
Isnan Fitri Mohd Azmi
Mohamed Anuwar Yunus
Hafsah Ahmad
Ustaz Muhammad Abdul Hakim
Wendy Song
Kuwait Finance House (Malaysia) Berhad
Level 18, Tower 2, Etiqa Twins
11, Jalan Pinang, P.O.Box 10103,
50704 Kuala Lumpur, Malaysia.
KFH Malaysia Contact Centre:
1800 888 KFH (534)
Website: kfh.com.my
perspective
03
Striving
for Success
House (Malaysia) Berhad. No portion
of this publication covered by the
copyright herein may be reproduced in
any form without the written consent
of the publisher.
2
THE DUNES — ISSUE 3 2012
Damansara
CEO highlights bright
future for Islamic banking
Judging for journalism
award begins
Diabetics give
KFH’s iPhone app the
thumbs-up
Kuveyt Türk issues
a USD100 billion Sukuk
Sukuk market to break
USD200 billion barrier
in 2012
Product
Highlight
04
KFH Automobile
Ijarah-i
14
USD1 billion
in assets & deals
the experts say
KFH-Research wins
prestigious global
award
05
Getting
acquainted with Islamic
Banking terminology
New @ KFH
Malaysia
06
Getting to know the
Chairman of KFH Malaysia,
Dr. Nabeel Al-Mannae
All rights reserved by Kuwait Finance
09
KFH Malaysia’s 11th
branch opens in Kota
08
Another feather in
the cap!
New Shariah-based
current account launched
Now juniors can invest in
gold too
acquired last year
10
Joint promo puts
dream car within reach
Finance briefing for
Chinese Chamber of
Commerce
Creating awareness
through exhibition
11
New KFHAM CEO
appointed
Two new members join
Shariah Committee
At Group Level
13
KFH Bags best
Islamic Bank Award
Innovative products
for women
KFH a big hit in
cyberspace
Youth programmes top
all in 2011
Creating
Footsteps
15
KFH Kota Kinabalu
branch brings cheer to
orphans
Perspective
Striving
for Success
W
We have
to be more
competitive
and equipped
to meet
upcoming
challenges.
e are delighted to introduce the third issue of The
Dunes and share inspiring progress of the Bank.
Retail banking business remains important to Kuwait
Finance House (Malaysia) Berhad (KFH Malaysia) as we expand
our service channels, network and geographical reach. Recently,
we unveiled our new Kota Damansara branch, the fifth in the
Klang Valley and eleventh in KFH Malaysia’s branch network
nationwide.
The Bank will also benefit from the guidance of KFH
Malaysia’s new Chairman, Dr. Nabeel Al-Mannae, with his
extensive international experience in banking and finance which
includes his service as Deputy Governor, Central Bank of Kuwait.
In this issue, Dr. Nabeel shares his aspirations in his new role and
in striving to make the Bank a successful regional hub for the
Group.
KFH Malaysia will continue to develop and offer innovative
Shariah-compliant products to meet the increasing market
demand. The Bank received the Islamic Business & Finance
Award 2011 for the Best Investment Bank (Asia) category for its
two main achievements in investment banking in 2010/2011.
These consist of KFH Malaysia being the financier for the current
development of 97 Islamic religious schools in the state of Johor
through Murabahah Tawarruq financing facilities, and arranging
and managing the issuance of Nomura Holdings Inc.’s Sukuk
Al-Ijarah, the first United States dollar-denominated sukuk for a
Japanese multinational corporation issued out of Malaysia.
On the social front, a gathering was held in Port Dickson to
recognise retail banking staff for their performance.
These new developments have been encouraging.
Nevertheless, we remain cautious while we strive to meet
our business goals. We have to be more competitive and
equipped to meet upcoming challenges.
Through The Dunes, we shall continue to share the
latest happenings at KFH Malaysia with you.
Best regards,
DATO’ JAMELAH JAMALUDDIN
Chief Executive Officer
THE DUNES — ISSUE 3 2012
3
Product Highlight
prior to applying for financing,
customers are advised to:
• Obtain accurate and complete
information regarding a
particular financing and liaise
directly with the financial
institution.
• Ensure that all transactions with
the car dealer and financial
institution are done directly,
without using a third party
(broker).
• Ensure that all transactions are
done with the respective parties
e.g. car dealer or financial
institution.
While in the process of
financing, customers should:
• Ensure that correct details
are stated in the automobile
financing agreement. Check
carefully before signing the
agreement.
• Keep a copy of the document for
their reference.
• Not sign an empty agreement
letter.
• Ensure that they jot down the
purpose when a copy of the
documents are given to a third
party.
