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Islamic lender wins licence for Saudi operation

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Points of Essence:

  • Kuwait Finance House is now expanding to Saudi Arabia. Currently, the Kuwait based Shariah financial institution has already set up operation bases in Bahrain, Malaysia and Singapore.
Kuwait Finance House has won a licence to operate in Saudi Arabia. (Getty Images - for illustrative purposes only)

RIYAL DEAL: Kuwait Finance House has won a licence to operate in Saudi Arabia. (Getty Images - for illustrative purposes only)

by:Inal Ersan

Islamic lender Kuwait Finance House said on Thursday its fully-owned Saudi unit has won an investment licence to operate in Saudi Arabia.

The 500 million Saudi riyal ($133.3 million) firm would be allowed underwrite, manage and offer consultancy services for securities in the Saudi market, the lender said in a statement. (Reuters)

Source: http://www.arabianbusiness.com

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Written by Suapi Shaffaii

November 6, 2008 at 4:24 pm

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