Kuwait’s leading Islamic bank, the Kuwait Finance House, said Wednesday it posted 70.8 million dinars (around $248 million) in net profit in the first half of 2010.
Chairman and Managing Director Bader Al-Mukhaizeem said the bank’s assets currently totalled around $42 billion and shareholders equity increased 4 percent year on year to stand at $4. 354 billion. He said financing from the oil-rich emirate’s largest lender reached $1.575 billion during the first half of this year. The Kuwaiti government’s efforts to hike public expending and nourish the development of the private sector helped the Sharia- abiding (Islamic law) bank’s performance, Al-Mukhaizeem elaborated.
The Kuwait Finance House is one of the oldest Islamic banks in the world. Islamic banking operates under the rules of Sharia, which prohibits the payment of interests for lending money, as well as investing in businesses that stray away from its principles. ($1 = 0.29 Kuwait dinar)