Kuwait Finance House - Kuwait

Established in 1977, Kuwait Finance House (KFH) is the country’s oldest and biggest Islamic lender.

However, Fitch Ratings this month downgraded the bank’s Individual Rating to ‘C/D’ from ‘C’ and placed it on Rating Watch Negative (RWN).

The ratings agency affirmed its Long-term Issuer Default Rating (IDR) at ‘A+’ and its Short-term IDR at ‘F1’.

The downgrade in KFH’s Individual Rating reflects Fitch’s concerns that the bank is highly exposed to Kuwait’s distressed investment companies, which contributed in part to the bank’s significantly higher loan impairment provisions and impaired loans for 2008.

“While the Kuwaiti sovereign support package to stabilise financial markets, approved last week, is a positive development, it is too early to judge its impact on KFH’s credit fundamentals,” said Mahin Dissanayake, Associate Director in Fitch’s Financial Institutions team.

Since the 1980s, KFH has established independent banks in Turkey, Bahrain, and Malaysia. It has also taken stakes in other Islamic banks.

KFH posted a loss of $219m in the fourth quarter as it made $723.3m in provisions to weather the global financial crisis.
More about the company
Address: KFH Building, Abdullah Al Mubarak Street PO Box 24989 , Kuwait City, KUWAIT

KFH

Joint stock

23 March 1977

Public

965 2445050

965 2455135

corp@kfh.com

www.kfh.com

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Officers »
Board of Directors Position
Bader Abdulmuhsen Al Mukhaizeem
Chairman
Sameer Yaqoub Al Nafeesi
Vice Chairman
Ali Mohammed Al Elaimi
Board Member
Adel Abdulmuhsen Al Subih
Board Member
Mohammed Al Sharif
Board Member
   
Sharia Board Position
Ahmed Bazie Al Yaseen
Chairman
Khaled Mathkour Al Mthkour
Board Member
Ajil Jassem Al Nashmi
Board Member
Mohamed Fawzi Faidullah
Board Member
Anwar Shuaib Al Abdulsalam
Board Member
   
Management Position
Bader Abdulmuhsen Al Mukhaizeem
Managing Director
Imad Abdullah Al Thakeb
Assistant General Manager - Finance
Mohammed Suleiman Al Omar
General Manager
Abdulaziz Al Jaber
Assistant General Manager - Services
Abdulnasser Al Sobaih
Assistant General Manager - Investments
View all
Major Shareholders
Name Country
Kuwait Awqaf Public Foundation
Kuwait
Kuwait Investment Authority
Kuwait
Public Authority for Minors Affairs - Kuwait
Kuwait
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