Court clears way for home finance: KFH
Kuwait City, August 17, 2009
Islamic lender Kuwait Finance House (KFH), said on Monday it had won a verdict against the ministry of justice, opening the way for it to finance private real estate investment in the country.
KFH is the Gulf's second largest Islamic lender.
The government introduced regulations last year to forbid private companies from buying and selling residential units to try to control real estate prices.
'The cassation court has issued a verdict to reject a request to suspend a court verdict that allows KFH to finance private real estate residences, which was presented by the ministry of justice,' the lender said in statement. - Reuters