A group of Islamic investment firms in Kuwait on Wednesday established the first insurance company to operate in line with Islamic sharia law, the founders said.
The First Cooperative Insurance Co. has a capital of 10 million dinars ($32.5 million). Kuwait Finance House (KFH), the only Islamic bank in the emirate, has a 27.5 percent stake in the new firm.
Other partners include the International Investor and Murabaha International, with a 20 percent share each, International Investment Group with 12.5 percent and four other companies with five percent each.
Ibrahim al-Shami was elected chairman of the company, whose operations will be based on a cooperative system. — (AFP)
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