IslamicFinance.de

The chief executive of Kuwait's The Securities House, Ayman Boodai, said he was stepping down from his position at the sharia-compliant investment firm and would be replaced by Fahed Boodai, the current chairman of U.K.-based Islamic lender Gatehouse Bank. Legal steps to allow the change have begun, with a new board of directors needed to be elected before a new chief executive can be nominated. The Securities House is one of two big shareholders in Gatehouse Bank, with the other being Kuwait Investment Authority, the country's sovereign wealth fund. Separately, Ayman Boodai said Gatehouse Bank plans to open a number of branches or representative offices in Gulf countries without offering details.

Bank of London and the Middle East plc whose main shareholders are Boubyan Bank, National Bank of Kuwait, the Securities House and the Public Institution for Social Security, announced today the launch of its Premier Deposit Account (PDA) in Pound Sterling, US Dollars and Euro for Kuwait investors.
BLME's PDA offers investors competitive returns on their deposit with BLME when compared with other UK Financial Institutions' deposit products.