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Kuwait, 28 October 2008 - Liquidity Management House, a wholly-owned subsidiary of Kuwait Finance House KSC (KFH), has successfully closed a US$155 million (RM556.84 million) syndicated secured Master Murabahah Facility for Commercial Real Estate Company (Al Tijaria). Al Tijaria is a listed Kuwaiti Shareholding Company (KSC) engaged in the development of properties in Kuwait and other Gulf Cooperation Council (GCC) countries. The Murabahah deal was oversubscribed by 50% over the original sum offered. Six global and regional banks participated in the deal and its success reflects the trust that the banks and corporations have in the Kuwaiti economy and the decisions taken by the government. The facility will be utilised for general corporate purposes as well as funding of several prestigious ongoing property projects which Al Tijaria is engaged in.
Mr Mohammed Sulaiman Al-Omar, Group General Manager and Group Chief Executive Officer of KFH, said that the success of the deal reflects the trust that global and regional banks and corporations have in the Kuwaiti economy and the decisions taken by the government. He also stressed that the strength of the Kuwaiti economy and its ability to absorb any consequence of the current financial crisis faced globally have been a result of the positive financial performance of corporations and national institutions, supported by the decisions and the course of actions taken by the government, the Kuwait Central Bank and public authorities. He added that KFH is benefitting from a strong financial cover and the trust of its clients, which allows it to easily meet all their needs.
Mr. Al-Omar also said that the success of amassing the funds amidst the present financial crisis is testament of KFH's stability and influence, both locally and globally, in addition to the strength of the Kuwaiti economy. The government supports and appreciates the role played by the private sector, which continues its activities in supporting the economy.
Moreover, Mr. Al-Omar announced that growth, development, and the innovation of financial and investment tools will always be one of KFH's strategies. This allows KFH to enrich the local market, through the operations of KFH in Malaysia, Singapore, Australia, Bahrain, Turkey and Jordan, which has led to the strong economic ties between these countries, Kuwait and the GCC bloc.
KFH has established Liquidity Management House at the beginning of this year to boost the financial opportunities for national corporations, by providing liquidity, whether through Murabahah or Sukuk. This will eventually lead to the opening of a secondary market for Sukuk exchange.
Al-Omar said that the demand for Islamic products and services is expected to increase, which Islamic banks can look forward to.
Mr Mohammed Sulaiman Al-Omar, Group General Manager and Group Chief Executive Officer of KFH, said that the success of the deal reflects the trust that global and regional banks and corporations have in the Kuwaiti economy and the decisions taken by the government. He also stressed that the strength of the Kuwaiti economy and its ability to absorb any consequence of the current financial crisis faced globally have been a result of the positive financial performance of corporations and national institutions, supported by the decisions and the course of actions taken by the government, the Kuwait Central Bank and public authorities. He added that KFH is benefitting from a strong financial cover and the trust of its clients, which allows it to easily meet all their needs.
Mr. Al-Omar also said that the success of amassing the funds amidst the present financial crisis is testament of KFH's stability and influence, both locally and globally, in addition to the strength of the Kuwaiti economy. The government supports and appreciates the role played by the private sector, which continues its activities in supporting the economy.
Moreover, Mr. Al-Omar announced that growth, development, and the innovation of financial and investment tools will always be one of KFH's strategies. This allows KFH to enrich the local market, through the operations of KFH in Malaysia, Singapore, Australia, Bahrain, Turkey and Jordan, which has led to the strong economic ties between these countries, Kuwait and the GCC bloc.
KFH has established Liquidity Management House at the beginning of this year to boost the financial opportunities for national corporations, by providing liquidity, whether through Murabahah or Sukuk. This will eventually lead to the opening of a secondary market for Sukuk exchange.
Al-Omar said that the demand for Islamic products and services is expected to increase, which Islamic banks can look forward to.
