Shareholders give nod to turn CBK in Islamic lender

April 5, 2014 11:07 am

Commercial Bank of Kuwait has said a majority of shareholders had approved a plan to convert the bank into a full-fledged Islamic lender, Reuters has reported. Chairman of the country’s fifth-largest lender by assets, Ali Mousa Al Mousa said that 85% of shareholders had approved the move, adding that the measure would still require further approvals. The bank also said it had received approval to raise KD120m ($426m) through the sale of subordinated bonds to help in its expansion plans, added Al Mousa.