• Ensure that a finance officer is
present to witness the signing of
all agreements and also, ensure
that the finance officer signs the
agreement in the customers’
presence.
KFH Automobile
Ijarah-i
KFH Malaysia offers the KFH Automobile Ijarah-i much to the pleasure of
motorists intending to purchase new vehicles. A Shariah-compliant product, KFH
Automobile Ijarah-i is a hassle-free package based on the concept of Al-Ijarah
Thumma Al-Bai' (AITAB).
Approval is quick and finance rates are competitive coupled with an attractive
margin of financing and a financing tenure of up to nine years. Customers will
also enjoy personalised service such as road tax renewal and easy payment
methods through MEPS and Interbank GIRO.
4
THE DUNES — ISSUE 3 2012
As a general precaution,
customers should not use the name
of a third party to apply for any
automobile financing and not allow
their names to be used for the
automobile financing of a third party.
KFH Malaysia guarantees
that there is no hidden charge
in the product as everything is
stated clearly. What’s more,
all transactions, processing
and notifications are done in a
transparent manner according to
Shariah guidelines. If a late penalty
charge is instituted, it is channelled
to charitable activities and bodies
with the aim of contributing back to
the community.
The Experts Say
MUSYARAKAH MUTANAQISAH
Musyarakah Mutanaqisah or
diminishing partnership is a form of
Musyarakah (partnership) in which one
of the partners promises to purchase
the equity share of the other partner
gradually until the title of the equity
is completely transferred to him. This
transaction starts with the formation
of a partnership, after which buying
and selling of the equity takes place
between the two partners. One
partner may lease his share of the
asset to the other partner on Ijarah
(lease) basis. The partnership will
come to an end with one partner being
the sole owner of the asset or business
venture.
Tenets of transaction:
As Musyarakah Mutanaqisah will
involve several contracts such as
Musyarakah, Sale and Purchase and
Ijarah, all tenets and general terms
and conditions of such contracts shall
be applied provided that all are in
separate agreements.
MUDHARABAH
Getting
acquainted
with Islamic
Banking
terminology
Mudharabah means partnership in
profit whereby one party provides
capital (rabb al-mal) and the other
party acts as an entrepreneur
(mudharib) who solely manages the
project. If the venture is profitable,
the profit will be distributed based on
a pre-agreed ratio. In the event of a
business loss, the loss shall be borne
solely by the provider of the capital
unless it is due to the misconduct
or negligence of the mudharib.
Mudharabah can be structured based
on a parallel or back-to-back basis.
MURABAHAH
Murabahah means cost plus profit from a sale. It is a trust sale. It refers to the
sale and purchase transaction for the financing of an asset whereby the cost and
profit margin (mark-up) are made known and agreed to by all parties involved.
The settlement for the purchase can be either on a cash basis, a deferred lump
sum basis or on an instalment basis, which will be specified in the agreement.
Tenets of transaction:
The three principles of Murabahah are as follows:
• Contracting parties i.e. seller and buyer.
• Subject matter of the sale i.e. sale price and goods.
• Contract language i.e. offer and acceptance.
Tenets of transaction:
The three tenets of Mudharabah are
as follows:
• Contracting parties i.e. capital
provider (rabb al-mal) and
entrepreneur / capital user
(mudharib).
• Subject matter of Mudharabah
i.e. capital, profit and loss.
• Contract language i.e. offer and
acceptance.
THE DUNES — ISSUE 3 2012
5
New @ KFH Malaysia
Getting to know the
Chairman of KFH Malaysia,
Dr. Nabeel Al-Mannae
C
hairman of KFH Malaysia Dr. Nabeel Al-Mannae joined KFH Kuwait as ViceChairman in March 2011 and was appointed Chairman of KFH Malaysia on 5
September 2011. A PhD holder in Economics from the University of Miami,
Florida in 1987, he obtained his Master of Arts in Economics from the Florida
International University in 1983. Dr. Nabeel Al-Mannae also holds a degree in
Commerce (Economics) from the Kuwait University.
Could you tell us a little about your background?
Prior to joining KFH Kuwait, I was Chairman and Managing Director of Hayat
Investment Company, an asset management company I co-founded after leaving
the Central Bank of Kuwait in September 2008. I also served at the Central
Bank of Kuwait for 21 years and held numerous key positions including Deputy
Governor for 10 years. Apart from that, I served as board member for various
corporations in Kuwait and was a member of various national and international
specialised committees.
Could you share some of your experiences during your service as
Deputy Governor at the Central Bank of Kuwait?
