What is causing delays to the central bank’s approval of The Investment Dar’s restructuring? One theory is that some of the roughly 15% that did not approve the plan were non-financial institutions hoping to be paid first, particularly those with claims against money-market funds and Investment Dar Bank in Bahrain.
Kuwaiti money-market funds often financed investment companies and had about $3.5 billion under management before the crisis, according to investment firm Kamco. Their valuations have since fallen by 30% or more.
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