Kuwait Finance House

KFH Said in Talks for #Bahrain Ahli United Bank, Kuwait Unit

Kuwait Finance House is in talks to buy Bahrain’s Ahli United Bank in a deal that would create one of the Middle East’s largest Islamic lenders with $85 billion of assets. However, there is no guarantee that a deal will take place and final agreements haven’t been reached yet. Lower oil prices are forcing Gulf lenders to consolidate for scale. Abu Dhabi lenders National Bank of Abu Dhabi and First Gulf Bank recently merged to create a regional powerhouse with $175 billion of assets. Qatar’s Masraf Al Rayan is planning to combine with unlisted Barwa Bank and International Bank of Qatar to create the country’s largest Islamic lender. Ahli United in Bahrain declined to comment. KFH shares have lost 0.6% so far this year, giving the lender a market value of $9.3 billion. Ahli United shares have jumped 16% so far this year, giving it a $5.57 billion market capitalization.

BRIEF-Kuwait Finance House denies any decision to merge with Ahli United Bank

Kuwait Finance House denies any decision to merge with Ahli United Bank. Kuwait Finance House is currently studying many other strategic alternatives to enlarge its profitability and marketshare among local and regional banks.

#Turkey's Banking Regulation and #Supervision Agency BRSA" officially an Institutional Member of #AAOIFI

The important role of the Republic of Turkey in the global Islamic finance industry as well as its distinct standing both at the official and popular levels, the steady growth both of Islamic banks and financial institutions operating there, in addition to the parallel evolution of its regulatory and supervisory framework, the AAOIFI has been keen to strengthen professional and technical ties with this country. This was translated into an official visit by AAOIFI to a number of banking regulatory and supervisory bodies as well as a number of Islamic banks and financial institutions, professional entities and academic institutions.

Kuwait Finance House gets Aref affiliate offer

Kuwait Finance House (KFH) has received an offer from investors to buy its stake in affiliate Aref Investment Group, the country's biggest Islamic lender said in a bourse statement on Monday. Aref is a diversified investment firm which is 53 percent owned by KFH and has share capital of $400 million, according to information on the companies' websites. This offer is currently under study and no decision has been taken as yet, the statement said. KFH will disclose this offer in the event that they have reached and signed a preliminary agreement, and cannot currently determine any financial impact on its statements in the absence of an agreement as yet.

Kuwait Finance House says to set up Islamic Turkish funds firm

Kuwait Finance House (KFH) will set up a sharia-compliant asset management unit under its Turkish bank branch, the lender said on Monday. Kuwait Finance House Turk will establish five sharia-compliant investment funds and offer other investment services under KT Portfoy, the new unit, KFH said in a bourse statement. The establishment of the new firm is conditional on approval from Turkey's capital market authority. KFH's chief executive in January said it would issue Islamic bonds to boost capital reserves at its subsidiary bank in Turkey, even as it looks to restructure its global assets.

Kuwait Finance House considering capital-boosting sukuk - CEO tells Arabiya TV

Kuwait Finance House (KFH) is studying the issuance of Islamic bonds that would boost its capital reserves. The offering still requires necessary approvals, its chief executive Mazen al-Nahedh said. The firm could issue capital bonds that either enhance its core Tier 1 capital or its supplementary Tier 2 capital. Besides sukuk plans for the parent company, KFH is also planning to issue Tier 2-enhancing sukuk this year for its Turkish subsidiary. The firm expects the issue will happen this year to support its capital situation so it can grow, he added.

KFH major contributor in Bahrain projects – Strategy targets development, coordination among Group banks: Al-Nafisi

Vice Chairman at Kuwait Finance House (KFH), Abdulaziz Yaqoub Al-Nafisi stressed the importance of international investment and creating further integration in KFH-Group banks in the framework of the coordination that targets boosting development according to a unified vision that prioritizes development and recognizes the value of public-private partnerships and international investment, yet contributes in diversifying non-oil sectors to boost the economy. On the sideline of his participation in the inauguration ceremony of Marassi Al Bahrain project, Al-Nafisi praised the project that was a joint effort between the real estate investment and development company, Eagle Hills, in partnership with Diyar Al Muharraq. He went on to say that the project will provide steady flow of income for investors and will comprise a major destination for tourists in Bahrain.

