Kuwait

Islamic institutions play pivotal role in financing development plan projects

Kuwait Finance House (KFH) Assistant General Manager (AGM) for Finance Sector Emad Al-Thaqeb stated Islamic banking institutions, including KFH have experience in financing major local and overseas developmental projects. Furthermore, they have strong financial coverage that allows them to meet the financing requirements for the Kuwaiti development plan.
Al-Thaqeb mentioned that the Central Bank of Kuwait took into consideration the requirements of this phase by recommending an increase in the margin of loans in return for deposits at local banks that ranges from 85-100 %.

Indonesia Targets Persian Gulf to Boost Assets: Islamic Finance

In order to increase the Shariah-compliant banking assets by 35 percent this year, Indonesia's Foreign Ministry and central bank are seeking investment from the Persian Gulf.
Mulya Siregar, the Jakarta-based director of Islamic services at Bank Indonesia, announced that it is possible that the delegation is going to meet officials in the Middle East as soon as this month, with Saudi Arabia and Kuwait the most likely destinations.

Ireland aims to be home of Islamic finance in Europe

In the path of rebuilding its once dominant financial services sector, Ireland aims to become the home of Islamic finance in Europe.
The taoiseach, Enda Kenny, stated that the Irish tax laws and financial regulations are now sharia-compliant. It seems that the government had recently signed double-taxation agreements with Saudi Arabia, Bahrain, Kuwait and the United Arab Emirates.

Gatehouse in world-first venture creates Takaful Brokerage in London

Gatehouse Bank plc will join Paul Napier Ltd in order to form Gatehouse Napier. This wil be the world's first Shariah compliant insurance broker which offers premium Takaful and Re-Takaful commercial risk solutions in London.
It appears that GCC investors have invested more than £3bn on UK commercial property in the post financial crisis.

IMF raises UAE, Saudi, Qatar, Kuwait forecasts

A report of the National shows that GDP forecasts for the UAE, Saudi Arabia, Kuwait and Qatar in its World Economic Outlook was raised by the International Monetary Fund.

Al-Madina suffers KD 8.2 million loss in 2010

Al-Madina gave a report in which was stated that Finance and Investment Company KSCC lost 8.2 million Kuwaiti dinars, 22.2 Kuwaiti fils per share, for the period ending Dec. 31, 2010.
The company performs as contractor, and handels consumer goods through the Shariaa-compliant Murabaha system and monetary and operational lease.

Al-Nashmi new Head of Fatwa, Sharia Supervisory Authority: KFH

Kuwait Finance House appointed Dr Ojail Al-Nashmi as Head of the Fatwa and Shariah Supervisory Authority after Sheikh Ahmed Al-Yasseen retired. The authority's general assembly elected Al-Nashmi, Dr Khaled Al-Mazkour, Dr Mohammed Al-Tabtabaie, Dr Anwar Abdul Salam, and Dr Mubarak Al-Harbi.

KFH story of leadership and social responsibility

The government acquires 49% of its shares, while 51% were offered for public subscription with a capital of KD 10 million. KFH has been keen to prioritize its clients, since they have exerted sterling efforts to set it up, and have continued to support it at a time when many people doubted that it will continue.
Moreover, KFH introduced Shariah compliant banking services and products that are used by people daily, where they are now familiar with terms such as Ijarah, Murabaha, Istisnaa, and speculations.
Regarding KFH’s social responsibility role, it spent last year more than KD 8 million for social issues, and has also financed several major developmental projects in Kuwait and the world.

Kuwait fund to start $3.6 billion real estate portfolio

Kuwait Investment Authority will establish a 1 billion dinar ($3.6 billion) portfolio to invest in Kuwait's real estate market to take advantage of lower property prices.
The portfolio will be managed initially by Kuwait Finance House, with the possibility of assigning two other managers.

KIA to pump $3.6 bn into property market

Kuwait Investment Authority (KIA) will pump $3.6 billion into the local commercial property market as the Gulf state's sovereign wealth fund seeks to bolster the struggling sector and benefit from plunging prices.
Such huge liquidity in the real estate market will reflect positively on local investment and real estate firms, and the country's bourse as well.

