Bank targets Japan in Asian push

The Malaysian unit of Kuwait Finance House (KFH) is having “strategic alliance” negotiations in Japan, a newspaper said yesterday.

“The Malaysian bank is negotiating with institutions in Japan regarding a strategic alliance to finalise Islamic banking deals in Hong Kong, Thailand, India and Indonesia,” Kuwaiti daily Al Anbaa said.

It said that KFH Malaysia is interested in China, particularly after making profits from investing $275 million in a real estate project last year.

Kuwait Finance Malaysia was the first foreign Islamic bank to win a licence under the Southeast Asian country’s Islamic Banking Act.

It is the Kuwaiti bank’s Asia-Pacific hub and aims to promote business between the region and the Middle East.

source : gulf daily news