KUWAIT: The entire 18.18% stake in Sharjah Islamic Bank held by Kuwait Finance House (KFH) is being sold via an off-market transaction valued at AED1.29 billion (US$352.33 million) to its UAE origins – the Endowment of Sheikh Sultan bin Mohammed bin Saqer Al Qasimi, the Sharjah Social Security Fund and Sharjah Islamic Bank. The UAE bank was established by Emiri decree by Dr Sheikh Sultan Bin Mohamed Al Qassimi in 1975 and transitioned from commercial to Islamic banking in 2002. The sale follows KFH’s merger with Ahli United Bank-Kuwait, following its US$11.6 billion cross-border acquisition of Ahli United Bank-Bahrain in 2022. Earlier, KFH also announced its exit from Malaysia to focus on the GCC region.
Restricted Access
Login to continue reading (existing subscriber)
Subscribe NOW and get:
- Gain unlimited access through all key operating platforms
- Full access to all listed Islamic funds & fund profiles
- Unlimited access to all Islamic fund managers
- Access to all exclusive articles, reports, podcasts & videos
- Complimentary access to all IFN Investor Forums
