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Finance & Banking | Global Arab Network
Kuwait: listing Saudi Rajhi bank as an Islamic bank
Global Arab Network - - Reda Darwish
Governor of the Central Bank of Kuwait (CBK) Sheikh Salem Abdulaziz Al-Sabah has announced that the minister of finance issued decree 7/2010 to the effect of listing Rajhi banking and investment corporation , Al-Rajhi Bank, as an Islamic bank with the Kuwait Central Bank.

The governor added in a press statement made today to the Kuwait News Agency (KUNA) that listing Rajhi branch as an Islamic bank comes in accordance with the rules of law 32 of 1968 on monetary, the Kuwait Central Bank, the regulation of the banking professions that is amended to law 28 of 2004 which allows the foreign banks to operate in Kuwait through opening branches.

He went on to say that the above-mentioned banking branch is the first branch for a foreign bank that runs Islamic banking business within what is permitted of activities for Islamic banks operating in Kuwait within the article 90 of the above-mentioned law 32 of 1968.

The governor of KCB also said that Rajhi banking and investment corporation is the first banking branch from the Gulf Cooperation Council (GCC) states to be registered with the Kuwait Central Bank following the branches of Abu Dhabi national bank, Qatar National Bank, Doha Bank and Mashreq Bank. The above-mentioned banking branch is also the eighth branch of a foreign bank to be listed with the KCB since the issue of latest legislations that allowed foreign banks to operate in Kuwait, he said.

The governor concluded with saying that operation of the foreign banks in Kuwait will expand the base of the banking apparatus and consolidate the principle of competition in what further upgrade the banking business in the interest of banks, clientele and the national economy. (KUNA)

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