Kuwait Finance House KSC : KFH launches Quran Application for android users

Kuwait Finance House (KFH) has launched the first version of a Quran Application for android users. Strategy and Corporate Affairs General Manager Fahad Al-Mukhaizeem said that KFH is keen to grant this gift since Ramadan is approaching. Moreover, Al-Mukhaizeem explained that this service sheds lights on the meanings of the Quran, and helps reciters in memorizing it. He revealed that the number of users is expected to reach 2 million users by the end of the year, after launching the current version that will be constantly updated through Play Store. It is worth noting that the new version has high resolution, in addition to features like night reading. Furthermore, the application will include many meanings in English, Arabic, French, and Turkish, not to mention the feature that allows users to listen to the Quran. Features also include choosing the colours that the reader wishes to see.

Investment Dar seeking 50% debt cut

Kuwait's Investment Dar Co has asked creditors to take a 50% writedown on its debt, as it seeks to meet repayments after defaulting on a loan three years ago. Under the optional plan, creditors will receive a cash payment totaling 5.7% of their outstanding debt and a portion of a new Islamic loan equal to about 44% of their current exposure. Details are not public. Investment Dar's stake in Aston Martin and real estate holdings will be among assets backing the new credit facility.

Kuwait Finance House says 20 pct capital increase oversubscribed

Kuwait Finance House (KFH said its 20 percent capital increase had been oversubscribed by shareholders, without providing specific details. The bank was raising 319 million dinars ($1.12 billion) from the sale of 639 million new shares at 0.5 dinars each - a 35.9 percent discount to the closing price at the start of June, when the offer period was announced. The share sale, which ran for two weeks from June 5, will boost KFH's paid-up capital by 64 million dinars and would fund the bank's expansion and strengthen its balance sheet. The sale will push the bank's Tier 1 ratio towards its 17 percent target for the end of 2013. It currently stands at 13.6 percent, below the 15.5 percent average for the Kuwait banking sector. The capital increase is part of the bank's five-year strategic plan, with shareholders giving assent to the move in April.

Head of Trading

The prime responsibility for this position will be to lead and direct the Treasury Trading team for all trading activities with a view to maximize profitability, limit losses for the Organisation and ensure adherence to defined risk parameters, regulatory requirements and internal guidelines.

Kuwait's Boubyan Bank sells debt to international lender for USD8.38m

Kuwait's Boubyan Bank (BOUBYAN.KW) has sold a debt that was owed by an investment bank for 2.4 million Kuwaiti dinars ($8.38 million). Boubyan, which is an Islamic lender 58.33% owned by National Bank of Kuwait, said that it sold the debt to an international bank, without naming it. It added that it had previously set up provisions to fully cover this debt in keeping with the instructions of the country's central bank.

Moody's downgrades Kuwait Finance House long term ratings to A1, outlook negative

Moody's Investors Service has downgraded Kuwait Finance House's (KFH) long term ratings by one notch to A1 from Aa3. Moody's also downgraded KFH's baseline credit assessment (BCA) and bank financial strength rating (BFSR) by two notches to ba1/D+ from baa2/C- respectively. The Prime-1 short term rating was confirmed. All ratings assigned to KFH carry a negative outlook. The rating actions reflect (1) continued asset quality pressures (2) an increasing reliance on volatile investment income and (3) the current organisational complexity and overall risk profile inconsistent with global peers. The rating action concludes the review for downgrade initiated for Kuwait Finance House on 7 November 2012.

Kuwaiti ambassador praises Kuwaiti-Qatar coordination to organize waqf forum

Kuwaiti Ambassador to Qatar Ali Salman Al-Haifi praised Kuwaiti-Qatar coordination, namely setting up the sixth waqf forum. The forum which concluded on Tuesday reflected keenness of the two countries on maintaining the Islamic endowment, which is one of the important pillars for social solidarity, Al-Haifi said. The two-day forum, which dealt with emerging issues and Islamic legitimacy, was organized by Qatar's Ministry of Awqaf and Islamic Affairs, in coordination with Kuwait Awqaf awqaf authorities and the Islamic Research and Training Institute, an affiliate of the Islamic Development Bank Group.

