Kuwait’s KFH liquidates Turkey real estate fund

Kuwait Finance House (KFH), the country's biggest Islamic lender, reported a net profit of $10m following the liquidation of a real estate fund targeting the Turkish market.

KFH said in a statement on Saturday that the liquidation process had realised a return on investment of 14 percent, or $10m. The size of the fund, which was established in 2004, was not disclosed.

Talal Al-Nussuf, director of KFH’s Financial Services Department, confirmed the lender is mulling new funds targeting Turkey’s infrastructure projects, real estate, power and automobile developmental projects as well as some insurance fields.

In October, KFH posted a 46-percent decline in third-quarter net profits. Net income in the three months to September 30 fell to KD34.3m ($120.1m), compared with KD63.23m in the same period a year ago.