IILM Targets To Issue First Shariah-Compliant Financial Instruments By Year-End

The International Islamic Liquidity Management Corporation (IILM) is expected to issue the first Shariah-compliant financial instruments by year-end.
The minimum size of the instruments could be US$300 million depending on the market demand.
The IILM was established on October 2010 with 14 founding shareholders, comprising the 12 central banks of Indonesia, Iran, Kuwait, Luxembourg, Malaysia,Mauritius, Nigeria, Qatar, Saudi Arabia, Sudan, Turkey, and the United Arab Emirates (UAE), as well as two multi-lateral institutions, the Islamic Development Bank and the Islamic Corporation for the Development of the Private Sector.

Gulf Investment Corp issues its first local currency sukuk amounting to RM600m

Gulf Investment Corporation GSC Kuwait (GIC) had on Tuesday, March 1 issued its first local currency Sukuk amounting to RM600 million in the Malaysian market.
The GIC stated that this would be its third bond offering in Malaysia.

Kuwait's Investment Dar to sell $1.69bn assets

Kuwait's Investment Dar has proposed some $1.69bn in asset sales over three years to creditors as part of a $3.58bn restructuring plan, Reuters has reported, citing banking sources.
Dar will sell its stakes in Kuwait's Boubyan Bank and Bahrain Islamic Bank.

TID Global Sukuk I Limited - Restructuring Update

Board Members and Management of The Investment Dar Company K.S.C.C. and the Coordinating Committee met with TID's Banks and Investors in Kuwait to provide an update on the Company's restructuring process.
At the meeting, TID's Banks and Investors were presented with the headline terms of the agreed ESP, as previously disclosed together with illustrative business, operational and governance plans for its implementation. Updates were also provided on individual assets and outstanding issues.

Gulf Investment Corp launches $164 million Sukuk

Kuwait-based Gulf Investment Corporation (GIC) has launched a 500 million ringgit (164 million US dollar) Sukuk issue in Malaysia as part of an existing funding program, one of a growing number of Middle East issuers to seek alternative sources of funding.
GIC, which was set up to drive private enterprise and economic growth in the Gulf region, had earlier established a 3.5 billion ringgit Sukuk program in the Southeast Asian country.

Kuwait's top Islamic bank 2010 profit down 10.7%

Kuwait Finance House (KFH) said on Sunday its net profit in 2010 dropped 10.7 percent, despite a rising asset base.
In 2009, the bank's profit dived 24 percent due to the global financial crisis.

GFH inks agreement with Kuwait Investment Company

Bahrain's Gulf Finance House (GFH) has announced the appointment of Kuwait Investment Co (KIC) to assist the Islamic lender with the recapitalization and raising up to $500m program through a convertible Murabaha as part of the restructuring plan agreed to by shareholders.

Ahmed Fathy Al-Gebali appointed Chief Financial Officer at Dubai Islamic Bank

Before joining Dubai Islamic Bank, Al-Gebali served as the CFO at Boubyan Bank, Kuwait. During his 23 years of professional experience, Al-Gebali has held senior positions at Global Investment House, Gulf Investment House, Kuwait Financial Center and International Financial Advisors.

Kuwait's Alafco Q1 profit soars on one-time gains

Kuwait’s Aviation Lease and Finance Co posted a nearly 10-fold jump in first-quarter net profit after earning a one-time revenue of 20 million dinars ($71 million). "The sharp increase in profit … was due to amendments to some contracts that contributed additional one-time revenue of around KD 20 million,” the statement said.
Alafco said it plans to reach a fleet of 100 aircraft by 2015.

Banks cut exposure to Kuwait Dar, Arcapita

Banks reduced their exposure to Bahraini investment house Arcapita and Kuwait's Investment Dar by selling syndicated loans at distressed levels this week.
The sales show that banks are becoming more willing to sell impaired Middle Eastern bank loans as they become more familiar with the debt restructuring process.

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