KUWAIT CITY, March 19, (KUNA): Kuwait banking market is heading on a more Islamic oriented direction with many banks transforming their operations to Sharia-compliant, said Chairman of the Board for Kuwait International Bank (KIB) Abdulwahab Al-Wazzan on Thursday.
Speaking to the press on the sidelines of the opening of KIB’s new branch in Farwaniya, Al-Wazzan said that banks in Kuwait were looking to develop the country’s status as a financial spot in the region, revealing that more foreign banks are interested in the local operations.
On the Islamic banking contribution to the real estate market, the official called for revising laws considering the banks funding to this sector which need more contribution.
KIB’s Islamic products are making a statement within the banking market with more banks considering the conversion into the Islamic banking method, affirmed Al-Wazzan.