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Banking

The issuance is part of a Sukuk programme at a maximum value of $2 billion
27 May 03:56 PM Warba Bank receives regulatory approval for KWD 150m Sukuk
Mubasher: Warba Bank has received approval from the Central Bank of Kuwait and the Capital Markets Authority (CMA) for the second issuance of Sukuk at a value not exceeding KWD 150 million. The issuance is part of a Sukuk programme at a maximum …
The lender’s LTFC IDR has been affirmed at 'B+'
27 May 01:49 PM Fitch revises Burgan Bank Turkey's outlook to negative
Mubasher: Fitch Ratings has revised the outlook on the long-term foreign-currency issuer default ratings (LTFC IDRs) of nine Turkish foreign-owned banks, including Burgan Bank Turkey, to negative from stable. The lender’s LTFC IDR has been …
Saudi Aramco is currently the most profitable company worldwide
26 May 11:02 AM World's top 2,000 list includes 40 Arab companies; Aramco ranked 5th
By: Amal A. Wahaab Mubasher: This year's Forbes Global 2000 list saw the inclusion of 40 companies from the Arab world in the magazine's ranking of the world's top 2,000 companies, based on assets, profits, revenues, and market value.  Oil giant …
ABK's capital adequacy ratio (CAR) stood at 18.6% in 2019
21 May 12:48 PM Moody’s affirms ABK long-term credit rating
Mubasher: Moody’s Investors Service has affirmed the long-term deposits rating of Ahli Bank of Kuwait (ABK) at ‘A2’, with a ‘Stable’ outlook. The ‘baa3’ standalone Baseline Credit Assessment (BCA) reflects the lender’s strong capitalisation, …
David Parker - co-chief Investment officer for the Financial Services sector at EDB
21 May 11:39 AM GCC sees growing trend for fintech platforms amid COVID-19 crisis
Mubasher: The GCC region is set for a big leap in the use of financial technology applications amid the coronavirus (COVID-19) outbreak with the Middle East and Africa (MEA) region witnessing a 70% growth in the use of contactless payments, …
The treasury stocks amount to nearly 68.6 million shares
20 May 10:45 AM Kuwait C. bank rejects CBK’s request to distribute treasury stocks
Mubasher: The Central Bank of Kuwait (CBK) has rejected the request of the Commercial Bank of Kuwait (CBK) regarding the distribution of treasury stocks to shareholders. The commercial bank had sought the central bank's consent upon shareholders’ …
The lender’s net operating profit amounted to EGP 316 million
19 May 11:11 AM ABK Egypt's profit grows 22% in Q1-20
Cairo – Mubasher: Al Ahli Bank of Kuwait - Egypt (ABK-Egypt) reported a 22% year-on-year (YoY) growth in its net profits to EGP 140 million during the first quarter of 2020. The lender’s net operating profit amounted to EGP 316 million in the …
The sale transaction is valued at KWD 1.1 million
18 May 02:32 PM Gulf Bank sells stake in KFIC
Mubasher: Boursa Kuwait on Monday announced that Gulf Bank has sold its 22.05 million-share stake in Kuwait Finance and Investment’s (KFIC) capital to Abdullah Al Hamad Al Saqr and Brothers Co. The sale process was carried out via an agreed …
NBK will disclose any material developments in due course
17 May 01:26 PM NBK denies legal action against sale of NBK Egypt
Mubasher: The National Bank of Kuwait (NBK) has denied media reports and rumours circulating on social media platforms that a lawyer has filed a lawsuit in the Egyptian State Council requesting to rescind the sale transaction of the National Bank …
The bank’s long-term deposits were affirmed at ‘Baa2’
17 May 12:36 PM Warba Bank's outlook changed to 'Stable' from 'Positive' - Moody's
Mubasher: Moody's Investors Service has affirmed Warba Bank’s Baseline Credit Assessment (BCA) and the adjusted BCA at ‘ba3’, and changed the outlook to ‘Stable’ from ‘Positive’. The bank’s long-term and short-term deposits were affirmed at ‘Baa2’ …
The loan will be due after 60 months from the contract date
17 May 11:48 AM Metal and Recycling approves KWD 10m loan from Agility Investment
Mubasher: The board of Metal and Recycling Company has submitted its recommendation to the annual general meeting (AGM) for the approval of a credit facility agreement with Agility International Investment, a fully-owned subsidiary of Agility …
The bank's Baseline Credit Assessment was affirmed at ‘ba1’
17 May 10:51 AM Moody's changes Kuwait's Gulf Bank outlook to ‘Stable’
Mubasher: Moody's Investors Service has affirmed Gulf Bank's long-term deposits at ‘A3’ and the short-term deposits at ‘P-2’. The rating agency has also changed the bank's outlook to ‘Stable’ from ‘Positive’, according to a bourse statement on …
Al Kout's profits fell by 23.9% annually in 2019
