Thanks to a GunBroker seller (Ed at Lear Firearms in NH) who unearthed a pair of Kareen Compacts and was kind enough to share detailed pictures with me, we have a lot more information on those guns now.
The Kareen Compact is a bit of a unicorn, and a mysterious one at that. Not quite as rare as the IMI 9mm Revolver or 945 Compact, but probably about as rare as the transitional Baraks, which is saying something. Until now, I had only seen one other. More info after the break!