MALAYSIA - APPOINTMENT - KFH Malaysia appoints new chairman

KUALA LUMPUR: Kuwait Finance House (M) Bhd (KFH Malaysia) has appointed Dr Nabeel Al-Mannae independent non-executive chairman and director.

Dr Nabeel, who is an experienced economist and banker with over 20 years of experience in the financial industry, will play a pivotal role as the new chairman of the first foreign Islamic Bank in Malaysia. (source)

BANKING - Boubyan Bank to up stake in Muamalat Indonesia

Boubyan Bank has been recently excluded by the Central Bank of Kuwait (CBK) from the instructions regulating investments of Sharia-compliant lenders to lift its shareholding in Bank Muamalat Indonesia to almost 25%, Al-Rai newspaper learnt from first-hand sources. 

The KSE-listed lender had earlier applied to CBK to raise its equity in Muamalat. It was among the shareholders owning approx. 30% of the Indonesian bank that did not subscribe to its latest capital top-up.

The Indonesian lender’s major shareholders are Islamic Development Bank (around 40%) and Saudi-based Sedco Group (nearly 25%).