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KUWAIT: The Ministry of Commerce and Industry and the Fatwa and Legislation Department are presently discussing means to establish the Warba Islamic Bank, which was suggested by the Cabinet as a substitute to the Jaber Islamic Bank, with a budget of KD 100 million.
Officials explained that 24 percent of the bank's capital would invested by the Kuwait Investment Authority while the remaining 76 percent will be distributed as grants to citizens, as soon as the matter was published in the official gazette, reported Al-Watan. Notably, a similar project had been suggested and the prospective bank was named after the late Amir, Sheikh Jaber Al-Ahmed Al-Sabah.
Subsequently its name was changed to Dasman Bank and finally to Warba, it will be the the fourth Islamic bank in Kuwait.
Source: Kuwait Times 2009
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