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Sun 12 Dec 2010 12:14 PM

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Kuwait’s KFH liquidates Turkey real estate fund

Kuwait’s biggest Islamic lender reports return of 14 percent, or $10m, on investment

Kuwait’s KFH liquidates Turkey real estate fund
PROFIT RISES: KFH reported a net profit of $10m following the liquidation of the fund. (ITP Images)

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.

 

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