Kuwait owns 6pc of Islamic banking assets

Kuwait

Kuwait accounts for around six percent of all Islamic banking assets in the world, the Central Bank of Kuwait’s (CBK) Executive Director for the Supervision Sector Waleed Al-Awadhi said yesterday. In a speech to open the Islamic Financial Services Council’s annual meeting held in Kuwait, he noted that the Gulf state has been instrumental in the rise of the Islamic finance industry, having launched its first Islamic bank in 1977. He said that Kuwait is working closely with Islamic financial institutions around the world in a bid to give this emerging financial system the exposure it needs.—Agencies

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