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

Kuwaiti government sets up Islamic bank

A new Islamic bank in Kuwait is to be 76% owned by the country’s 1.1 million citizens.

The remaining 24% of Warba Bank will be owned by the state-run Kuwait Investment Authority, the country’s sovereign wealth fund.

The Kuwaiti government has given the bank a capital of 100 million dinars ($350 million), making the stake owned by the public worth $265 million, or $240 per citizen.

Warba Bank is the fourth Islamic bank in the oil-rich emirate.

Other Islamic banks in the country include Kuwait Finance House, one of the world’s largest Islamic banks, Boubyan Bank, and Kuwait International Bank.

Islamic banks comply with Sharia law, which prohibits the payment of interest fees in exchange for the lending of money.

Source : Financemarkets.co.uk