Asia Pacific
Kuwait Finance House Keen To Promote Halal Sector In Gulf Region
By Bernama
Aug 17, 2006, 22:24

Kuwait Finance House Keen To Promote Halal Sector In Gulf Region

KUALA LUMPUR, Aug 17 (Bernama) -- Kuwait Finance House (Malaysia) Bhd (KFHMB) is keen to promote halal food industry in the Gulf region, says managing director, K. Salman Younis.

Malaysia aims to become a global halal hub for the production and trade in halal goods and services by 2008.

"We want to give more focus (provide financing need) on the halal industry because Malaysia is producing a lot of halal products and greater efforts were given to the Gulf Cooperation Council (GCC) countries," he told reporters after signing the services agreement between KFHMB and three takaful companies here Thursday.

The three companies are Syarikat Takaful Malaysia Bhd, Takaful Nasional Sdn Bhd and Takaful IKHLAS Sdn Bhd.

The agreement aims to provide a convenient way for KFHMB customers to buy takaful products from the three operators through KFHMB channels.

Among the takaful products made available to KFHMB customers are takaful mortgage reducing term assurance, motor takaful, takaful fire, takaful house owners and other general takaful products.

Salman said the company hoped to bring in more foreign direct investments from GCC countries and assist local companies tap new halal GCC market.

"We want to promote two-way ties between Malaysia and GCC as there are a lot of activities going on now in the GCC countries," he said.

Apart from halal industry, Salman said the company was also looking forward to help Malaysian companies explore the Islamic Real Estate Investment Trusts market.

"We are currently talking with four to five government-linked companies. We have been in discussions for almost nine months and we hope to see results in the next two to three months," he said.

Salman said KFHMB also planned to open a new branch in Shah Alam by October and in Damansara by early next year.

KFHMB, a wholly-owned subsidiary of Kuwait Finance House (KFH), is the first foreign Islamic bank in Malaysia.

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