KFH Plans Financing Initiatives For ECER

KUWAIT Finance House (Malaysia) Bhd is in discussions with Terengganu’s state
investment company, Terengganu Inc, and its related companies on financing
initiatives within the East Coast Economic Region (ECER).
“We have looked into specific financing opportunities for some of the related
companies, ranging from infrastructure, oil and gas, shipping, plantation/agriculture
and IT (information technology),” said its managing director Datuk Salman Younis.
“So far, all of the discussions are focused on financing,” he said in a statement today.
On plans for retail branches within the ECER, Younis said the Islamic bank will
evaluate the feasibility based on the success of its corporate, investment and
commercial businesses there.
He said the bank was currently involved in the financing of a flight training school
and garment manufacturer, both in Kota Baharu.
Kuwait Finance House, one of the largest Islamic banks in the world, has embarked
on several projects, including establishing a fund investing about US$330 million for
projects in the Iskandar Development Region.
The ECER master plan envisaged Terengganu becoming a tourism gateway, a hub
for oil, gas and petrochemical industries, a centre of educational excellence and
agriculture focused on goat rearing and as a citrus valley.
Kelantan will become centre of trading, human capital development, educational
excellence as well as poultry and herbal cultivation.
Pahang will focus on manufacturing and becoming a port city with integrated logistics
distribution centre and palm oil industrial cluster as well as cattle and pineapple,
while Mersing in Johor will be developed for tourism.