Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

CBK Plans To Convert To Full-Fledged Islamic Bank  Join our daily free Newsletter

MENAFN - Arab Times - 05/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) Commercial Bank of Kuwait, the Gulf state's fifth largest lender by assets, said a majority of shareholders had approved a plan to convert the bank into a full-fledged Islamic lender, state news agency KUNA reported



The bank's chairman Ali Mousa Al Mousa was quoted as saying on Wednesday that 85 percent of shareholders had approved the move, adding that the measure would still require further approvals



"Though the majority of the shareholders voted for the move which was on the top of the agenda of the ordinary meeting, the decision does not take immediate effect - it is just a first step in a legal process involving several studies and approvals," he noted



"The General Assembly also approved the issuance of subordinate bonds with a total value of KD 120 million in keeping with the bank's plans for expansion and the provisions of Basel III," Al-Mousa disclosed



On the financial results of 2013, Al-Mousa affirmed the bank's commitment to the principles of corporate governance in all its policies and activities which are subject to constant revision



"The shareholders' equity in the bank grew by 1.8 percent to KD 562 million, compared with the previous year, which ranked the bank as the third largest in Kuwait



"The total value of assets grew by 7.1 percent y/y to KD 3.9 billion, thus ranking as the fifth largest in the country's banking sector," Al-Mousa went on to say



"The volume of credits offered to clients last year topped KD 2.3 billion, reflecting an increase of KD 189.3 million or 8.9 percent y/y," he said noting that there was a boom in the bank's overseas credits which grew to KD 71 million



The operating and net profits hit KD 102 million and KD 23.5 million respectively in 2013 with the capital adequacy ratio standing at 18.38 percent and the ratio of non-performing loans (NPLs) to the gross loans hitting 1.35 percent



The aggregate provisions were KD 128.2 million, resulting in provision coverage for NPLs at 367 percent, compared with 169 percent in 2012, he added



The General Assembly also approved the recommendation of the Board of Directors to distribute cash dividends of 7 fils per share and bonus shares amounting to 11 percent for each 100 shares

 


Arab Times




  MENA News Headlines
 Nov 28 2014 - India says still searching for 39 workers seized in IraqArab News
(MENAFN - Arab News) NEW DELHI: India said Friday it was still searching for 39 construction workers abducted in Iraq in June denying a report claiming they had been executed by the Islamic State ...

 Nov 28 2014 - Gulf Asia approve steps to protect foreign workersArab News
(MENAFN - Arab News) KUWAIT CITY: Gulf and Asian labor ministers agreed Thursday on a series of initiatives aimed at boosting protection and improving conditions of employment for millions of foreign ...

 Nov 28 2014 - UAE hints at body to monitor forex pegThe Peninsula
(MENAFN - The Peninsula)   An advisory body to the UAE government has suggested that the central bank review the country's currency peg to the US dollar, but local bankers said any change to the peg ...

 Nov 28 2014 - Qatar bourse index down by 3.72pc last weekThe Peninsula
(MENAFN - The Peninsula)  Qatari bourse fell on heavy selloff on latest Opec pessimism on output cut. The benchmark index plunged by 1.39 percent to finish at 13,330 yesterday.The entire sector ...

 Nov 28 2014 - Qatar calls for creating Common Islamic MarketThe Peninsula
(MENAFN - The Peninsula)  Speaking on behalf of all Arab countries, Qatar's Minister of Economy and Commerce, H E Sheikh Ahmed bin Jassim bin Mohamed Al Thani, yesterday at the Ministerial Session of ...

 Nov 28 2014 - Saudis block Opec output cutThe Peninsula
(MENAFN - The Peninsula)  Saudi Arabia blocked calls yesterday from poorer members of the Opec oil exporter group for production cuts to arrest a slide in global prices, sending benchmark crude ...

 Nov 28 2014 - Don't bypass oil firm, Libya rival govt warnsThe Peninsula
(MENAFN - The Peninsula)  Libya's parallel government controlling the capital will take legal action against buyers of oil bypassing the Tripoli-based state oil firm National Oil Corporation (NOC), ...

 Nov 28 2014 - Qatar Airways partners with Coca Cola IPTLThe Peninsula
(MENAFN - The Peninsula)  Qatar Airways (QA) has teamed up with Coca-Cola International Premier Tennis League (IPTL) as the presenting sponsor for the inaugural edition of the event.The IPTL is the ...

 Nov 28 2014 - Aljazeera to hold global hackathonThe Peninsula
(MENAFN - The Peninsula)   Aljazeera is organising its first hackathon where some of the most innovative minds in media and technology from around the globe will work together and collaborate on the ...

 Nov 28 2014 - GCC 'Summit key to boosting unity'The Peninsula
(MENAFN - The Peninsula)  H M King Hamad bin Isa Al Khalifa of Bahrain yesterday met GCC Secretary-General Dr Abdullatif bin Rashid Al Zayani, who is on a GCC tour.King Hamad stressed the importance ...

more...


 






Google

Click to Apply

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help