The Central Bank of Kuwait holds the role of monetary and supervisory authority
in Kuwait and both these functions require us to be up-to-date on new trends
and economic phases both at the national and international level. An important
aspect is being actively involved in regional and international events through
participating and meeting with different global financial institutions such as the
International Monetary Fund (IMF), The Bank for International Settlements (BIS)
and other important regional central banks. With these connections, one learns a
lot about policy-making that helps in decision-making at the national level.
During this period, we have witnessed national and regional economic and
financial crises in different parts of the world. The most important and valuable
thing is to learn lessons from these crises such as the root causes and how it is
being handled and improved. Then, we can successfully upgrade our policies
to further strengthen our financial sector through improving and updating our
regulation and supervisory policies.
One of the key lessons is that the seeds of the crisis begin during peak
periods when market participants, seeing their asset prices shoot up; further
participate in expanding the bubble. This self-fulfilling prophecy finally reaches
its peak when investors realise that price levels are far away from fundamentals
which then sets into motion the panic that finally causes the bubble to burst.
Furthermore, timely and precautionary measures always prove to be more
efficient and less costly than taking late actions.
6
THE DUNES — ISSUE 3 2012
Fortunately in Kuwait, the
banking sector still focuses on basic
banking without involving complex
derivatives that were a key factor
in accelerating the financial crisis in
the developed world. Furthermore,
having witnessed our own financial
crisis in 1980 and by looking at the
experience of other countries in the
world, we have a culture of being
conservative which is reflected
in our supervisory policies and
procedures.
How would you describe your
leadership style?
To me, identification of
responsibility and accountability
are the core attributes towards
achieving the end goal. Teamwork
with clear responsibilities can
get work done in addition to the
quality of the results achieved. For
New @ KFH Malaysia
example, the quality of assets in the
banking sector is highly important,
not just achieving a specific target
in terms of asset size.
How do you feel about your
new role as Chairman of KFH
Malaysia?
While holding the position of ViceChairman of the KFH Group, the
Board of the Group also nominated
me to take on the role of Chairman
of KFH Malaysia. This represents
the importance of our Malaysia
subsidiary as the KFH Group sees
Malaysia as an important economic
hub for Islamic investments. In
addition, it is also a gateway to
other important regions such as
Far East Asia due to its increasing
importance within the global
economy.
I decided to
take the role
as a challenge
based on
my belief
that these
challenges
are very much
manageable
and can be
converted into
opportunities.
I decided to take the role as a
challenge based on my belief that
these challenges are very much
manageable and can be converted
into opportunities.
I am confident that with the
strong coordination between the
Board and the Management to
achieve our targets, we will secure
the top position in Malaysia. I am
deeply touched with the trust given
to me by the KFH Group and I look
forward to what lies ahead. I know
for sure that we can achieve our
corporate goal to take the bank to
the next level and position it as a
premier Islamic bank in Malaysia.
What are your views on the
efforts to raise two-way
investments between the GCC
and Malaysia?
In my view, there are large
synergies that can be achieved
by raising two-way investments
between the GCC and Malaysia.
On one side, Malaysia offers
GCC investors a broader range
of Shariah-compliant products
and brings large diversification
benefits while simultaneously
giving opportunity to Malaysian
institutions to explore and tap the
GCC markets.
The policy for the establishment
of foreign Islamic subsidiaries
in Malaysia reflects in part the
further liberalisation of Malaysia’s
Islamic financial services industry
as well as the initiative to enhance
the outreach of Islamic finance
and to strengthen the industry’s
international relations. Foreign
Islamic subsidiaries also have the
potential to promote innovative
product development and enhance
international integration of the
Islamic financial system.
Hence, the KFH Group sees
Malaysia as an important platform
for long-term expansion in the AsiaPacific region. The country’s strategic
position enables KFH to serve the
region effectively and facilitate an
expansion in investment and trade
between Southeast Asia and the MENA
region.
What in your opinion is the
future of Islamic banking and
what makes a successful Islamic
bank?
The same principles that apply
to conventional banking are also
applicable to Islamic banking.
Being Shariah-compliant does not
make you immune to key risks in
the financial sector. As for any
conventional bank, the success of
an Islamic bank also depends upon
the accumulation of quality assets
on the balance sheet, quality of
product and service mix as well
as independent and effective
risk management policies and
procedures. Giving the bank early
warning signals can also help in
achieving success.
During the past decade Islamic
finance has emerged as one of the
fastest growing areas in the field of
investments. According to Standard
& Poor’s estimates, assets of the
top 500 Islamic banks expanded
28.6% to USD822 billion at the
end of 2009. Commercial banks
account for the bulk of assets with
investment banks, Sukuk issues,
funds and Takaful making up the
balance. Geographically, Islamic
finance is concentrated in Malaysia
and the Middle East including
Saudi Arabia, Kuwait, United Arab
Emirates and Bahrain. However, it
is also spreading rapidly in Asian
countries such as Bangladesh,
Pakistan and Indonesia, as well as
North African countries like Sudan
and Egypt. Given this impressive
growth in such a short span of
time, one can confidently believe
in a bright future for Islamic
banking.
