New Kuwaiti IB law to open up market

Submitted by Anonymous (not verified) on Thu, 08/22/2019 - 16:08
Year
2003
Country
United Kingdom
Language
English
Abstract

A new Islamic banking law in Kuwait will gradually over the course of the next three years change the shape of the Kuwaiti banking market, given that conventional banks will now be allowed to establish Islamic banking subsidiaries. The Kuwait Finance House (KFH) will likely face the most added competition due to this law. The law stipulates that a Kuwait based bank can only create one Islamic banking subsidiary, at all times maintain a minimum of 51% equity of the subsidiary, and must adhere to shari`a principles. All Islamic banks must have an independent three-member shari`a committee, conduct an annual shari`a audit, and a minimum paid-up share capital of KD75m.

English
ISSN/ISBN
1359-351X
No. of Pages
pp. 8
Volume
No. 89(June)
Select type of work
Name of the Journal
CIS Program Old
CIS publications
No
CIS Thesis
No