Insurance
From The Report: Kuwait 2022
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One of the world’s largest Islamic finance markets, Kuwait has a wide range of banking, sukuk (Islamic bonds) and takaful (Islamic insurance) entities and products on offer, with recent headwinds such as the Covid-19 pandemic proving little obstacle to the sharia-compliant sector’s continuing robust growth. Indeed, the country’s Islamic banks have been expanding faster than its conventional ones in recent years, with a new merger making an Islamic banking provider an even bigger player in the local market. At the same time, sukuk issuance continues to bolster the country’s capital markets, while takaful products compete for market share with well-established conventional players. Increasingly, Islamic financial technology is playing a role, with Kuwait home to many innovative fintech outfits benefitting from a central bank-supported drive towards digitalisation.

This chapter contains an interview with Abdul Wahab Al Rushood, Acting Group CEO, Kuwait Finance House.

Articles from this Chapter

Overview

Securing the future: New regulations, changes to oversight and advanced technologies signal opportunities for growth in the years ahead
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The Kuwaiti insurance sector is undergoing a period of change and growth, as a new regulatory body finds its feet and companies emerge from the Covid-19 pandemic. Stronger oversight and a move towards greater standardisation, coupled with the continuing evolution of digital insurance technology (insurtech), are likely to see that trend continue, with the country’s crowded insurance field likely consolidating in the medium to long term. Sector players remain convinced that the future will see their…

Analysis

Change ahead: Emerging markets implement changes in line with updates to international accounting standards
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