Do you have any advice for
those who want to succeed in
the financial industry?
As the financial industry is quite
dynamic, continuous research
is required both on product
development and customer base.
As such, quality education along
with continuous training are the key
attributes needed in order to achieve
continued success.
THE DUNES — ISSUE 3 2012
7
New @ KFH Malaysia
Another feather in the cap!
KFH Malaysia recently won the
Best Investment Bank (Asia) award
at the Islamic Business & Finance
Awards 2011.
The award was given in
recognition of the Bank’s two main
achievements in investment banking.
The first was in regards to KFH
Malaysia becoming the financier
in July 2011 for the development
of 97 Islamic religious schools in
Johor through Shariah-compliant
Murabahah Tawarruq financing
facilities of up to RM160 million.
This is part of the bank’s strategic
partnership with the state.
The second recognition
commemorated KFH Malaysia’s
achievement in arranging and
managing the issuance of Nomura
Holdings Inc.’s Sukuk Al-Ijarah in
July 2010. The Sukuk, which marked
the first-of-its-kind for a Japanese
corporation, was also the first United
States dollar-denominated Sukuk for
a Japanese multinational corporation
issued out of Malaysia under the
Framework of Issuance of Foreign
Currency-Denominated Bonds and
Sukuk in Malaysia.
New Shariah-based
current account launched
KFH Malaysia recently introduced the Mudharabah Current Account-i for
individuals that enable profit earning based on predetermined profit sharing
ratios.
Available at all its branches, the new Mudharabah Current Account-i also
offers free Takaful PA coverage of up to RM50,000 and cheque book facility.
Open to individual customers only, the new Mudharabah Current Account-i is
a product insured by Perbadanan Insurans Deposit Malaysia (PIDM).
Now juniors can
invest in gold too
8
THE DUNES — ISSUE 3 2012
KFH Malaysia’s KFH Gold Account-i for
Junior/Joint Accounts was introduced
at all branches on Monday, 30 January
2012. The product enables customers
to invest in gold in a convenient,
secure and cheaper way without
having to keep the gold physically.
This newly launched account is
open to both minor account holders
below 18 years old and joint account
holders. As a junior account
holder, initial deposits start
from as low as five grams
with subsequent deposits
and withdrawals at one
gram for both types of
account holders. As an added
bonus, account holders can also make
physical gold withdrawals in the new
denomination of 20 grams.
KFH Gold
Discovery III
continues at all KFH Malaysia
branches until 31 August 2012!
The campaign is for KFH Gold
Account-i customers with
a minimum deposit of 10
grams of gold. Customers will
also enjoy special campaign
rates at 4.00% p.a.for KFH
International Commodity
Murabahah Deposit-i (ICM)
with a minimum placement of
RM50,000 and tenure of 6, 12
or 24 months.
New @ KFH Malaysia
Norman Md Salleh,
Branch Manager Kota Damansara
Branch
KFH Malaysia’s 11th branch
opens in Kota Damansara
KFH Malaysia has widened
its reach to new and existing
clients with the opening of a
new branch in Kota Damansara
on 29 December 2011, making it
the fifth in the Klang Valley and
the eleventh in KFH Malaysia’s
nationwide network. The new
KFH Malaysia branch is located
at 22A & 26, Ground Floor, Jalan
PJU 5/20D, The Strand PJU 5 Kota
Damansara.
Dato’ Jamelah Jamaluddin,
CEO, KFH Malaysia said, “Kota
Damansara was specifically chosen
as it has a diverse customer base
that enables the Bank to reach
out to a wider audience”. This
new location also presented a
wonderful opportunity for KFH
Malaysia to enhance the service
delivery to meet customers’
growing needs and interest in
Islamic finance.
This branch expansion is in
line with the Bank’s overall efforts
to strengthen the KFH Malaysia
brand presence and ensure that
customers get more from their
banking.
With the branch now open
for business, Dato’ Jamelah said
the business sector, government
bodies and retail customers
from Kota Damansara and its
surrounding areas can benefit
from the Bank’s attractive rates
and ongoing promotions with
its full range of Shariah-based
products and services. Among the
innovative new products offered
are the Gold Account-i, Personal
Financing-i, KFH Home Financing-i
and KFH Automobile Ijarah-i. Dato’ Jamelah also thanked
Bank Negara Malaysia and the
state of Selangor for their
continued support towards KFH
Malaysia, and for their assistance
in realising the new branch.
