Kuwait’s aim of becoming a hub for Islamic finance may be ambitious, but it is not unrealistic. The country’s Islamic banks posted impressive growth numbers in 2016 that showed them outpacing their conventional peers. This was accompanied by heavy investments in products and services, as well as their physical footprint, both domestically and overseas.
In tandem, over the past year the regulatory authorities have enacted several changes to improve governance standards in sharia-compliant financial services in the country. These changes are promoting the growth of a more transparent and accountable industry and one that meets the very highest standards of international best practice. As a result, most of Kuwait’s Islamic banks have reason to celebrate their recent performance, as well as the evolution of the wider market.
