Kuwait has 6% of Islamic banking assets
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.