“Kota Damansara
was specifically
chosen as it has a
diverse customer
base that enables
the Bank to reach
out to a wider
audience.”
Dato’ Jamelah Jamaluddin
CEO, KFH Malaysia
CEO highlights bright future for Islamic banking
Dato’ Jamelah Jamaluddin, CEO, KFH
Malaysia shared with the audience the
positive outlook for Islamic Banking when
she spoke at the National Transformation
Summit on Thursday, 16 February 2012.
With the summit’s theme being
‘Capitalising on Opportunities from the
Economic Transformation Programme’,
Dato’ Jamelah spoke about the role
Islamic banking could play in terms of
infrastructure financing, the issuance
of foreign Sukuk, SMEs online presence
and Shariah-compliant retail banking
products and services.
THE DUNES — ISSUE 3 2012
9
New @ KFH Malaysia
Joint promo puts
dream car within reach
The joint promotion between KFH
Malaysia and Peugeot Malaysia
was a roaring success with many
customers eagerly snapping up
deals and placing orders on their
dream car using the KFH Automobile
Ijarah-i finance package.
The limited-time-only joint
promotion was held at Menara
Etiqa and attracted customers
from surrounding offices who
came in droves to test drive
the cars and sign-up for the car
financing package. The cars on
offer were the Peugeot RCZ,
308, 3008 and 5008.
The KFH Automobile
Ijarah-i is an attractive and
comprehensive Shariah-based
car financing product that offers
customers a convenient and
hassle-free package based on the
concept of Al-Ijarah Thumma AlBai’ (AI TAB).
Easy Way to Own a National Car
KFH Malaysia offers customers attractive financing rates for KFH
Automobile Ijarah-i on selected national cars such as Alza, Myvi,
Exora and Inspira. Terms and conditions apply. Call us now at 1800
888 KFH (534) for more details or log on to kfh.com.my.
Creating awareness
through exhibition
KFH Malaysia made the move to
participate in the 1Malaysia Trade &
Commercial Exhibition 2011 in Batu
Pahat, Johor to create awareness of
its retail and commercial banking
products. Organised by the Chinese
Chamber of Commerce from Thursday,
24 November to Sunday, 27 November
2011, the yearly event is the biggest
commercial exhibition in town with
over 100 participants from local
companies including banks, housing
developers and new car dealers.
10
THE DUNES — ISSUE 3 2012
Finance
briefing for
Chinese Chamber
of Commerce
Representatives of KFH Malaysia
met up with over 60 members
of the Chinese Chamber of
Commerce (CCC) in Kluang, Johor
on Friday, 25 November 2011 to
get them acquainted with the
Bank’s financing products. The CCC
members were mostly interested
in financing products for oil palm
estates, the KFH Gold Account-i
and hire purchase. Dato’ Jamelah
Jamaluddin, CEO, KFH Malaysia and
Dato’ Tan Seng Leong, Chairman,
CCC attended a dinner with the
participants.
New @ KFH Malaysia
New KFHAM CEO appointed
Mushthaq Ahmad A.M. Ibrahim was
appointed Chief Executive Officer
of KFH Asset Management Sdn Bhd
(KFHAM) on Tuesday, 10 January 2012.
Mushthaq Ahmad holds a Master of
Business degree from the Governors
State University Illinois, USA and
a Bachelor of Science in Business
Administration from the Southeast
Missouri State University, USA.
Prior to joining KFHAM, Mushthaq
Ahmad held senior management
positions at MIDF Amanah Asset
Management Berhad, Asia Unit
Trusts Berhad, Singapore Unit Trusts
Ltd, Amanah Asset Managers Sdn Bhd
and Bumiputra Merchant Bankers
Berhad. His last position was
Chief Executive Officer of Wasatah
Capital, Riyadh, Saudi Arabia. With
over 20 years of experience in
private equity, asset management
and advisory, among others, he
also successfully managed regional
investments.
He was a Board Member at MIDF
Amanah Asset Management Berhad,
Core Competencies Sdn Bhd, T.A.G.
Marine Sdn Bhd and BTS Holding (M)
Sdn Bhd.
Two new members join Shariah Committee
Sheikh Isa Abdulla Yusuf Dowaishan
and Dr. Engku Muhammad Tajuddin
Engku Ali joined KFH Malaysia’s
Shariah Committee in January 2012.
Their appointments were timely
as it fulfilled Bank Negara Malaysia’s
(BNM’s) requirement for a minimum
of five Shariah Committee Members
for every bank. This shows BNM’s
recognition of the important role that
Shariah plays in Islamic banking.
