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Tuesday, 30 June 2009

Asian Finance Bank To Disburse RM1 Bln In Funds By Year-End


KUALA LUMPUR, June 29 (Bernama) -- Asian Finance Bank Bhd (AFB), a full-fledged Islamic bank, is confident of disbursing a total of RM1 billion in funding by year-end.

Its chief executive officer, Datuk Mohamed Azahari Kamil, said currently the bank has disbursed almost RM600 million in funding.

"Our funding has been growing tremendously, and hopefully by year-end, they will touch RM1 billion," he told reporters after the signing of the financing facility agreement for a Tawarruq Term Financing-i of RM65 million with TH Indo Industries Sdn Bhd, a subsidiary of Lembaga Tabung Haji here Monday.

Currently, the bank already provided funding to Malaysian government-linked companies for their business expansion especially in the Middle East.

AFB was incorporated on Nov 28, 2005 and is backed by a consortium of shareholders from Middle Eastern financial institutions -- Qatar Islamic Bank and associates (70 percent), RUSD Investment Bank Inc of Saudi Arabia (20 percent) and Financial Assets Bahrain WLL (10 percent).

It opened its first branch in Kuala Lumpur in early 2007 and in March 2008, it opened another branch in Johor.

Mohamed Azahari said the bank planned to open a branch in Kuching, Sarawak by first quarter next year.

"The bank is currently conducting feasibility study to set up a branch in the state," he said.

He said the bank has held talks with strategic partners in Brunei to set up representative office in the country.

Meanwhile, AFB has been appointed deposit collection agent for Lembaga Tabung Haji.

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Alfalah Consulting - KL: www.alfalahconsulting.com 
Islamic finance consultant: www.ahmad-sanusi-husain.com 
Islamic Investment Malaysia: www.islamic-invest-malaysia.com

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