Kuwaiti firm to establish new bank in Iraq

Published February 15th, 2005 - 02:02 GMT
Al Bawaba
Al Bawaba

Aa’yan Leasing and Investments Company is going to establish a bank in Iraq
within the next few weeks, with a capital of 12 million Kuwaiti Dinars. According to the Kuwaiti newspaper, <i>Al-Qabas</i>, A’ayan will hold 35% of the bank's capital, while Iraqi strategic investors will hold 51%. Another investor will hold the remaining 14%. The bank will operate according the Islamic Sharia’a (Islamic Law), and will act as a general investments bank, which will serve Aa’yan and other Kuwaiti business in Iraq.

 

The bank will rely on Aa’yan experience in several areas; among them are leasing, estates administration, and logistic activities concerning transportation