Kuwait distinguished for organized charitable activities

Chairman of Al-Eslah Society (Islamic Society for Social Reform) Humoud Hamad Al-Roumi said at the 10th meeting of Deewan Al-Khair, an event that is part of Kuwaiti forum for charity work that Kuwait is a pioneer in the field of charity with all its various forms. Head of Al-Rahma International Charity's Palestine Office Dr. Waleed Al-Anjari offered a presentation about Gaza reconstruction project which reached the cost of USD 25 million, including various forms of humanitarian relief. Head of the Al-Rahma International Charity's Djibouti Office, Sa'ed Al-Otaibi, tackled his experience of charity work in Djibouti with the participation of young Kuwaitis in a journey they called "Life that has no life" in a country of total population of one million people. The majority of them are suffering from severe poverty.

Kuwaiti firm launches Islamic trade finance fund

Kuwait-based Asiya Investments has launched an Islamic trade finance fund with $20 million in seed capital, aiming to cater to small Asian manufacturers. Asiya aims to fill a gap left by Western banks that are scaling back their trade finance business, making credit scarce for small and medium-sized firms. Due to the world financial crisis and higher capital requirements under upcoming Basel III regulations, about 20 percent of the trade finance business could be opened up to non-bank institutions. Asiya's fund aims for a net return to investors of above 5.0 percent and it has $55 million worth of assets in the pipeline, with capacity for approximately $400 million. The firm identifies clients such as denim and latex manufacturers through its Singapore-based joint venture partner, EuroFin Asia.

A.M. Best Withdraws Ratings of Boubyan Takaful Insurance Company KSC (CLOSED)

A.M. Best Europe – Rating Services Limited has revised the outlook to stable from positive and affirmed the financial strength rating of C++ (Marginal) and the issuer credit rating of “b” of Boubyan Takaful Insurance Company (Kuwait). The revised outlook reflects Boubyan’s decision not to ring-fence assets in favour of policyholders. The risk-adjusted capitalisation of Boubyan’s policyholders’ fund remains weak. Additionally, recent management turnover adds uncertainty to the future performance of the company. Boubyan has experienced volatile operating results and is a small player in the Kuwaiti market. Concurrently, A.M. Best has withdrawn the ratings as the company has requested to no longer participate in A.M. Best’s interactive rating process.

Gatehouse Bank keeps momentum for "Generation F" with Kuwait Oil Company & Dar Al-Hekma

The event to support "Generation F" on Tuesday 16 April at Kuwait Oil Company (KOC) saw a collection of 70 Kuwaiti female oil and gas professionals congregate to develop their financial skills necessary for smart wealth preservation. London-based Gatehouse Bank participated in the workshop. The company has a history of supporting Arab women through education. Encouraging female financial literacy and supporting the development of the financial skills necessary for long term wealth preservation is a core objective for the Bank. According to Vice President Ms Azeemeh Zaheer, Gatehouse Bank works with women on education programmes to demystify the financial markets, enabling women to make their own decisions about how to build and diversify their investment portfolios in the best possible way.

The Investment Dar: Creditors stand by for 'problem child' payment

After the debt troubles of Kuwait's Investment Dar (TID) of the past few years, some creditors are hoping for their first payment in June. However, creditors are still concerned over Investment Dar’s court-agreed repayment schedule. The asset disposal plan is reportedly making progress, against a tough economic backdrop, while resisting pressure to sell at distressed prices to buyers who sense a desperate vendor. The debt plan agreed by the court split the creditors into three groups, with repayment over eight and a half years.

