The deal amounted to KWD84.7 million representing around 321 million shares of Boubyan Bank.

The management and operations of National Bank of Kuwait (NBK) and Boubyan Bank would be kept separate and fully independent of each other in accordance with Islamic banking law and regulation.

Nasser Al Sayer, vice chairman of NBK, said: "This was an important strategic move for NBK, providing with a gateway into the Islamic banking market. Our main goal is to stabilize Boubyan Bank, enhance its position in the local market and develop its various Islamic banking services."

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