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
 Dec 1 2015 - Egypt- Banking sector rejects value-added tax, seeks CBE's assistanceDaily News Egypt
(MENAFN - Daily News Egypt) The banks operating in the local market rejected the Egyptian Tax Authority's (ETA) request to register them in the value-added tax (VAT) on Monday.The banks sought help ...

 Dec 1 2015 - Egypt- Cabinet to approve auto industry strategy within days: Industry ministerDaily News Egypt
(MENAFN - Daily News Egypt) Minister of Trade and Industry Tarek Qabil denied rumours that the cabinet rejected the automotive industry draft strategy presented by the ministry last month.He told ...

 Dec 1 2015 - Egypt- Customs tariffs significantly increase in car pricesDaily News Egypt
(MENAFN - Daily News Egypt) There is a major discrepancy between the value of car prices sold in the Egyptian market and their prices in their origin markets, Daily News Egypt (DNE) observed in its ...

 Dec 1 2015 - EGP 700m expected investment for building materials, electronic productsDaily News Egypt
(MENAFN - Daily News Egypt) China Homelife Egypt Exhibition will kick-off on Tuesday for the second time at the Egypt Expo and Convention Authority (EECA), organised by Arabs Xpress for exhibitions ...

 Dec 1 2015 - IFC obtains 20% stake in Sphinx GlassDaily News Egypt
(MENAFN - Daily News Egypt) The International Finance Corporation (IFC), part of the World Bank, has announced it is investing in a 20% stake in Egypt-based glass manufacturer Sphinx Glass. The ...

 Dec 1 2015 - Egypt's credit risk increased with ailing economy: Moody'sDaily News Egypt
(MENAFN - Daily News Egypt) Recent deterioration in Egypt's economic outlook has led to a sharp increase in the country's sovereign risk profile, international credit rating agency Moody's said in a ...

 Dec 1 2015 - Two Israelis found guilty over death of Palestinian teenDaily News Egypt
(MENAFN - Daily News Egypt) Two minors have been found guilty of the kidnapping and murder of Palestinian teen Mohammed Abu Khdeir. The third suspect has had his verdict delayed after a last minute ...

 Dec 1 2015 - Egypt offers to replace Turkish imports banned by RussiaDaily News Egypt
(MENAFN - Daily News Egypt) Cairo is seeking to supply Russian markets with goods previously supplied by Turkey but now banned by Moscow in the wake of rising tensions on Syria.In a statement on ...

 Dec 1 2015 - Egyptian expats start voting in parliamentary run-offsDaily News Egypt
(MENAFN - Daily News Egypt) Egyptian expatriates started to cast their votes on Monday in the run-offs for the second phase of the parliamentary elections.The run-offs are taking place on Monday and ...

 Dec 1 2015 - Egypt- Our position towards Jerusalem visit is the same: Coptic ChurchDaily News Egypt
(MENAFN - Daily News Egypt) The Coptic Church in Egypt said its stance regarding the visit to Jerusalem remains the same and will not change and there will not be a visit there without the support of ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

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


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


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