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Kuwait’s KFH repays $250 mln of murabaha deal early
The company paid an early instalment worth $250 million that was due next March.
December 8, 2010 2:09 by Reuters
Kuwait Finance House (KFH), the country’s biggest Islamic lender, said on Wednesday it made an early payment of $250 million that was due in March 2011.
worth $250 million that was due next March, as part of a murabaha financing deal with several international and regional banks worth $850 million,” KFH said in a statement.
The murabaha deal, secured in 2006, was aimed at financing the lender’s expansion plans and future projects, KFH said. It did not name the lenders.
In a murabaha, a financier such as a bank, buys a commodity and sells it to the customer at a higher price, complying with Islam’s ban on interest.
(Reporting by Eman Goma; Editing by Firouz Sedarat)