Kuwait Finance House says signed deal to restructure $180m in debt owed to GIH
Kuwait Finance House,
the country's biggest Islamic lender, said on Sunday it signed a deal with Gulf
Investment House to restructure the KD49.5m ($180m) it owes in debts.
"includes converting the current debts from short term to medium term for
a period of five years... The agreement was signed in collaboration with
Boubyan Bank and Burgan Bank ," KFH said in a statement.
KFH, which owns a 30
percent stake in GIH, said it "is confident GIH will be able to continue
to operate in line with its vision over the upcoming period as a result of the
The agreement comes
under the financial stability law, it added.
Problems at Kuwaiti
investment firms, led the government of the world's fourth-largest oil exporter
to approve a "Financial Stability Law" rescue package worth $5.2bn in