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Tuesday, 11 September 2007

KFH Baitak 'Harvard of the Islamic banks'

KUWAIT CITY: Kuwait Finance House (KFH) 'Baitak' has become 'Harvard' of the Islamic banks, says a top magazine.Forbes international magazine published in this month's issue a report under the title "Kuwait.. focus on the future," where it demonstrated KFH's experience describing its success, expansion and accomplishments on the regional and international level. It said that Baitak has become the 'Harvard' of Islamic banks, through its accomplishments and broadening of the constantly developing Islamic financial horizon. Baitak chairman and managing director Bader Abdul Mohsen Al Mukhaizeem said that the growth and expansion that Baitak is witnessing in reaching international status, and its widespread expansion in Turkey in the west and Malaysia in the east, has made KFH a model for the Kuwaiti economy. He added that the increase of Baitak market share in the local market last year by more than 21 per cent is proof of the success of the Islamic financial business. Moreover, Mr Al Mukhaizeem added that Baitak managed to create space for creativity in the Islamic finance by merging a number of traditional products and making it Islamic to agree with the Sharia. He said that Baitak creativity in Islamic finance was clear in other fields, like forming financial liquidity department in Bahrain to assist Islamic banks in investing its excess liquidity. This resulted in motivating the international and global market to sukuk that are expected to reach issues worth of $5 billion this year. He said that Baitak had a leading role in this field where it supervised the issuing of sukuk worth of $2bn for companies in and out of Kuwait. - (GDN, 11 Sep 07)
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