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KFH
seeking licences in Australia, Singapore
KUALA LUMPUR: Kuwait Finance
House (M) Bhd (KFH) is applying for a licence
to manage Islamic financial services in
Australia as well as fund management activities
in Singapore as it seeks to expand market
share.
Country head of commercial,
retail and consumer banking Ab Jabar Ab
Rahman said KFH hoped to tap into the rising
affluence and cash in on the lack of players
providing Islamic financial planning services.
Yesterday, KFH signed an
agreement with Firium Solutions (M) Sdn
Bhd and Amanie Business Solutions Sdn Bhd
to offer its first Islamic wealth management
solution in Malaysia.
Under the agreement, Amanie
would provide financial planning consultation
while Firium would provide the wealth management
solutions.
“ “We have a
great market in Malaysia, given the ageing
population and growing affluence of the
community,” Jabar said after the launch
yesterday.
“ Last month, the
bank implemented the first phase of its
Islamic wealth management solutions comprising
unit trusts and Bancatakaful modules.
Jabar said the second phase of structured
products and Wasiat will-writing, including
the third phase of Islamic financial planning
solutions would be incorporated at a later
stage although no time frame had been set.
He said the proposed minimum amount for
an individual to be included in private
banking was RM5mil in liquid assets.
“We would consider introducing Islamic
wealth management solutions to the Middle
East if they prove successful in Malaysia,”
he said.
Locally, KFH intends to set up a corporate
banking branch in Johor Baru next month,
and is finalising plans for a branch in
Penang.
Meanwhile, Firium chief executive officer
Edward Yee said the company had approached
other banks and financial institutions with
regard to the Islamic wealth management
product.
“With growing affluence, financial
institutions are focusing more on serving
the wealth management needs of the mass
affluent customer segment,” he said.
Firium had identified the Middle East, Indonesia
and China as its next targets for the product,
he added.
“”
Courtesy By The
Star
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