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Kuwait bank to become Islamic bank

Commercial Bank of Kuwait said a majority of shareholders had approved a plan to convert the bank into a full-fledged Islamic lender. The bank’s chairman Ali Mousa Al Mousa was quoted as saying 85% of shareholders had approved the move, adding that the measure would still require further approvals. However, he said the decision does not take immediate effect as it is just a first step in a legal process involving several studies and approvals. The bank’s assets rose 7.1% last year, reaching 3.9 billion dinars for the 2013 financial year.

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