KUWAIT (Reuters) – Kuwait Finance House, the Gulf’s second largest Islamic lender by market value, said on Monday it wants to expand in China, India, Indonesia and Algeria.
“There are studies and talks in Algeria, Indonesia, China, and India… to establish companies like Kuwait Finance House,” Chairman Badr al-Mukhaizeem told reporters on the sidelines of a shareholder meeting.
“We are present in these markets but (want to) increase our presence.”
The bank’s General Manager Mohammad al-Omar told Reuters that KFH is also interested the Hong Kong market. “There is a huge interest from Hong Kong’s (government) in Islamic banking.”
In June, KFH said it is looking into investment opportunities in Algeria without giving details but Al-Rai newspaper said the lender planned to set up an Algerian unit with a capital of up to $200 million.
Alam Alyawm newspaper has reported that KFH wanted to expand into Indonesia, Japan or the Philippines either by setting up units or buying stakes in companies.
KFH shareholders approved the bank’s proposed 65 percent cash dividend, or 65 fils per share and 20 percent bonus shares.