Mubasher: Warba Bank plans to launch sharia-compliant investment products through acquiring a stake in Kuwait and Middle East Financial Investment (KMEFIC), the Kuwaiti lender’s CEO said.

The takeover of KMEFIC aims to increase profits from commissions and investments, Shaheen Al Ghanem told CNBC Arabia on Thursday.

The Kuwaiti lender’s assets grew 25% year-on-year to more than KWD 2.2 billion in 2018.

Meanwhile, Warba Bank reported a 71% profit increase to about KWD 13 million last year, supported by the rise in the financing and investment portfolios which surged 27% and 19%, respectively.

The Kuwait-based bank’s board previously recommended not distributing cash dividends for 2018 despite achieving high annual profits.

By 11:55 Qatar time, Warba Bank’s stock fell 0.45% to 219 fils on Thursday.