IslamicFinance.de

Al Baraka Islamic Bank-Bahrain is interested in purchasing Islamic bonds expected to be issued by the Kuwaiti government before the end of the year, CEO Mohamed Isa Al Mutaweh said. Kuwait's finance ministry said in September that it intends to issue bonds and sukuk before the end of 2015 to finance its public deficit, which is estimated to reach KWD 8 billion (USD 26.3 billion). The CEO said the bank, owned by Al Baraka Group, hopes to achieve growth in assets in line with the expected growth of the global Islamic banking at an annual average of 15-20%. Real estate financing accounts for around 40% of Al Baraka Islamic's portfolio in Bahrain and Al Mutaweh said the housing sector was expected to see strong activity due to rising demand.