Bernama (Kuala Lumpur)

13 March 2008

Kuala Lumpur, March 13 (Bernama) - Kuwait Finance House (Malaysia) Bhd (KFH) today implemented the first phrase of its Islamic Wealth Management Solutions, targetted at the affluent society.

Its managing director, K. Salman Younis among the wealth management solutions were modules for unit trust distribution, Bancatakaful, structured products, will writing and financial services.

"KFH will be a one-stop-centre for Islamic financial services in providing a diverse range of Syariah based solutions, which include investment management, estate planning and financial planning," Salman said at a press conference following by signing of agreement here today between KFH and its collaborators for the solutions, Firium Solutions (M) Sdn Bhd and Amanie Business Solutions Sdn Bhd.

Under the agreement with IT solution provider Firium, the latter will provide the suite of wealth management solutions including an integrated Islamic financial planning solution while Amanie will provide the Islamic financial planning consultation.

"With the provision of the KFH Wealth Management Solution, the company hopes to take a holistic and more comprehensive approach to integrating their customers' needs.

"With more demand for wealth management not only from the high-net worth individuals, but those who have excessive cash, our introduction of Islamic wealth management is timely," Salman said.

Meanwhile, KFH country head commercial, retail and consumer banking Ab Jabar AB Rahman said KFH, which has three branches, planned to open two more branches soon.

"We are opening our branch in Johor Bahru in April,"he said, adding that it was finalising the opening of the secon branch in Penang.

KFH plans to set up 10 branches per year.