Kuwait has 6% of Is­lamic bank­ing as­sets

Banking Frontiers - - Banking In The Gulf -

Kuwait ac­counts for nearly 6% of the Is­lamic bank­ing as­sets in the world. Ac­cord­ing to Waleed Al-Awadhi, ED at the Cen­tral Bank of Kuwait, the coun­try has been in­stru­men­tal in the rise of the Is­lamic finance in­dus­try, hav­ing launched its first Is­lamic bank in 1977. He said Kuwait is work­ing closely with Is­lamic fi­nan­cial in­sti­tu­tions around the world in a bid to give this emerg­ing fi­nan­cial sys­tem the ex­po­sure it needs. On mea­sures cen­tral bank has taken to en­sure fi­nan­cial sta­bil­ity, he pointed out that the Kuwaiti bank has spear­headed the lo­cal bank­ing sec­tor’s efforts to cre­ate a fi­nan­cial sys­tem that is highly re­sis­tant to economic shocks.

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