2001 News Story

New Saudi-Kuwaiti Islamic financial group

Two major Islamic investment groups in Saudi Arabia and Kuwait have struck a 300-million-dollar deal to create one of the world's largest Islamic financial powerhouses. The partners are Saudi Arabia's Dallah Al-Baraka Group as the major shareholder, and The International Investor in Kuwait. The former brings to the deal its Islamic commercial and retail banking network to join with the latter's investment banking expertise. The new entity is poised to become the world's largest Islamic financial services group in terms of geographical coverage, meeting client requirements across eleven markets, and the first to offer a full range of investment, commercial, and retail banking services to clients across the Middle East and Africa. The Kuwaiti company expressed its intention to create capital through a new issue of shares, using the proceeds to conclude the deal.