Kuwaiti banks hit by profit bookings

05 October 2010

The KSE Market Index lost one point and closed at 6,946.1. Shares of Kuwait banks, which belong to the top performers in the GCC in 2010 (as yet), declined slightly Tuesday. Market bellwether National Bank of Kuwait (NBK) dipped 1.4% to close at KD1.400. Commercial Bank of Kuwait (CBK) plummeted 4.2% to end at KD0.910. Islamic bank Kuwait Finance House bucked the trend, gaining 1.69% at KD1.200. According to Funds@Work, Kuwait is the country with the highest number of Sharia board positions in the industry as some 250 mandates exist at financial institutions, funds and insurance firms providing Sharia finance while in KSA, surprisingly, this number adds up to around 150. There are currently 1,1141 Sharia board positions in 28 countries.

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