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
 Sep 28 2016 - Morocco- 10-Year-old Moroccan Boy Commits Suicide Over School SuppliesMorocco World News
(MENAFN - Morocco World News) The suicide of a ten year-old boy near the Moroccan city of Ifrane shakes social media in Morocco. A boy was found hanged using an electric wire in a small village in ...

 Sep 28 2016 - Shimon Peres, Nobel Prize Winner and Veteran of Israeli Politics, Dies at 93Morocco World News
(MENAFN - Morocco World News) Shimon Peres, the veteran Israeli statesman who shared a Nobel prize for his extensive efforts in negotiating a peace agreement with Palestine, has died on Tuesday. He ...

 Sep 28 2016 - Morocco- Police Officer's Generosity, Gives Grieving Black Man a New OutlookMorocco World News
(MENAFN - Morocco World News) Mark Ross got the call we never want to get. His 15-year-old sister was killed in a car accident. It was 3 A.M. He needed to travel from Indiana to Detroit to be with ...

 Sep 28 2016 - Egypt- Rights groups condemn treatment of detained 6 April Youth Movement coordinatorDaily News Egypt
(MENAFN - Daily News Egypt) The Egyptian Commission for Rights and Freedoms (ECRF) criticised the detention conditions of 6 April Youth Movement coordinator Amr Ali, who was imprisoned on charges of ...

 Sep 28 2016 - Kuwait- Maternity leave for pregnant womanArab Times
(MENAFN - Arab Times) I am working in a private clinic as a Staff Nurse. Regarding maternity leave our new supervisor says… only for the first pregnancy and delivery is the 68 days maternity leave ...

 Sep 28 2016 - Kuwait- Indemnity should be calculated by using the latest remunerationArab Times
(MENAFN - Arab Times) Can you please let me how to calculate my service indemnity. ■ Salary – KD 450. ■ Car allowance – KD75. ■ Petrol – they give me a card twice a month (KD 15 ...

 Sep 28 2016 - Kuwait- Friends matter, not interests - Stick to good in youArab Times
(MENAFN - Arab Times) Intisaar Al-Ma'touq LONG time ago, our grandfathers said, 'You are nothing if you have nothing.' Those were the good old days characterized by simplicity. At the time our ...

 Sep 28 2016 - UAE opens consulate in New York, strengthens ties with USKhaleej Times
(MENAFN - Khaleej Times) The United Arab Emirates opened the UAE Consulate in New York City and appointed Majid Al-Suwaidi as Consul General. The opening ceremony was officiated by Reem Al Hashimy, ...

 Sep 28 2016 - Sharjah FDI Forum set to explore ways to boost UAE-India tiesKhaleej Times
(MENAFN - Khaleej Times) The Sharjah Foreign Direct Investment Forum (Sharjah FDI Forum 2016), which takes place from September 28 to 29 at the Al Jawahar Reception and Convention Centre, will host ...

 Sep 28 2016 - UAE- MidEast Watch & Jewellery Show to open this weekKhaleej Times
(MENAFN - Khaleej Times) The Expo Centre Sharjah will host the 41st edition of the MidEast Watch & Jewellery Show from September 27 to October 1. This will be done with the support of the Sharjah ...

more...


 





Google

 
 

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