Kuwait Finance House to take three years to fully convert AUB to become Islamic bank
Kuwait Finance House will take up to three years to convert Ahli United Bank to become fully Shariah-compliant, Group CEO Mazin Saad Al-Nahedh told reporters on Monday (Jan 20).
KFH shareholders on Monday approved the acquisition of Bahrain’s Ahli United Bank (AUB). The acquisition is now subject to the approval of AUB’s extraordinary general assembly on the full acquisition of its shares based on the determined swap ratio of 2.325581 of AUB shares for 1 KFH share.
KFH will convert all of AUB’s conventional assets to become Islamic following the clearance of all approvals.
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