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Kuwait approves new $349 million Islamic bank

Kuwait is planning to set up a…

September 15, 2009 2:53 by

Kuwait is planning to set up a new Islamic bank with a capital of KD100 million ($349 million), reports Reuters, quoting state news agency Kuna. The new lender, called Warba Bank, will be 24 percent owned by the Kuwait Investment Authority, while the rest will be held by the public, the Kuwaiti minister of cabinet affairs, Rodhan Al-Rodhan told Kuna.

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