Islamic Banking

Islamic Banking Firm Refocuses On Wealth Management

Sandra Kilhof, Reporter, 3 October 2013

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Kuwait Finance House, an Islamic banking group, is
reinforcing it’s private banking and wealth management services as part of a
new restructuring of the firm.

The plan aims at “maximizing the bank's capabilities to
improve customer service and achieve better profits”, according to KFH Wealth
Management general manager, Matthew Welch.

According to the firm, rising competition in the high net
worth segment is causing clients to become increasingly discerning when
selecting a firm to invest with. As such, the competitive market has prompted
KFH to further develop it’s wealth management services, said Welch.

“Clients now expect increased access to investment advisory
and discretionary management services to help them navigate volatile market
conditions,” explained Welch.

KFH has branches in several markets with growing investor
interest such as Turkey and Malaysia. In it’s
latest financial results from January 2013, the firm revealed that it had increased
it’s total revenues by 7 per cent since January 2012, to KWD932.8 million ($3.3
billion).

 

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