ARAB TIMES: KUWAIT, (KUNA): Islamic investment companies have surpassed conventional institutions, with 48 Sharia-compliant investment companies up to the end of July compared to 45 conventional ones. According to a KUNA analysis of statistics published by the Central Bank of Kuwait, however, the volume of assets managed by Islamic companies still remained less than that run by conventional companies. Total assets held by conventional companies came to KD 10.6 billion at the end of July compared to KD 7.9 billion held by Islamic ones. Nevertheless, there is a noticeable growth in assets of Islamic investment companies since January by 18.7 percent compared to the 14 percent growth rate registered by conventional companies during the same period.
As for assets of conventional companies, they were divided into credit facilities to residents at KD one billion, domestic investments at KD 3.1 billion, as well as KD 145 million in non-financial investments. Foreign assets came to KD 4.6 billion, cash at KD 8.7 million, and other assets came to KD 1.2 billion. Assets of Sharia-compliant investment companies came to a total of KD 7.9 billion of which financial investment accounted for KD 2.8 billion, foreign assets at KD 1.9 billion, as well as client financing operations at KD 947 million.
Meanwhile, the Chairman of Al-Madina Real Estate Development Company — a subsidiary of Al-Madina for Finance and Investment Company — announced that the company is proceeding with the implementation of its marketing strategy, which relies on real estate investment in the domestic market by seeking to seize promising investment opportunities, where the company acquired three residential towers in Abu Dhabi, in the UAE, and will be marketed in an exhibition. In another development, Global Investment House has signed a syndication of a $410 million three-year term loan backing its acquisition of a 20% stake in National Bank of Umm Quwain (NBQ). The loan was launched via arranging banks BNP Paribas and WestLB. Global Investment House will contribute with a 25% stake of the capital increase which will reach $650 million. [Source: ARAB TIMES] | September 24, 2008
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