Kuwait has 6% of global Is­lamic bank­ing as­sets

Banking Frontiers - - Regulator -

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.

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