Kuala Lumpur, July 31, 2024 – Following the recent announcement by Kuwait Finance House K.S.C.P. (“the Group”), we would like to confirm that based on the Group’s international business strategic review to focus and expand in regional markets (Gulf Cooperation Council or GCC and Middle East), the Group has decided to voluntarily withdraw from the Malaysian market and wind down Kuwait Finance House (Malaysia) Berhad (“KFHMB”).

The Acting Chief Executive Officer, Ida Aizun Husin, said "KFHMB is profitable and remains solvent as we approach this transition with a strong financial foundation, ensuring that all our commitments are met with the highest level of responsibility. Our primary focus is to facilitate a smooth transition, reflecting our deep appreciation for the business partnerships we have developed in Malaysia. We do not foresee any service disruptions to clients, employees, and partners.”

As part of ensuring a smooth transition, KFHMB is exploring the potential sale of certain portfolio segments to prospective buyer(s), all subject to regulatory approvals.

The entire process will adhere strictly to Malaysia's regulatory frameworks, ensuring compliance with Shariah principles.

“KFHMB extends its gratitude to the Malaysian government and various regulatory bodies whose support has been unwavering. We look forward to maintaining strong ties as we navigate through this transition.”

KFHMB will continuously keep all relevant parties updated on material matters.