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Mon 1 Jul 2013 02:00 PM

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Kuwait's KFH says $296m debt case settled

Islamic lender Kuwait Finance House says customer debt issue has been resolved

Kuwait's KFH says $296m debt case settled

Kuwait Finance House, the Gulf Arab state's largest Islamic lender, said on Monday that a customer had settled $296.6m of debt owed to the bank and that the impact of the receipt would be reflected in its second-quarter results.

The customer had owed KD32.6m ($114.3m) to KFH and KD51m to subsidiaries, the bank said in a statement to the stock exchange.

It did not give any details about the debtor, or say whether the customer was a corporate entity or an individual. KFH is expected to release second-quarter earnings in August.

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