Sheikh Isa is the Head of Shariah
Department, Kuwait Finance House,
Bahrain. He is a member of the
Shariah Scholar Association as well
as registered as a Professional
Accountant in the Courts of Bahrain.
He holds certificates as Certified
Shariah Advisor and Auditor (CSAA)
and Arabic Chartered Accountant
(ACA). He was a former Acting Head
of Legal Affairs and Registration of
Awqaf Property and also a former
officer of Bahrain Monetary Agency.
Sheikh Isa graduated from the
Imam Muhammad ibn Saud Islamic
University with a Bachelor in Shariah
and Islamic Studies, majoring in
Accounting. He holds a Master of
Science in Finance and Banking,
majoring in Islamic Banking (First
Sheikh Isa Abdulla Yusuf Dowaishan
Dr. Engku Muhammad Tajuddin Engku Ali
Class) from Arab Academy for Banking
and Financial Sciences, Jordon.
Dr. Engku is the Head of Shariah
Department, Faculty of Islamic
Contemporary Studies, Universiti Sultan
Zainal Abidin (UniSZA). He is also a
member of the Shariah Committee,
Department of Finance & Banking,
Faculty of Business Management and
Accounting, UniSZA. He had previously
served as a lecturer at the School of
Islamic Studies at Kolej Ugama Sultan
Zainal Abidin (KUSZA) for over 15 years.
Dr. Engku holds a Bachelor of Shariah
from the Al-Azhar University, Egypt,
and a Master and PhD in Comparative
Laws from the International Islamic
University Malaysia.
With Sheikh Isa and Dr. Engku
Muhammad now onboard, KFH
Malaysia has a more solid Shariah
team to help strengthen the quality of
products and services offered and its
stature as a leading Islamic bank.
THE DUNES — ISSUE 3 2012
11
Fun @ Work
After the hard work…
some fun!
Two hundred fifty two staff of KFH Malaysia gathered at
the Regency Tanjung Tuan Beach Resort in Port Dickson
from Saturday, 14 January to Sunday, 15 January 2012
to celebrate the achievements of the Retail & Consumer
Banking division in 2011. Dato’ Jamelah Jamaluddin, CEO,
KFH Malaysia and Attar Salleh, Head, Retail & Consumer,
KFH Malaysia, were also present at the event.
The gathering proved to be a fun getaway for participants
with teambuilding activities such as water rafting, exploreracing and ‘fear factor’ thrown into the mix.
An awards presentation ceremony was also held for
top performers who excelled in the areas of mortgage
financing, automobile financing, personal financing,
unit trust, gold account as well as current
and savings accounts.
The teambuilding event not
only helped forge closer ties
among the participants but also
helped instill a greater sense of
pride and accomplishment in
their work.
12
THE DUNES — ISSUE 3 2012
At Group Level
Diabetics give KFH’s
iPhone app the thumbs-up
KFH bags
best Islamic
Bank Award
Kuwait Finance House (KFH)
recently bagged the prestigious Best
Islamic Bank in Kuwait 2011 award
given by the Islamic Finance News
(IFN) magazine thereby cementing
its status as the best Islamic financial
institution in Kuwait.
Mohammed Al-Fouzan, AGM
of Banking Sector, KFH said that
winning this award for the third
consecutive year was clearly a
testament to KFH’s commitment
to offering its clients a bouquet of
innovative Islamic banking services
that boosted the market and
economy.
The award was also proof of
KFH’s ability to reinforce its market
share based on numerous financial
indices thus allowing it to top the
list in banking deposits, operative
revenues, banking cards and real
estate services. It achieved all
this despite ferocious competition
and continues to play a leading
role in the Islamic financing sector
while offering financial services for
individuals and corporations.
Judging for journalism
award begins
KFH is eagerly awaiting the results of
the Journalism Creativity Award that
it sponsored earlier now that judging
for the competition is underway.
Saeed Tawfiki, Deputy Manager
of Marketing and Public Relations,
KFH, said the competition organised
in association with the KJW, had
become a part of the Kuwaiti media
landscape for the past 70 years.
He added that the competition
was a reflection of KFH’s appreciation
of the pivotal role journalism played
in disseminating information to
readers who made up the various
sectors of the national economy.
The iPhone application launched by
KFH for diabetic patients has proven
to be highly successful and in great
demand, and it is being downloaded
daily in Arabic and English.
The free application puts the
spotlight on KFH’s efforts to play a
more socially responsible role among
the communities it operates in. The
application called ‘Diabetes Aid’, the
first of its kind among local banks and
companies, can be downloaded through
App Store. The application contains
useful information about diabetes,
recommendations by doctors, suitable
diets and patients can also create a
personal folder of their own data and
even time their medications.
