Kuwait Finance House sets up aviation investment fund
The Kuwait Finance House (KFH) plans to establish an investment fund that will supply financing for Kuwaiti aircraft purchases. KFH will have a $50 million stake in the fund’s $200 million capital, reported the official KUNA news agency. A leading American aviation firm will hold a five million dollar stake in the fund, with remaining shares left available for purchase.
KFH expects leasing applications to come in the form of long-term loans. The institution purchased four Airbus aircrafts at a cost of $200 million in 2001. KFH assign the responsibility for leasing the aircraft to its 80 percent-owned subsidiary, the Aviation Leasing and Finance Company (Alafco).
KFH is an Islamic financial institution that aims at applying Islamic principles in its transactions both locally and internationally. Founded in 1977, KFH offers banking, investment, trade finance, commercial and real estate financing services. — (menareport.com)
© 2002 Mena Report (www.menareport.com)