Kuveyt Turk says mandates banks for sukuk

Turkish Islamic bank Kuveyt Turk has mandated six institutions for a sukuk with a value of up to $400 million with a maturity of 10 years, it said in a statement to the Istanbul stock exchange late on Thursday.
Kuveyt Turk Participation Bank, which is 62 percent owned by Kuwait Finance House, said it had mandated KFH Capital, Dubai Islamic Bank, HSBC, Noor Bank, QInvest and Emirates NBD as joint lead managers. Sources familiar with the matter told Reuters in September that seven banks had been picked to arrange a potential deal.

KFH primary dealer for Sukuk issued by IILM worth $1.85 billion

Kuwait Finance House (KFH) participated as a primary dealer for short-term Sukuk issued by the International Islamic Liquidity Management IILM worth $1.85 billion. KFH is considered as the most active dealer in the market in terms of acquisition and volume traded. AbdulWahab Al-Roshoud, Acting Chief Treasury Officer at KFH, said that the average trading of IILM's previous three issuances in the secondary market surpassed 50 per cent of their volume which is considered high in comparison with the rest of Sukuk, indicating that this reflects the market’s strength and its contributions in increasing the liquidity. KFH forecasts that several local and global banks will participate in IILM’s upcoming Sukuk.

Qatari bank QNB confirms talks end with Kuwait Finance House over Malaysian unit

Qatar National Bank (QNB) has halted preliminary talks with Kuwait Finance House (KFH) to buy its Malaysian unit, the Gulf Arab region's largest bank said. An agreement has not been reached. Earlier, KFH's chief executive Mazin al-Nahedh had said the bank had ruled out a sale or merger for its Malaysian unit, adding the largest Islamic bank in the Gulf Arab state will begin restructuring the unit with immediate effect. The disclosure from KFH comes after a source familiar with the matter said last week that QNB had bid to buy the unit, with the Qatari lender later acknowledging it was in early talks about an acquisition.

Kuwait Finance House CEO rules out sale or merger of Malaysian unit

Kuwait Finance House (KFH) has ruled out a sale or merger for its Malaysian unit, its chief executive said on Tuesday. Mazin al-Nahedh added the lender, the largest Islamic bank in the Gulf Arab state, will begin restructuring the unit with immediate effect. The disclosure from KFH comes after a source familiar with the matter said last week that Qatar National Bank had bid to buy the unit, with the Qatari lender later acknowledging it was in early talks about an acquisition.

Kuwait Finance House set to decide Malaysia unit fate -spokesman

Kuwait Finance House will decide the fate of its Malaysian business by the end of this month, a spokesman said on Tuesday, after it had been reported that Qatar National Bank had bid to buy the unit. The sale ist part of of a broader restructuring of its operations. A spokesman for KFH said it was looking at several options whether to restructure, sell or merge its Malaysian business and that the decision will be concluded by the end of this month. A source familiar with the matter had said earlier that QNB had submitted a bid to purchase the Malaysian unit. The source declined to provide further details, and whether there were other bidders involved.

QNB said to bid for Kuwait Finance House’s Malaysia business

Qatar National Bank is among suitors that submitted final bids for Kuwait Finance House’s Malaysian operations. KFH is evaluating offers from Qatar National Bank and at least one other party. It may not proceed with the sale unless it can agree on a high enough price. State-controlled Qatar National Bank has been expanding overseas to reduce its reliance on its home market. It has spent US$3 billion on acquisitions since 2012. Kuwait Finance House’s Malaysian unit had a book value of 1.7 billion ringgit (US$395 million) and total assets of 10.5 billion ringgit at the end of December. Offers for the business were affected by the difficult economic environment in the country.

