The Islamic banking system in Kuwait has gone from strength to strength in recent years, as it has done in many parts of the world. The solid growth of the market has illustrated the strong demand in the country for products and services that are compliant with sharia law, and further growth is expected in 2014.
According to industry research, Kuwait’s Islamic banking assets grew by 8.7% in the first nine months in 2013, to reach a total of Kd22.5bn ($37.6bn) and Islamic financing grew by 11.2% to reach Kd13.5bn in the same period. Islamic deposits grew by 8.4% to Kd14.6bn. This growth exceeded that of the overall banking sector in Kuwait, which recorded 7.1% growth in assets, 7.5% growth in loans and a 7.2% growth in deposits during the same period.