14 May 11:17 AM Al Kout signs KWD 10m credit facility deal with local bank
Mubasher: Al Kout Industrial Projects has signed a credit facility agreement with Boubyan Bank at a total value of KWD 10 million to finance the company’s activities. The transaction has a positive impact that will reflect on the company's …
Phoenix Commodities Pvt was recently placed in liquidation
11 May 10:58 AM CBI denies financial exposure to Phoenix Commodities
Abu Dhabi – Mubasher: Commercial Bank International (CBI) has negated any financial exposure to Phoenix Commodities Pvt or its related parties, according to the bank's disclosure to the Abu Dhabi Securities Exchange (ADX) on Monday. Founded 20 …
The current account surplus soared by 11.9% in 2019
11 May 09:41 AM Kuwait’s balance of payments records KWD 821m surplus
Mubasher: Preliminary data of Kuwait's Balance of Payments (BoP) for fiscal year (FY) 2019 showed a surplus of KWD 821.2 million ($2.7 billion), compared with KWD 1.1 billion ($3.6 billion) in 2018. The current account surplus soared by 11.9% last …
Banks will continue serving customers through digital platforms
10 May 10:15 AM Kuwait to shut down banks on Monday
Mubasher: Kuwait Banking Association (KBA) announced the closure of all banks effective Monday, 11 May, through to 30 May in line with the directives of the Central Bank of Kuwait (CBK) and the government’s decision to impose a full curfew …
The CBK’s decision is in line with KFH’s board directives
7 May 10:53 AM Kuwait C. bank asks KFH to reassess AUB’s acquisition
Mubasher: Kuwait Finance House (KFH) has received a letter from the Central Bank of Kuwait (CBK) on Tuesday, 5 May, requesting KFH to conduct a comprehensive reassessment of its acquisition of Bahrain’s Ahli United Bank (AUB). The reassessment …
The bonds have a three-month maturity period
5 May 11:44 AM Kuwait’s C. bank issues KWD 240m bonds; oversubscribed 11.36 times
Mubasher: The Central Bank of Kuwait (CBK) on Tuesday issued KWD 240 million worth of bonds and related tawarruq, with a 1.25% return rate. The issue was oversubscribed by 11.36 times with a total demand value of KWD 2.73 billion, according to …
The termination is effective as of Monday 4 May
4 May 02:13 PM KFH terminates CEO contract
Mubasher: Kuwait Finance House (KFH) has rescinded the contract of the bank’s CEO Mazin Saad Al Nahedh effective Monday, 4 May, without a notice period. The board assigned Ahmad Saud Al Kharji to assume the duties and responsibilities of the CEO …
The bonds have a three-month maturity period
4 May 01:42 PM Kuwait’s C. bank offers KWD 240m bonds
Mubasher: The Central Bank of Kuwait (CBK) has offered bonds and related tawarruq at a total value of KWD 240 million, with a 1.25% rate of return. The offering carries a maturity period of three months, according to official data by the CBK on …
The rating of the lender’s long-term deposits was maintained at “A3”
30 April 10:19 AM Moody’s maintains CBK’s credit ratings; outlook stable
Mubasher: Moody’s Investors Service has maintained all credit ratings of the Commercial Bank of Kuwait (CBK), with a ‘Stable’ outlook. The rating agency maintained the ratings of the lender’s long-term and short-term deposits at “A3” and “P-2”, …
The issuance has a three-month maturity
27 April 01:46 PM Kuwait’s C. bank offers KWD 200m bonds
Mubasher: The Central Bank of Kuwait (CBK) on Monday offered bonds and related tawarruq at a total value of KWD 200 million, with a 1.250% return rate. The bonds have a three-month maturity period, according to official data by the CBK.  Bonds and …
The USD rose to EGP 15.69 for buying at CBE
26 April 02:43 PM USD stabilises against EGP at local banks on Sunday
Cairo – Mubasher: The Egyptian pound exchange rate has stabilised against the US dollar during mid-trades on Sunday at local banks. The USD remained unchanged at EGP 15.68 for buying and EGP 15.78 for selling at the National Bank of Egypt (NBE) …
The Sukuk is valued at $200 million
23 April 02:16 PM AUB Kuwait to pay $5.5m dividends to Ahli United Sukuk
Mubasher: Ahli United Bank – Kuwait (AUB Kuwait) will distribute the seventh periodic dividends worth $5.50 million to the permanent Sukuk shareholders of the Ahli United Sukuk Limited Company.  The total value of the Sukuk is $200 million, with a …
Kuwait saw a 1.22% MoM increase in the foreign reserve in February
21 April 03:32 PM Kuwait sees 9% higher foreign reserve in February
Mubasher: The total value of Kuwait's foreign reserves rose by 8.57% year-on-year (YoY) to KWD 12.42 billion ($39.96 billion) in February 2020, according to the monthly statistics by the Central Bank of Kuwait (CBK). In February 2019, the foreign …