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Sun 5 Sep 2010 01:28 PM

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Kuwait's KFH in talks to invest in Asia - report

KFH Malaysia eyes China where it made profits from investing $275m in a property project last year.

Kuwait's KFH in talks to invest in Asia - report
ISLAMIC FINANCE: Kuwait Finance Malaysia was the first foreign Islamic bank to win a licence under the Southeast Asian countrys Islamic Banking Act. (Getty Images)

The Malaysian unit of Kuwait Finance House (KFH), the Gulf Arab state's biggest Islamic lender, is having "strategic alliance" negotiations in Japan, a newspaper reported on Sunday.

"(The Malaysian bank) is negotiating with institutions in Japan regarding a strategic alliance to finalise several Islamic banking deals in Hong Kong, Thailand, India and Indonesia," Kuwaiti daily al-Anbaa said in an unsourced report.

The report said that KFH Malaysia is interested in China, particularly after making profits from investing $275 million in a real estate project last year.

Kuwait Finance Malaysia was the first foreign Islamic bank to win a licence under the Southeast Asian country's Islamic Banking Act. It is the Kuwaiti bank's Asia-Pacific hub and aims to promote business between the region and the Middle East. (Reuters)

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