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High Drama and Big Impact: Trump’s Bold Tariff Plans and What to Expect

Expect significant new tariffs on Chinese imports and moderate levies on goods from other nations , as President-elect Donald Trump rolls out his protectionist agenda. However, with his preference for chaotic policymaking and sudden shifts , there’s uncertainty on how soon these import taxes will actually hit. Dubbed “ Tariff Man ,” Trump aims to use tariffs both strategically and tactically . He’s mentioned taxing all Chinese goods up to 60% and potentially setting 10%-20% tariffs on imports globally , but details on these plans remain vague . Key players within Trump’s team are divided: Robert Lighthizer , a staunch tariff advocate, sees permanent duties as crucial to balance US trade , while others, like billionaires John Paulson and Scott Bessent , view tariffs as temporary leverage. Trump’s previous administration had mixed feelings, especially on national security-related trade limits , which he sometimes dismissed, favoring an “open for business” approach. High-profile busin

Kuwait Finance House Malaysia to Exit After 19 Years in the Country

 

Kuwait Finance House (Malaysia) Bhd (KFH Malaysia), the first foreign Islamic lender in the country, is planning to exit Malaysia after nearly two decades of operations, according to industry sources.

Strategic Refocus

“It is exiting to focus entirely on the Middle East,” an industry source said.

KFH Malaysia is wholly owned by Kuwait Finance House, the largest bank in Kuwait and the second-largest Islamic bank globally. Earlier this year, Kuwait Finance House merged with Ahli United Bank of Kuwait.

Limited Presence in Asia

Apart from Malaysia, Kuwait Finance House does not have a presence elsewhere in Asia. The group was not immediately available for comment.

KFH Malaysia is one of only two remaining stand-alone foreign Islamic banks in the country, the other being Al Rajhi Banking & Investment Corp (Malaysia) Bhd. The bank has faced challenges in gaining market share in Malaysia's competitive market since its establishment in August 2005. Currently, there are 17 Islamic lenders in Malaysia, of which six are foreign.

Financial Performance

According to the latest financial filing on its website for the first nine months ended Sept 30, 2023 (9MFY2023), KFH Malaysia’s total assets stood at RM7.46 billion, down from RM10.79 billion in FY2016.

The bank's 9MFY2023 net profit dipped to RM42.33 million from RM45.04 million for the same period a year earlier, though operating revenue improved to RM270.88 million from RM261 million. In FY2022, net profit rose to RM78.1 million from RM73.69 million in FY2021. It reported net losses of RM12.78 million in FY2020 and RM80.97 million in FY2019.

As of Sept 30 last year, KFH Malaysia's gross financing book stood at RM3.75 billion, with most of it in residential, personal use, and working capital financing.

Leadership Changes

KFH Malaysia's chief executive officer Mohd Hazran Abd Hadi recently left the bank to pursue “personal endeavours,” The Edge Malaysia weekly reported in early June. The bank appointed Ida Aizun Husin, its senior vice-president of corporate banking, as the acting CEO.

This move marks a significant shift in KFH’s strategic focus, reinforcing its commitment to the Middle East market while exiting a highly competitive Islamic banking sector in Malaysia.

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