Kuwait’s Alafco picks Deutsche to ‘advise’ on its London listing - Timing of GDR and amount still unknown

Kuwaiti aircraft leasing company Alafco has hired Deutsche Bank to advise it on a potential sale of global depositary receipts (GDRs) in London. The bank is looking at Alafco’s operations to ensure it is ready for the additional scrutiny that comes with a London listing. The timing of the GDR sale and the amount, if any, that a listing could raise were still unknown. Alafco made a profit of 25.6 million dinars ($89.7 million) in its last financial year ended on Sept. 30, 2012, a 45 percent decline from the previous year.

Kuwait Finance House agrees 20% capital hike

Shareholders in Kuwait Finance House (KFH) have agreed to a 20 percent capital hike, The plans to increase its capital are part of the bank's five-year strategic plan. New shares will be issued at 100 fils ($0.35) per share plus a premium of 400 fils. KFH shares are now trading at 780 fils, down 1.27 percent on the Kuwait bourse. According to Al Watan newspaper, a capital increase could boost KFH's paid-up capital to 348.5 million dinars ($1.24 billion) from 290.4 million dinars.

Kuwait Finance House donates KD8.8m to Zakat House

Zakat House General Manager Abdul Qader Al-Ojail asserted that Kuwait Finance House (KFH) is known for supporting the community, and is considered to be one of the authority's main partners in charity. Al-Ojail received two cheques with a total value of KD8.8m from KFH's Chairman Mohammed Al-Khodairi, in order to financially support Zakat House charitable projects and activities. Al-Khodairi said that KFH's priority is to contribute to the success of Kuwait development projects and to serve the society, in addition to supporting projects executed by official charity institutions.

Warba Bank builds portfolio of successful investments

Warba Bank announced that it has made significant progress over the past year in building its portfolio of investments in the region and the world. During 2012, Warba Bank completed a series of successful investments in various investment sectors, e.g. the purchase of a property in New York which they developed into a multi - family residential complex. Through its investments, Warba Bank seeks to achieve high returns on investments and guarantee the rights of the Kuwaiti people who are the bank's shareholder.

Kuwait International Bank (KIB) swaps out Warba Insurance stake

In a statement to the Kuwait Stock Exchange KIB has revealed plans to swap its 8.56 per cent stake in Warba Insurance for the latter firm’s 33.6 per cent stake in Ritaj Takaful Insurance.The deal, which requires Central Bank approval would see KIB’s stake in the Shari’ah-compliant insurer rise to 73.6 per cent. The bank said it was divesting the Warba Insurance stake because the firm is not Shari’ah compliant.

Kuwait Intl Bk to Swap 8.56% Stake in Warba for 33.6% of Islamic Insurer

Kuwait Intl Bk is planning to swap its 8.56% Stake in Warba for 33.6% of Islamic Insurer Ritaj Takaful Insurance Co. The Islamic commercial bank said in a statement posted on the Kuwait bourse website on Wednesday that it has decided to exit its interest in Warba.

Kuwait Finance House revamp to include new CEO, investment banking unit

Kuwait Finance House (KFH) is mulling over a restructuring exercise that will entail a change of chief executive and the creation of a separate investment banking division. KFH's existing chief executive officer (CEO) Datuk Jamelah Jamaluddin had reportedly been chosen to head this new investment banking subsidiary. Datuk Seri Abdul Hamidy Abdul Hafiz, the chairman of Danajamin Nasional and Credit Guarantee Corp, is a likely replacement as KFH's CEO. KFH is seeking approval from the authorities for these changes, which it intends to bring about soon.

Senior Placement Manager, Kuwait

Islamic financial institution is looking for a Senior Placement Manager to join their expanding team in Kuwait.

•Product-wise placement targets in each geography.
•Understand market appetite and assist the business development team.
•Service existing clients and network with potential investors in a target market.
•Make presentations on specific products, for which funds are to be raised.

Candidates who qualify for this position may kindly quote the Job Title in the subject of your email and send your CV as an attachment in MS Word Document format to momran@gulfconnexions.com

Syndicate content