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Monday, 23 November 2009 | 10:36 UAE time

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COMPANIES

Kuwait Finance House - Kuwait

  • 1,060.00 Last
  • -20.00 (-1.85%) Today's Change
  • 15,000 Volume
  • 1.12-1,625.00 52 Week Range
  • -368.60 (-25.80%) 52 Week Change
As of 23 Nov 2009 06:18 GMT (Market Open)

COMPANY DESCRIPTION

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.

KEY INFORMATION

Industry

Asset Management, Commercial Banks, Investment Companies, Investment Funds

Address

KFH Building, Abdullah Al Mubarak Street, 24989, Kuwait City, Kuwait

T

965 2445050

F

965 2455135

E

corp@kfh.com

W

www.kfh.com

COMPANY OVERVIEW

Ownership Type Established on Employees
Public Joint stock 23 March 1977 -

MAJOR SHAREHOLDERS

NameCountry
Kuwait Investment Authoritycompanies24.08Kuwait
Kuwait Awqaf Public Foundationcompanies8.23Kuwait
Public Authority for Minors Affairs - Kuwaitcompanies10.48Kuwait

PORTFOLIO

NameCountry
Sharjah Islamic BankUAE
Liquidity Management CentreBahrain
A'ayan Leasing and Investment CompanyKuwait
Securities HouseKuwait
Afkar Holding CompanyKuwait
Al Enma'a Real Estate CompanyKuwait
Al Nakheel United Real Estate CompanyKuwait
Al Raya Global Real Estate CompanyKuwait
Aviation Lease and Finance CompanyKuwait
Aliph PacificSingapore
AREF Investment GroupKuwait
Arkan Al Kuwait Real Estate CompanyKuwait
Capivest Investment BankBahrain
Dubai Islamic Bank - UAEUAE
First Finance Company - QatarQatar
First Takaful Insurance CompanyKuwait
Gulf International Automobile Trading CompanyKuwait
Gulf Investment HouseKuwait
International Turnkey Systems GroupKuwait
Kuwait Finance House - BahrainBahrain
Kuwait Finance House - MalaysiaMalaysia
Kuwait Turkish Evkaf Finance HouseTurkey
Malaysian KFH CapitalMalaysia
Muthanna Investment CompanyKuwait
Public Services CompanyKuwait
Shared Electronic Banking Services CompanyKuwait
YIACO Medical CompanyKuwait
Capital Bank - SudanSudan
Sukouk Exchange CenterBahrain
Credit Information Network CompanyKuwait
Al Farabi Investment CompanyKuwait
Al Salam Hospital CompanyKuwait
Saudi Finance Kuwait HouseSaudi Arabia

OFFICERS

BOARD OF DIRECTORSPosition
Bader Abdulmuhsen Al MukhaizeemChairman
Sameer Yaqoub Al NafeesiVice Chairman
Ali Mohammed Al ElaimiBoard Member
Adel Abdulmuhsen Al SubihBoard Member
Mohammed Al SharifBoard Member
Essam Saud Al RashedBoard Member
Khaled Abdulaziz Al HassonBoard Member
Saud Abdulaziz Al BabtainBoard Member
Ahmed Abdullah Al OmarBoard Member
Mohammed Ali Al KhudairiBoard Member
MANAGEMENTPosition
Bader Abdulmuhsen Al MukhaizeemManaging Director
Mohammed Suleiman Al OmarGeneral Manager
Imad Abdullah Al ThakebAssistant General Manager - Finance
Abdulaziz Al JaberAssistant General Manager - Services
Abdulnasser Al SobaihAssistant General Manager - Investments
Mohammad Nasser Abdulaziz Al FouzanAssistant General Manager - Banking
Ahmad Mohammed Ahmad Al KhaledAssistant General Manager - Commercial
Fawaz Suleiman Al OthmanAssistant General Manager - Commercial
Anwar Ahmad Al FuzaieAssistant General Manager - Legal
SHARIA BOARDPosition
Ahmed Bazie Al YaseenChairman
Khaled Mathkour Al MthkourBoard Member
Ajil Jassem Al NashmiBoard Member
Mohamed Fawzi FaidullahBoard Member
Anwar Shuaib Al AbdulsalamBoard Member
Mohammed Abdulrazaq Al TabtabaeBoard Member

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