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Mon, 09 Nov 2009 | 21:24 GMT

Kuwait Finance House   (KFIN.KSE)
Also known as: KFH
Last Trade
1.160 KWD
- 1.69%
 
 
 
 
 
 
 
 
 
 
 
 
 
Company Updated: May 11, 2009
 
Joint Stock
 
 
Provides Islamic commercial banking services including deposits, loans and credit cards; direct investments in real estate, aviation, financial services and other sectors all in accordance with Islamic principles.
1977 (March)
2,032 (As of May 11, 2009)
125
Kuwait (48)
 
 
 
 
KFIN 
Ordinary 
KWD 
 
 Key Officers
Bader Abdul Muhsen Al Mukhaizeem 
Chairman and Managing Director
Mohammed Suleiman Al Omar
Chief Executive Officer
 
 Contact Details
Address:
Kuwait Finance House Building
Abdullah Al Mubarak Street
Murqab Area
P.O. Box 24989
Kuwait Safat 13110
Kuwait
 
+965 2244-5050
 
+965 2240-9414
+965 2246-9756
 
corp@kfh.com
 
www.kfh.com
 
www.psc.com.kw
www.giat.net
www.sih-kw.com
www.kfh.com.my
www.kfhresearch.net

 
  Latest Headline
KFH offers real estate services at Kuwait International Exhibition - Press Release
 
  Business Overview
Kuwait Finance House is a commercial bank operating in accordance with Islamic Shari'a. The group is organized into three major business segments: retail and corporate banking, direct investment and treasury services.

KFH’s principal activity is retail and corporate banking, which includes commodity and real estate Murabaha finance, local leasing, Wakala and Istisna’s facilities. This division’s contribution to the bank’s total revenues increased by 7.5% from KWD523 million (USD1.91 billion) in 2007 to KWD623 million (USD2.28 billion) in 2008.

The direct investment division’s principal activity is managing direct equity, real estate investments, overseeing subsidiaries, affiliates and other KFHKFHLoading...-owned funds and portfolios. The contribution of this division to the total operating revenues grew by 1.67% from KWD193.6 million (USD708.6 million) in 2007 to KWD220.9 million (USD808.6 million) in 2008. The direct investment division’s portfolio is diversified to include banking, investment, commercial, real estate, health care, asset management services and other investments that are all in accordance with Islamic principles.

The treasury division includes liquidity management, international Murabaha investments, exchange of deposits with banks and financial institutions and international banking relationships. Its contribution to total revenues decreased by 8.29% from KWD87.4 million (USD319.9 million) in 2007 to KWD19.7 million (USD72.1 million) in 2008.

KFHKFHLoading... was established in 1977, as Kuwait’s first Islamic bank and as of 2009, it has operations in 20 countries. The bank’s direct operations are located in Turkey, Bahrain, the UAE, Saudi Arabia, Jordan, Morocco, Malaysia, Singapore, Australia and Germany. KFHKFHLoading... also has foreign investments in the UK, the US, Indonesia, China and Hong Kong, among others.

The bank is also expanding regionally after receiving an approval, in 2009, by the Saudi Arabian Monetary Agency to establish the Saudi Kuwaiti Finance House (Saudi-KFHKFHLoading...) with a capital of SAR500 million (USD133.6 million) . It also established earlier in 2008 Baitak Real Estate Investment Company, a real estate company with capital of about 2.5 billion riyals, to invest in real estate projects in Saudi Arabia.

KFHKFHLoading... is considered to be the Gulf’s second largest Islamic bank by virtue of its total assets, which amounted to KWD10.54 billion (USD38.39 billion). It is also the second largest bank in Kuwait, after the National bank of KuwaitNational bank of KuwaitLoading..., and the number one Islamic bank in Kuwait, in terms of its assets also as of December 2008.

Listed on the Kuwait Stock ExchangeKuwait Stock ExchangeLoading..., KFHKFHLoading... was the second most profitable Kuwaiti listed bank, at the end of 2008, with a profit of KWD157 million (USD 571.8 million) declining by 43% from 2007. The reason behind this decrease was due to a rise in defaulting loans, which led to KWD165.2 million (USD601.7 million) in provisions being set aside and leading to diminished earnings. Another factor is the decrease in income from investments, which totaled KWD164 million (USD597.3 million), in 2008 compared to KWD259.2 million (USD945.8 million), in 2007.