"Global Finance" Names KFH "The Safest Islamic Financial Institution In Kuwait 2015", The Third in the GCC

"Global Finance" has named Kuwait finance House ( KFH ) the safest Islamic Financial institution in Kuwait, and the third in the GCC for the year 2015. The bank is ranked as one of the top two among all Kuwaiti banks, be it Islamic or conventional. Also, Global Finance announced the 50 safest banks in emerging markets 2015 where KFH was ranked in 28th place. Banks were selected through an evaluation of long-term foreign currency ratings, credit ratings, businesses, financial indicators and total assets. Global Finance study encompassed more than 500 largest banks in Asia, the GCC and MENA. KFH Chief Executive Officer Mazin Al-Nahedh said the ranking confirms KFH 's robust financial position, sound pursued procedures in addition to the professional and legislative commitment.

Kuwait Finance House plans to sell stake in Nafais Holding

Kuwait Finance House plans to shed its stake in education investment company Nafais Holding. KFH is currently restructuring its activities, which could also include a sale of assets such as its Malaysian business. This is ahead of planned divestments by its largest shareholder, the Kuwait Investment Authority. The Islamic bank is the second-largest shareholder in Nafais with a 19.01 percent stake. Nafais, involved in education, healthcare, financing and investment, has a market capitalisation of around $206 million, which would value the bank's stake at close to $40 million. The Islamic bank only acquired the Nafais stake in March 2014 from Aref Group Company.

Kuveyt Turk starts operation in Frankfurt

Kuwait Turkey Bank (Kuveyt Turk) opened a branch in the German city of Frankfurt on Tuesday to be the first Islamic financial institution in the Eurozone. Hamad Al-Marzouq, Board Chairman of Kuwait Finance House (KFH), which owns the largest share in Kuveyt Turk, said he was proud to see the first Islamic bank operational in the eurozone. Kuveyt Turk seeks to encourage five million Muslims as well as non-Muslim clients in Germany to use the bank's services, he said. Kuveyt Turk was active in the German market since 2004 but was only capable of practicing partial banking operation in 2010. It was allowed to carry out full banking services in Germany last year.

Kuwait Finance House (KFH) believed to be seeking buyer for ITS

Kuwait-based International Turnkey Systems (ITS) appears to be for sale, with its parent, Kuwait Finance House (KFH), deciding it is no longer strategic. There have been number of discussions with main rival in the Islamic core banking systems sector, Path Solutions.

Kuwait Finance House may sell properties, cut small number of jobs

Kuwait Finance House may auction some of its properties or offer them to be run by other operators, depending on market conditions, its chief executive Mazin Saad al-Nahedh without giving details. He also said KFH planned to cut tens of jobs as part of its restructuring plan, which would eliminate some positions. Some people would be moved to other subsidiaries. KFH said in early May that it was considering a possible sale of its Malaysian unit. That is the only unit earmarked for possible sale because it is outside the Middle East, Nahedh said. The bank is restructuring activities ahead of a planned divestment by its largest shareholder, the Kuwait Investment Authority. A timetable for the divestment has not been announced.

Kuwait Finance House moves to Turkey for Islamic finance

Kuwait Finance House (KFH) is exploring the possible sale of assets including its Malaysia unit, as the Islamic lender looks for a leaner structure while seeking greener pastures through its Turkey franchise. KFH is restructuring activities ahead of a planned divestment by its largest shareholder, the Kuwait Investment Authority (KIA). The firm has hired Credit Suisse to advise on its options, including the potential sale of a Malaysia unit launched in 2005 that serves as a hub for southeast Asia. KFH did not give further details. A shift away from Malaysia, where KFH holds a valuable licence but lacks scale, would help it focus on Kuveyt Turk, the largest Islamic bank in Turkey with over 500 branches.

Kuwait Finance House mulls Malaysia exit in shift to Turkey

Kuwait Finance House (KFH) is restructuring activities ahead of a planned divestment by its largest shareholder, the Kuwait Investment Authority (KIA). Last week, KFH said it had hired Credit Suisse to advise on its options, including the potential sale of a Malaysia unit launched in 2005 that serves as a hub for southeast Asia. KFH did not give further details. A shift away from Malaysia, where KFH holds a valuable licence but lacks scale, would help it focus on Kuveyt Turk, the largest Islamic bank in Turkey with over 500 branches. Kuveyt Turk, 62 per cent owned by KFH, is in expansion mode: It plans to launch Germany's first full-fledged Islamic bank in July as a gateway to Europe.

Syndicate content