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KUWAIT AND SAUDI GROUPS CREATE NEW ISLAMIC FINANCIAL POWERHOUSE
 KUWAIT CITY 10th Jun 2001

   TWO MAJOR ISLAMIC INVESTMENT GROUPS IN KUWAIT AND SAUDI ARABIA HAVE STRUCK A 300-PLUS MILLION-DOLLAR DEAL TO CREATE ONE OF THE WORLD'S LARGEST ISLAMIC FINANCIAL POWERHOUSES IN THE REGION THE FOUNDING PARTNERS SAID SUNDAY.

THE INTERNATIONAL INVESTOR (TII) IN KUWAIT AND SAUDI ARABIA'S DALLAH ALBARAKA GROUP (DBG) SAID IN A FAXED STATEMENT THAT 'THEY HAD REACHED A MEMORANDUM OF UNDERSTANDING TO COMBINE DBG'S ASSETS IN A NUMBER OF BANKING SUBSIDIES WITH TII.'

DBG BROUGHT TO THE DEAL ITS ISLAMIC COMMERCIAL AND RETAIL BANKING NETWORK TO JOIN WITH TII'S INVESTMENT BANKING EXPERTISE SAID THE JOINT STATEMENT.

THE NEW ENTITY IS POISED TO BECOME THE WORLD'S LARGEST ISLAMIC FINANCIAL SERVICES GROUP IN TERMS OF GEOGRAPHICAL COVERAGE, MEETING CLIENT REQUIREMENTS ACROSS ELEVEN MARKETS,' SAID THE STATEMENT.

'THE DEAL WILL CREATE THE FIRST ISLAMIC FINANCIAL SERVICES GROUP TO OFFER A FULL RANGE OF INVESTMENT, COMMERCIAL, AND RETAIL BANKING SERVICES TO CLIENTS ACROSS THE MIDDLE EAST AND AFRICA' IT CONTINUED.

TII SAID THAT IT INTENTS TO CREATE ITS CAPITAL THROUGH A NEW SHARE ISSUE -- AND WILL USE THE PROCEEDS TO CONCLUDE THE DEAL WITH DBG BECOMING A MAJOR SHAREHOLDER IN THE NEW ENTITY.

'THE NEW FINANCIAL SERVICES GROUP WILL LEAD THE WAY IN DRIVING THE GROWTH OF THE GLOBAL ISLAMIC FINANCIAL MARKET,' SAID TII'S CHAIRMAN ADNAN AL-BAHAR.

Source: SPA

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