The application also allows patients
to send e-mails to their doctors,
thereby enabling the treatment process
and creating a medical history.
Kuveyt Türk Issues
a USD100 billion Sukuk
Kuveyt Türk has successfully issued a
USD100 billion Sukuk.
Speaking at the signing ceremony
on Tuesday, 22 November 2011, Ufuk
Uyan, CEO, Kuveyt Türk said that
Kuveyt Türk was happy
to take a pioneering
role in opening the
door for procuring
long-term funds from
financial markets,
in accordance with
interest-free banking
principles.
Kuveyt Türk’s two
Sukuk issuances, the
first ever of its kind in Turkey, has
enabled the country access to a
brand new market that contributed
long-term funds necessary for the
country’s development.
Sukuk market to break USD200 billion barrier in 2012
KFH Research reported that Sukuk
issuance is expected to increase by
25-30% this year breaking the USD
200 billion barrier despite industry
challenges.
The report noted several positive
indicators such as the increasing role of
governmental issuance that will form
the backbone of the market to boost
the private sector and finance major
developmental projects; the economic
growth that the region and emerging
markets are witnessing; having new
parties and the increase in popularity
of Sukuk outside Islamic markets.
The report also stated that
the Sukuk market witnessed
unprecedented growth in 2011
that reached 88% compared to
the previous year, adding that
Kuwait had returned to the Sukuk
issuance market after three years
through the issuance of the Al-Oula
Investment Company.
THE DUNES — ISSUE 3 2012
13
At Group Level
USD1 billion
in assets
& deals
acquired
last year
KFH acquired real estate assets and
entered into long-term real estate
partnerships worth USD1 billion in
2011.
Ali Al-Ghannam, Manager of
International Real Estate Department,
KFH, said the bank signed a partnership
agreement with Grovner to invest
USD600 million in profitable real estate
in the field of healthcare and medical
centres in the United States and
acquired 70,000 square metres of real
estate for €52 million in Sweden which
consists of central warehouses that
offer logistic services.
By end 2011, KFH acquired a 127unit residential compound in Canada
for CAD33.3 million. This is the bank’s
first investment with the Killam
Company that KFH had signed a real
estate partnership with in 2010.
KFH-Research
wins
prestigious
global
award
KFH Research was awarded the
prestigious Best Islamic Research
Award from the Islamic Finance News
(IFN). Votes for the award came from
Islamic finance industry practitioners
that included Islamic and
conventional global banks, clients,
leading corporations, financial
investors and issuers of Sukuks and
Islamic instruments.
Fahad Al-Mukhaizeem, Chairman,
KFH Research said, “The award is the
11th award of excellence bestowed
on KFH Research since its inception
five years ago, and marks the
unmatched global coverage, analysis,
forecast accuracy and talent of the
team at the Malaysia and Kuwaitbased branches.”
14
THE DUNES — ISSUE 3 2012
Innovative products
for women
KFH’s integrated strategy of offering
more innovative banking, commercial
and investment products and services
for women, has resulted in women being
able to increase their wealth in 2011.
Hala Al-Tannak, Area Manager at
Banking Sector, KFH said, part of the
integrated strategy included increasing
the number of branches for women to 41
branches, in addition to offering them a
unique bouquet of banking products. To
strengthen its strategy, KFH intensified
its promotional and awareness
campaigns targeting this sector of
clients. The Commercial Sector offers a
bouquet of services and products that
meet the demands of women, such as
financing of used and new cars, boats,
new and used navy equipment, and
commercial financing.
KFH a big hit
in cyberspace
With 35,000 Facebook followers and
21,000 Twitter followers, KFH has
certainly created a genuine interest
among its clients.
Fahad Al-Mukhaizeem, Manager of
Marketing and Public Relations, KFH
asserted that this following showed the
strong ties that bind KFH to its clients.
KFH’s Facebook and Twitter
accounts have proven to be excellent
avenues of communication to promote
the bank’s products and services to the
worldwide public. The Facebook and
Twitter accounts are an extension of
KFH’s belief in utilising modern modes
of communications such as smartphones
and the bank’s official website.
Youth
programmes top
all in 2011
KFH dedicated 2011 to youths by
launching a series of youth programmes
throughout the year.
In the field of education, KFH
launched a programme honouring
distinguished Kuwaiti high school
students while lending support
to university undergraduates by
participating in their activities.
KFH also adopted a group of Kuwaiti
inventors including Arab inventor Sadeq
Qassem while in the field of sport, KFH
sponsored Kuwait’s national jet-ski
team that went on to win first place at
the world championships in the United
States. In a separate programme, the
Bank donated wheelchairs to Kuwaiti
Disabled Sports Club.
