Reference to Article No. (4-4-1) of Book (10) of CMA Executive Regulations concerning Disclosure and Transparency, which requires listed companies to, immediately and without delay, provide clarifications, i.e to confirm or refute, any widespread news, rumors, anticipations or information.
Kuwait International Bank confirms that the verdict issued by the Court of Cassation against an Islamic Bank with respect to annulment of a mortgage contract, has actually been issued against the group of foreign banks and financial institutions which is represented by our Bank, in its capacity as guaranty agent for Sukuk holders. However, KIB’s participation in the Sukuk transaction doesn’t actually exceed US 3.485 million out of total amount of US 200 million. It is worth mentioning that the participation principal, related to our bank or to remaining participants, is not subject to any judicial dispute whatsoever until date.