KUWAIT, Sept 24 (KUNA) —
Islamic investment companies have surpassed conventional institutions, with 48 Sharia-compliant investment companies up to the end of July compared to 45 conventional ones.
According to a KUNA analysis of statistics published by the Central Bank of Kuwait, however, the volume of assets managed by Islamic companies still remained less than that run by conventional companies.
Total assets held by conventional companies came to KD 10.6 billion at the end of July compared to KD 7.9 billion held by Islamic ones.
Nevertheless, there is a noticeable growth in assets of Islamic investment companies since January by 18.7 percent compared to the 14 percent growth rate registered by conventional companies during the same period.
As for assets of conventional companies, they were divided into credit facilities to residents at KD one billion, domestic investments at KD 3.1 billion, as well as KD 145 million in non-financial investments. Foreign assets came to KD 4.6 billion, cash at KD 8.7 million, and other assets came to KD 1.2 billion.
Assets of Sharia-compliant investment companies came to a total of KD 7.9 billion of which financial investment accounted for KD 2.8 billion, foreign assets at KD 1.9 billion, as well as client financing operations at KD 947 million.
continue at http://www.zawya.com/story.cfm/sidKUN0024080924095950