KFH Kota Kinabalu branch
brings cheer to orphans
KFH Malaysia Kota Kinabalu branch
handed over a contribution to Rumah
Anak Yatim As-Sakinah on Saturday, 17
December 2011, in conjunction with
the orphanage’s first gotong-royong
activity. The function was witnessed
by ADUN Kawang, YB Datuk Hj. Ghulam
Haidar Khan Bahadar who is also the
Assistant Minister of Local Government
and Housing.
KFH Malaysia is the first Bank to
make a donation to this orphanage which
was established in October last year. It
houses 10 orphans under the age of 15.
The orphanage was set up to cater to
the growing number of orphans in the
locality of Kota Kinabalu and Papar.
Branches
Kuala Lumpur
Ground Floor, Tower 2, EtiqaTwins,
11, Jalan Pinang, P.O.Box 10103,
50704 Kuala Lumpur, Malaysia.
Tel
: 03-2173 3228
Fax
: 03-2055 7754
Pavilion
Lot 22, 1st Floor, Pavilion KL,
168 Jalan Bukit Bintang,
55100 Kuala Lumpur, Malaysia.
Tel
: 03-2056 7612
Fax
: 03-2141 8980
Shah Alam
Ground Floor, No. 3 & 5, Jalan Plumbum
S7/S, Pusat Komersial Seksyen 7, Seksyen 7,
40000 Shah Alam, Selangor Darul Ehsan,
Malaysia.
Tel
: 03-2056 7630
Fax
: 03-5519 1177
Johor Bahru
62, Jalan Molek 2/2,
Taman Molek, 81100 Johor Bahru,
Johor Darul Takzim, Malaysia.
Tel
: 07-356 3100
General Line : 07-356 3111
Fax
: 07-353 5242
Penang
F-12A-1, F-12A-2, F12A-3,
Lorong Bayan Indah 1, 11900 Bayan Lepas,
Penang, Malaysia.
Tel
: 04-619 1600
General Line : 04-619 1688
Fax
: 04-643 6700
Klang
No. 1 & 3, Jalan Bayu Tinggi 2B,
Batu Unjur, 41200 Klang,
Selangor Darul Ehsan, Malaysia.
Tel
: 03-3326 5200
General Line : 03-3326 5252
Fax
: 03-3326 5210
Kota Damansara
No 22A & 26, Ground Floor, Jalan PJU 5/20D,
Pusat Perdagangan Kota Damansara, The
Strand PJU 5, 47810 Petaling Jaya,
Selangor Darul Ehsan, Malaysia
Tel
: 03-6142 4442
Fax
: 03-6142 4443
Kuching
Ground Floor, Menara Zecon, No.92 Lot 393,
Section 5, KTLD Jalan Satok, 93400 Kuching,
Sarawak, Malaysia.
Tel
: 082-224 800
General Line : 082-224 888
Fax
: 082-233 413
KL Sentral
Unit 14, Departure Hall,
KL City Air Terminal,
KL Sentral Station, 50470 Kuala Lumpur,
Malaysia
General Line : 03-2688 6999
Fax
: 03-2260 3545
Kota Bharu
Lot 549 (PT 210 & PT 211), Jalan Sultan
Yahya Petra, Seksyen 21, 15299 Kota Bharu,
Kelantan Darul Naim, Malaysia
Tel
: 09-743 3877
Fax
: 09-744 9877
Departure Level, Terminal Building, Kuala
Lumpur International Airport
Lot MTBD 12a, Departure Level, Terminal
Building, Kuala Lumpur International
Airport, 64000 Sepang, Selangor Darul Ehsan,
Malaysia.
General Line : 03-2688 6988
Fax
: 03-8787 3318
Kota Kinabalu
No 65, Wisama Great Eastern, Jalan Gaya,
88000 Kota Kinabalu, Sabah, Malaysia.
Tel
: 088-251 996
Fax
: 088-251 993
Batu Pahat
No 1 & 3 Jalan Flora 3,
Taman Flora Utama, 83000,
Batu Pahat, Johor Darul Takzim, Malaysia
Tel
: 07-433 3110
Line
: 07-433 3977
Low Cost Carrier Terminal (LCCT), Kuala
Lumpur International Airport
Lot LCIA 03, International Arrival Hall,
Low Cost Carrier Terminal (LCCT), Kuala
Lumpur International Airport,
64000 Sepang, Selangor Darul Ehsan,
Malaysia.
General Line : 03-2688 6900
Fax
: 03-8775 1222
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