Islamic Financial Services
From The Report: Kuwait 2019
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Kuwait’s Islamic financial services sector is well established, with a long history in both Islamic banking and takaful, or Islamic insurance. The segment has expanded in recent years, building upon the country’s reputation as an emerging centre for sharia-compliant banking, insurance and investment products. The government has enacted a series of laws and regulations aimed at further developing Islamic finance, and there remains a strong demand for such products. This is reflected in the country’s increasing world share of sharia-compliant assets, with Kuwait accounting for 6.3% of such products in the second quarter of 2018, up from 6% during the same period of 2017. This chapter contains interviews with Mazin Al Nahedh, CEO, Kuwait Finance House; and Raed Jawad Bukhamseen, Vice-Chairman and CEO, Kuwait International Bank.

Articles from this Chapter

Overview

By the book: Targeted legislation and issuances give a boost to the financial system’s sharia-compliant segment
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Kuwait’s Islamic financial services (IFS) sector is well established, with a long history in both Islamic banking and takaful, or Islamic insurance. The segment has expanded in recent years, building upon the country’s reputation as an emerging centre for sharia-compliant banking, insurance and investment products. The government has enacted a series of laws and regulations aimed at further developing Islamic finance, and there remains a strong demand for such products. This is reflected…

Interview

Leveraging potential: Mazin Al Nahedh, CEO, Kuwait Finance House (KFH), on challenges and regulations for sharia-compliant banking
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Interview:Mazin Al Nahedh What challenges do banks face in leveraging and developing new Islamic instruments? MAZIN AL NAHEDH: Acceptability of new product documentation among banks is one of the key challenges faced by Islamic banks. Each bank prepares documentation for a new product in accordance with the acceptability of its sharia board. However, this approach has resulted in different sets of documentation among banks, which consumes time and resources. The International Islamic Financial…

Interview

Ready for more: Raed Jawad Bukhamseen, Vice-Chairman and CEO, Kuwait International Bank, on the growth potential and benefits of sharia-compliant banking
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Interview:Raed Jawad Bukhamseen How would you assess the growth potential for Islamic banking in Kuwait, and what are the main factors driving demand for Islamic institutions? RAED JAWAD BUKHAMSEEN: The Islamic finance industry is expected to continue growing, albeit slowly. For instance, in 2017 the industry grew by 5%, whereas in 2016 it grew by about 2%. Nevertheless, Islamic banking is expected to reach $3.5trn by 2021, as countries look for alternative sources of funding. The number…