IslamicFinance.de

Kuwait Finance House has affirmed plans to purchase Bahrain’s Ahli United Bank. The merger can possibly become the Gulf’s sixth-biggest lender with $101 billion in assets. Reaching the value of about $101 billion, the acquisition will generate the largest Islamic banking entity in the world in terms of assets. Based on its past performance, the annual forecast profit of the merger is $1.5 billion. The shareholder equity of the new entity will be $10.5 billion. Besides Kuwait Finance House, Dubai Islamic Bank in the UAE has also received shareholders’ approval for purchasing Noor Bank via capital increase and share swap. The merger will potentially be valued at AED 275 billion.