The bank plans to expand further throughout the Middle East by establishing a Kuwait Finance House in Jordan, and is also considering investing in Algeria and all the GCC countries to diversify its sources of income and operating activities.
 
 
 Major Shareholders
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  Organization Structure and Related Entities 
Subsidiaries/Associates/Affiliates
 
Name  Country  Holding
Al Muthana Investment Company Kuwait 100.00%
Al Nakheel United Real Estate Company Kuwait 100.00%
Baitak Real Estate Investment Company Saudi Arabia 100.00%
Development Enterprises Holding Company Kuwait 100.00%
Gulf International Automobile Trading Company Kuwait 100.00%
KFH Private Equity Cayman Islands 100.00%
KFH Research Malaysia 100.00%
Kuwait Finance House (Malaysia) Berhad [KFHMB] Malaysia 100.00%
Liquidity Management House for Investment Company Kuwait 100.00%
Saudi Kuwait Finance House [SKFH] Saudi Arabia 100.00%
Turkapital Holding Corporation Turkey 100.00%
Kuwait Finance House Bahrain Bahrain 93.00%
Public Services Company Kuwait 80.00%
Al Enma'a Real Estate Company Kuwait 62.07%
Kuwait Turkish Participation Bank Turkey 62.00%
The Investor Company for Securities Saudi Arabia 62.00%
Alafco Aviation Lease and Finance Company Kuwait 53.62%
AREF Investment Group Kuwait 53.08%
Al Salam International Hospital Kuwait 52.00%
Aliph Pacific [via Kuwait Finance House (Malaysia) Berhad] Singapore 40.00%
Gulf Investment House Kuwait 30.72%
Specialities Group Holding Company Kuwait 30.01%
Al Raya Global Real Estate Company Kuwait 30.00%
Sokouk Real Estate Development Company Bahrain 30.00%
First Takaful Insurance Company Kuwait 27.50%
Liquidity Management Centre Bahrain 25.00%
Sharjah Islamic Bank UAE 20.00%
International Turnkey Systems Group Kuwait -
Investments
 
Name  Country  Holding
A'ayan Leasing and Investment Company Kuwait 16.00%
Capital Management House Bahrain 15.00%
Afkar Holding Company Kuwait 10.00%
Arabian Capital Investment and Finance Company Kuwait 10.00%
The Securities House Kuwait 9.95%
Arkan Al Kuwait Real Estate Company Kuwait 9.93%
YIACO Medical Company Kuwait 9.89%
First Investment Company Kuwait 8.49%
Capivest Investment Bank Bahrain 6.46%
Kuwait Commercial Markets Complex Company Kuwait 6.32%
Credit Information Network Company Kuwait 6.14%
Universal Steel Factory Kuwait 5.00%
Tadamon Islamic Bank Sudan 4.08%
Al Farabi Investment Company Kuwait -
Gulf Finance House Bahrain -
Jenan Real Estate Company Saudi Arabia -
Shared Electronic Banking Services Company Kuwait -
Funds
 
Name  Country  Holding
Al Faez Private Property Fund Cayman Islands -
Al Nubras 2 Limited Fund Kuwait -
Care Fund II Cayman Islands -
Diyar Real Estate Investment Fund Kuwait -
Durrat Al Bahrain Investment Fund Bahrain -
Indian Private Equity Fund Cayman Islands -
Kuwait Investment Fund Kuwait -
Medical Centers Care Fund Cayman Islands -
Millenium Aircraft Leasing Company Fund Kuwait -
Millennium Private Equity Global Energy Fund MENA -
New Zealand and Australia Fund Cayman Islands -
Pacific Heights Development Fund Cayman Islands -
Prime Industrial Real Estate Fund II Cayman Islands -
Residential Appartments Fund Cayman Islands -
Related Organizations
 
Name  Country  Holding
Accounting and Auditing Organization for Islamic Financial Institutions Bahrain -
 
 
  Representatives
Auditors
Ernst and Young Al Aiban Al Osaimi and Partners
Al Fahad and Company Deloitte and Touche
 
 Summary Financials
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Company information provided by © 2009 ABQ Zawya Ltd.
 
 
    
 
 
 
 
 

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