Crisis created opportunities for Islamic banks 

(MENAFN Press) The Chairman and Managing Director of Liquidity Management House (LMH), which is fully owned by Kuwait Finance House (KFH) Emad Al-Menaie stated that the global crisis has created great opportunities for Islamic banks, in order to prove the feasibility of the methods they follow, and how such methods eased the effects of the crisis.

He went on to add in his speech at the 6th Islamic Financial Services Conference (IFSB) that was held lately in Singapore and was attended by six Asian central banks governors that the countries should have more profound cooperation to overcome the current crisis, in addition to setting regulations to avoid such crises in the future, since the globalization and lack of boundaries puts great responsibility on the economic players who influence the global economy. He went on to explain that Islamic banking sets principles that go hand in hand with economic and financial practices, in addition to avoiding speculations. It is worth noting that KFH Group has been a member in the summit since 2003.

Moreover, Al-Menaie said that KFH’s expansion in South East Asia and opening KFH-Singapore reveals the great potential that awaits Islamic banks in these markets, and reinforces the efforts that support the opening of new markets, in addition to creating new products and services that suit these markets, where KFH participated in major developmental projects in China, Malaysia, and Indonesia, that include real estate, infrastructure, industrial, transportation and services development.

Furthermore, he mentioned that KFH-Singapore has signed 4 investment agreements in Singapore, such as setting a health care fund, and investing in the biggest, most specialized companies in the iron industry and the installment of pieces of iron, which as business that extends to reach Singapore, Malaysia, and China. KFH uses Singapore as a platform to play a more extensive role in its market and the neighboring markets.

In addition to KFH-Group that includes KFH in Bahrain, Malaysia, Turkey, and LMH, other key figures in the Islamic financial industry were among the attendees in the conference, such as the central bank governors of Saudi Arabia, UAE, Bahrain, Qatar, Singapore, and Korea.