KFH offers wealth management products

KFH offers wealth management products
By Chong Pooi Koon Published: 2008/03/14

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The wealth management products are likely to cater to rich customers with RM5 million worth of liquid assets


KUWAIT Finance House (Malaysia) Bhd has started offering wealth management products in partnership with information technology firm FIRIUM Solutions (M) Sdn Bhd and Islamic financial planning consultant Amanie Business Solutions Sdn Bhd.

Managing director Salman Younis said the wealth management business is initiated in line with the bank's retail banking expansion.

KFH plans to open a branch in Johor in April this year with another opening soon in Penang to reach more retail customers. This will add to the three branches in the Klang Valley.

Its wealth management products are likely to cater to rich customers with some RM5 million worth of liquid assets.



These will be introduced in three phases. The first phase which started last month, offers unit trust and Bancatakaful. The second phase of structured product and wasiat, or will-writing will follow soon while the final phase will see the launch of Islamic financial planning services.

"Drawing on KFH's 30 years experience, we will work with our business partners and customers to create innovative solutions to manage, preserve and develop wealth for now and the future generations," Salman said in Kuala Lumpur yesterday.

He said the bank chose to work with FIRIUM as the company has introduced innovative IT solutions to many local and international financial institutions.

FIRIUM is a leading solutions provider in Asia Pacific to the financial services, retail and distribution and telecommunications industries, he said.

Amanie Business Solutions is also not new to KFH. Amanie's chief executive officer Dr Mohd Daud Bakar and his team of qualified consultants, who are well-versed in syariah and Islamic banking, are often invited to conduct training for KFH's senior management.

Dr Mohd Daud is also the chairman of Bank Negara Malaysia's Syariah Advisory Council.