April, 01, 2010

The Malaysian bank, which is running an audit on some of its previous contracts, had a non-performing financing level of 6.73 percent in September, said newly appointed CEO Jamelah Jamaluddin.This is more than three times the industry average of 2.1 percent, according to central bank data."We have a 5-year plan ... to bring us in line with the industry," Jamelah told reporters."We're making all efforts to improve our asset quality and bring down the NPF.

We are vigorously going to concentrate on recovery. That is one of the main thrusts for 2010."Net non-performing loans in the Malaysian banking system, based on a 3-month classification, stood at 1.9 percent in February.Kuwait Finance Malaysia was the first foreign Islamic bank to win a licence under the Southeast Asian country's Islamic Banking Act. It is the Kuwait bank's Asia-Pacific hub and aims to promote business between the region and the Middle East.

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