Kuwait Finance House reportedly wants to stop their operations in the Malaysian market.
Kuwait Finance House or also known as KFH is the country's first foreign Islamic lender that has been operating for 19 years in Malaysia.
Yesterday they announced to stop their operations in Malaysia to focus on their business in the middle east.
KFH is a loan company wholly owned by shareholders originating from the Middle East.
This international financial company is the largest bank in Kuwait and is also the second largest Islamic bank in the world.
It is understood that apart from Malaysia, Kuwait Finance House does not have operations in other countries in Asia.
According to a representative of the company, the closure of the company is in line with the strategic review of its international business to focus and expand its regional markets in the Gulf Cooperation Council (GCC) and the Middle East.
According to the latest financial filing on its website for the first nine months ending Sept 30, 2023, KFH Malaysia's total assets stood at RM7.46 billion, down from RM10.79 billion in Financial Year 2016.
