Kuwait
Finance House (Malaysia) Berhad (KFH Malaysia) was established on 8 May 2005.
It is the first foreign Islamic bank that was granted a licence under the
Islamic Banking Act (Malaysia) 1983. As of 2015 its paid up capital stood at
RM1,425,272,000. It offers a complete range of Shariah-based financial products
and services under Corporate and Investment, Commercial, and Retail and
Consumer Banking as well as Treasury and International Business.
Table
4.17: Level of compliance to MFRS and AAOIFI standards
No.
|
Financial statement
|
Conformity
|
1.
|
Statement on adoption
of AAOIFI
|
Nil
|
2.
|
Statement on adoption
of MFRS
|
100%
|
3.
|
Statement of financial
position
|
70.0%
|
4.
|
Statement of profit or
loss
|
66.7%
|
5.
|
Statement of changes in
equity
|
95%
|
6.
|
Statement of cash flow
|
100%
|
7.
|
Statement of sources and uses of charity fund
|
Yes (notes)
|
8.
|
Statement of restricted
investment
|
No
|
In term of financial reporting, it adopts fully the requirements made by Malaysian Financial Reporting Standards (MFRS) and adheres the AAOIFI at the above levels. The bank complies with MFRS and also conforms to AAOIFI in presentation of SOFP (70%), SOPL (66.7%), SOCIE (95%) and SCF (100%). It does not either present SSUCF and SORI as financial statement but show SSUCF in notes to financial statement.
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