27 August 2011
The Islamic Globe has learned that Al-Tijari, also known as the Commercial Bank of Kuwait, has acquired nearly 6% of London-based Islamic bank, Gatehouse in lieu of a debt owed by The Securities House.
The Islamic Globe has learned that Al-Tijari, also known as the Commercial Bank of Kuwait, has acquired nearly 6% of London-based Islamic bank, Gatehouse in lieu of a debt owed by The Securities House.
SH, a Kuwaiti Shari'ah compliant investment firm set up Gatehouse Bank in the UK in 2008 and remains its majority shareholder. In turbulent times for Islamic banks in both the GCC and Europe, Gatehouse has been a strong performer and is the leading Islamic investment bank in the UK and is considered one of the crown jewels of SH.
Al-Tijari did not respond to comment by the time the newspaper went to press. A spokesperson from Gatehouse did, however, tell this paper that: "For the time being, Gatehouse and our parent company, Securities House, do not wish to make any further comment on what is already in the public domain."
It is not know how much SH owed to Al-Tijari.
© The Islamic Globe 2011
