Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

CBK plans to convert to full-fledged Islamic bank  Join our daily free Newsletter

MENAFN - Arab Times - 15/04/2014
No. of Ratings : 0
Add to Mixx!


(MENAFN - Arab Times) Kuwait city april 3 (agencies): 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 shareholder' 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
 Mar 24 2017 - Cheap Tortuga Music Festival Tickets at CapitalCityTickets.com with Promo CodeMENAFN Press
(MENAFN Editorial) CapitalCityTickets.com carries a vast selection of Tortuga Music Festival concert tickets at affordable prices. The Tortuga Music Festival will take place at Fort Lauderdale Beach ...

 Mar 24 2017 - Reputable Registered Nurse and Graduate of Grand Canyon University, Nisha Pullat, RN, BSN, will be Exhibited in the Worldwide Leaders in Healthcare | #PRNCMENAFN Press
(MENAFN Editorial) The International Nurses Association is pleased to welcome Nisha Pullat, RN, BSN, to their prestigious organization with her upcoming publication in the Worldwide Leaders in ...

 Mar 24 2017 - Falconcity of Wonders to connect Chinese with top Dubai projects as Platinum Sponsor of Dubai Property Show ChinaMENAFN Press
(MENAFN Editorial) UAE, March 22, 2017 Falconcity of Wonders LLC, the developer of Falconcity of Wonders (FCW), the multipurpose megaproject currently being built in Dubai, has confirmed its ...

 Mar 24 2017 - An Industry First: Teradata Debuts Open Source Kylo to Quickly Build, Manage Data PipelinesMENAFN Press
(MENAFN Editorial) Dubai, UAE March 22, 2017 Teradata (NYSE: TDC), a leading analytics solutions company, announced a new and important contribution to the open source community that will deliver ...

 Mar 24 2017 - Department of Economic Development Ajman launches new event aimed at raising awareness on promoting a secure consumption cultureMENAFN Press
(MENAFN Editorial) UAE, March 22, 2017- The Commercial Control and Consumer Protection Department of the Department of Economic Development - Ajman (DED-Ajman) will launch tomorrow (March 23, ...

 Mar 24 2017 - ManageEngine to Advance Business-IT Alignment with Help from ZohoMENAFN Press
(MENAFN Editorial) ManageEngine, the real-time IT management company, today announced its strategy for advancing the state of IT management and aligning IT with business objectives. Parent ...

 Mar 24 2017 - Cardiovascular disease may be one of the main causes of death in type 2 diabetesMENAFN Press
(MENAFN Editorial) By: Dr. Arif Abulla Abdulrahim Al Nooryani - CEO of Al Qassimi Hospital Sharjah | Head of Cardiac Cath Lab at Al Qassimi Hospital Sharjah UAE United Arab Emirates 23st ...

 Mar 24 2017 - Drake and Scull signs-off the sale deal of its ownership share in the ONE PALM development in DubaiMENAFN Press
(MENAFN Editorial) UAE, March 23, 2017 Drake & Scull International PJSC ('DSI or the 'Company), a regional engineering and services leader, signed today the sale deal of its ownership share in ...

 Mar 24 2017 - Philips expands presence across the regionMENAFN Press
(MENAFN Editorial) United Arab Emirates Royal Philips (NYSE: PHG, AEX: PHIA) announced today that is has expanded its footprint across the region following the inauguration of its new scientific ...

 Mar 24 2017 - Supreme Legislation Committee to promote more creative ideas in newly-launched Happiness Cup' contestMENAFN Press
(MENAFN Editorial) UAE, March 23, 2017- As part of the celebration of the International Day of Happiness, and in line with the efforts to achieve its goals and objectives to provide a happy work ...

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

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