Islamic investment and finance company Investment Dar will increasingly look to the sukuk market to meet its funding needs, according to its chairman and managing director, Adnan Al-Musallam, because of limited opportunities for bank finance in Kuwait.
Investment Dar recently issued a $150 million musharaka sukuk backed by car and real estate loan receivables. “The total equity of banks in Kuwait is $10 billion, which means that we are limited to $1.5 billion from this source,” says Al-Musallam.
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