Kuwait Energy secures $50m Murabaha loan

Kuwait Energy Company, leading Middle East based major independent exploration and production company has announced that it has bagged a $50 million ( around Dh183.65 million) loan from the International Finance Corporation (IFC).

The sources informed that the company has secured this loan in order to speed up the development as well as exploration of its oil and gas assets in Egypt and Yemen.

The sources further informed that this is the first time that IFC is offering monetary resource to Kuwaiti company. The package includes a $35 million reserve based facility as well as a $15 million income participation facility. The financing from IFC will be carried out through murabaha transaction.

As per reports of media, Kuwait Energy has grown importantly in reach and asset allocation, quickly allowing it to gain the reputation of the fastest growing independent E&P company in the Middle East.

Source : Topnews.ae

Islamic finance poised for big leap in China

KUALA LUMPUR: China is the next big Islamic finance market, as demand grows for ethical funds, but Asia’s fastest growing economy must first sort out tax issues, a unit of British insurer Prudential said yesterday.

A large Muslim population and growing wealth provide a ready retail Islamic banking market in China, a senior executive of Prudential’s Kuala Lumpur-based fund management unit said.

The US$1 trillion Islamic finance industry is targeting rapidly growing Asian economies such as China and India and new markets like Kazakhstan and Sri Lanka to offset slowing growth in its traditional base of Gulf Arab states.