Follow us on
Welcome Guest! You are here: Home » Business & Economic
About 6% of all Islamic banking assets in the world owned by Kuwait

Thursday May 3, 2018 8:05 PM, UNA-OIC

Kuwait Islamic Banking

Kuwait: Kuwait accounts for around 6 percent of all Islamic banking assets in the world, KUNA reported. This was disclosed by Waleed Al-Awadhi, executive director of the Supervision Sector at the Central Bank of Kuwait (CBK) .

In his opening address to Annual Meetings of Islamic Financial Services Board (IFSB) in Kuwait on Tuesday, Al-Awadhi noted that the Gulf state, having launched its first Islamic bank in 1977, has been instrumental in the rise of the Islamic finance industry.

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. On measures CBK 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.

Financial stability alone would not suffice, Al-Awadhi explained during the three-day meeting, citing the need for "balanced and steady economic growth" which can be achieved through stringent policies that lead to stability in the financial sector.

The CBK official divulged that conventional banks in the country own more than 60 percent of total Kuwaiti banking assets, adding that the bank stays abreast of financial developments in order to keep the local financial system afloat.

Dishing out statistics, Al-Awadhi revealed that the Kuwaiti banking sector's capital adequacy ratio stands at 18.45 percent. He added that protecting capital requirement is among measures CBK has taken to cope with a capricious financial market.

For all the latest News, Opinions and Views, download App

Select Langauge To Read in Urdu, Hindi, Marathi or Arabic

Share this page
More Headlines
Ilma Afroz: An intern with UN and Clintons, cracks UPSC exams to join IPS
Hindutva extremists barged in AMU campus, AMUSU leaders injured in lathi charge
AP EAMCET 2018 Results: Sheikh Wajid, Janubhai Rafia among toppers
Over 60 percent of refugees worldwide are Muslims: SESRIC Report
Khurshid’s 'Blood On Our Hands' has lit a fire, Can Congress afford to ignore it
Taking photos daily improves wellbeing, finds latest research
JEE Advanced 2018: Online Registration starts today at 10, Apply before May 07
Himachal Pradesh Class 10th result 2018 to be declared today any moment
Brain's window for learning new language open much longer than expected: Study
Want to set up online business? Start here, its almost free
Jinnah's portrait because he was one of the donors: AMU on BJP MP's objection
JEE Main 2018: 137 of 182 students of Rahmani 30 cleared for JEE Advanced
Idris Hasan Latif dies, he had spurned Pakistan offer to join its Air Force
Red Fort: Symbol of India’s Freedom is Dalmia’s ‘adopted’ fort for just pittance
Rs.19.69 cr cash, jewelry worth Rs.4.81 cr seized ahead of Karnataka 2018 polls
BSEB Intermediate Result 2018 to be declared earlier than last year
PSEB Class 10 Results 2018: Not declaring today; Read actual date, time
Century-old agenda behind calling Congress Pro-Muslim and Anti-Hindu party
Cong has tolerance for dissent, says Rahul on Salman Khurshid's Muslim blood remark
After Modi's Pakoda, Tripur CM's advice to youth: Set up 'paan shop', rear cows
 Post Comments
Note: By posting your comments here you agree to the terms and conditions of