(MENAFN - Arab Times) Murabaha Company inked a deal with Saudi-Kuwaiti Finance House (KFH-Saudi) to serve as its financial advisor, in order to plan and take steps towards the company's goal to offer 30% of its shares for public offering. Such a step underlines the bank's status as a financial consultant for major high profile companies. Murabaha's Vice Chairman Adel Al-Saleb stated after inking the deal, that choosing KFH-Saudi to be the company's financial advisor, was based on several technical and professional criteria, since the bank has high caliber professionals in the field of banking investment services, and public offerings.
Meanwhile, KFH-Saudi CEO Tarek Al-Rekheimi said that Murabaha Company selected the bank to be its financial advisor, which cements the bank's status in offering investment and financial services, in addition to the trust in the Saudi market. He added that the bank will, according to this agreement, offer all financial consultations regarding the evaluation of the company, and the preparation of all documents, as per regulations. He went on to say that the bank works with several Saudi corporations to enlist them in the Saudi market during the coming period. He stressed that the increase in number of companies expected o be offered during the coming period, will play a significant role in reinforcing the Saudi bourse, not to mention opening commercial and financial channels for those companies, in order to diversify forms of financing
It is worth noting that Murabaha Company is one of the high profile companies working in the financing and installments field, where it offers numerous Islamic financial solutions and products, such as Murabaha, Tawarroq, and Ijarah. The company became a closed shareholding company in 2009 with a capital of SR 10 million. In 2012, the company increased its capital to SR 200 million, and now has many branches in Saudi's main cities.
KFH-Saudi is a closed Saudi shareholding company with a fully-paid capital of SR 500, and is owned by Kuwait Finance House (KFH). KFH-Group is considered to be one of the biggest Islamic banks worldwide with assets exceeding 55 billion, and has accumulative experience in structuring and the issuance of Sukuk, in addition to other Islamic financial products, project funding, consolidated Islamic funding, and private investments. KFH has banks in Kuwait, Turkey, Malaysia, Bahrain, Jordan, and Germany, not to mention KFH Real Estate Company in Saudi Arabia with a capital of SR 2.5 billion