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 interna…
According to the chairman of Boubyan Bank, Islamic banking in Kuwait is growing double as fast as conventional banking. Throughout the Arab region, the demand is expected to be strong. In the first nine months of this year, credit volumes at Islamic ba…
According to the chairman of Boubyan Bank, the growth rate of Islamic finance in Kuwait is the double of the one of conventional banking. In his opinion, strong demand throughout the Arab region can be expected. The country’s Islamic banks reached cred…
Sheikh Salem Abdul Aziz Al-Sabah, governor of the Central Bank of Kuwait, chairman of the board of directors of the Kuwait Institute of Banking Studies (IBS), noted that the Kuwait IBS will work with Harvard Business School for the third year in a row …
Quarterly Result Update
1. Net profit rose 30.4% to KWD 2.11 million from KWD 1.62 million.
2. The operating income of KWD was 15.46 million during 1Q11, increasing 40.7% from KWD 10.99 million in 1Q10.
3. The FY2011E total operating income is revised …
Kuwait Finance House (KFH) signed an agreement with Gulf Investment House (GIH) to restructure its debts that reach KD49.5m.
The agreement was supervised by Liquidity Management House (LMH). The collaborators of the agreement were: Boubyan Bank and Bur…
Boubyan Bank is going to initiate an open-ended Kuwaiti dinar money market fund which invests in Shari’ah-compliant short and medium-term instruments available in the financial markets.
The statement of Saleh Ahmed Al-Ateeqi, Acting CEO of Boubyan Capi…
Bank of London and the Middle East plc whose main shareholders are Boubyan Bank, National Bank of Kuwait, the Securities House and the Public Institution for Social Security, announced today the launch of its Premier Deposit Account (PDA) in Pound Ster…
Kuwaiti Islamic lender Boubyan Bank which is 47 percent owned by the country’s largest lender, National Bank of Kuwait (NBK) made a first-quarter net profit of 1.62 million dinars ($5.61 million).
The results compare with a net loss of 11.7 million in the year-earlier period. Boubyan’s total loss for 2009 stood at 51.7 million dinars.
Last month, NBK received the Kuwaiti central bank’s approval to raise its stake in Boubyan to a maximum of 60 percent.
The approval is valid for three months, starting March 22. The bank’s shares were up 1.9 percent at 0805 GMT after the results were released.
National Bank of Kuwait (NBK), the country’s largest lender and the biggest shareholder in Islamic lender Boubyan Bank, has raised its has received the Kuwaiti central bank’s approval last month to raise its 40 percent stake in Boubyan to a maximum of 60 percent. The approval is valid for three months, starting March 22.
Boubyan bank, which complies with Islam’s ban on interest, competes with larger rival Kuwait Finance House and Kuwait International Bank.
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