Kuwait Finance House has reported a drop in profits for the year.
KFH, Kuwait’s largest Islamic bank, which also has a subsidiary in Malaysia, said profits had fallen from KWD80.3m ($289m) in 2011.
According to an analyst, Reuters reported that the bank had missed its profit target for Q4 2011 of KWD20m ($72m), undershooting forecasts by KWD10.4m ($37.4m).
Despite this, the board recommended a 15 fils per share cash dividend, equating to 15% of paid up capital.
KFH had not responded to a request for comment by the time The Islamic Globe had gone to press.