Kuwait Finance House Sells 18.18 Percent Stake in Sharjah Islamic Bank

Kuwait city: Kuwait Finance House (KFH), also known as Baitak, has announced the sale of its entire 18.18 percent stake in the United Arab Emirates' Sharjah Islamic Bank. The transaction involves 588,304,755 shares, marking a significant divestment by the Kuwaiti financial institution. According to Kuwait News Agency, the sale is anticipated to impact KFH Group's financial statements in the fourth quarter of 2024. However, the bank disclosed on Boursa Kuwait's website that the effect on the Group's income statement is expected to be immaterial. Baitak, established in 1977 and listed on Boursa Kuwait since 1984, has an authorized capital of KD 1.7 billion, approximately USD 5.18 billion.