BANKING - Boubyan Bank to up stake in Muamalat Indonesia

Boubyan Bank has been recently excluded by the Central Bank of Kuwait (CBK) from the instructions regulating investments of Sharia-compliant lenders to lift its shareholding in Bank Muamalat Indonesia to almost 25%, Al-Rai newspaper learnt from first-hand sources. 

The KSE-listed lender had earlier applied to CBK to raise its equity in Muamalat. It was among the shareholders owning approx. 30% of the Indonesian bank that did not subscribe to its latest capital top-up.

The Indonesian lender’s major shareholders are Islamic Development Bank (around 40%) and Saudi-based Sedco Group (nearly 25%).
Source : http://www.mubasher.info/portal/KSE/getDetailsStory.html?storyId=1820170&goToHomePageParam=true&siteLanguage=en - Dec 27, 2010