Kuwait has 6% of global Islamic banking assets
Kuwait accounts for around 6% of all Islamic banking assets in the world. Stating this, the Central Bank of Kuwait’s ED for the Supervision Sector Waleed Al-Awadhi said Kuwait has been instrumental in the rise of the Islamic finance industry, having launched its first Islamic bank in 1977. He said the country is working closely with Islamic financial institutions around the world in a bid to give this emerging financial system the exposure it needs. He also said conventional banks in the country own more than 60% of total Kuwaiti banking assets, adding the regulator stays abreast of financial developments in order to keep the local financial system afloat.