CBK to implement Sharia governance by year-end – To be applied to all banks

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KUWAIT CITY, May 7, (KUNA): The Central Bank of Kuwait (CBK) on Sunday said that it was determined to develop the financial sector’s workforce and that plans to introduce Sharia governance will come into effect by the end of the year.

Speaking to KUNA on the sidelines of a workshop for Islamic financial institutions, CBK’s Inspection Department Chairman Waleed Al-Awadhi revealed that Sharia governance will be implemented after consultations with local banks and will be applied to all Kuwaiti banks.

On the workshop, he noted that it was organized in collaboration with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).

Moreover, Al-Awadhi said that the workshop, which features broad participation, aims to familiarize employees of the financial and banking sectors with Sharia governance.

Meanwhile, AAOIFI Secretary General Dr Hamid Mira told KUNA that Kuwait is among the pioneers of Islamic banking, noting that AAOIFI is a non-profit international organization formed in 1991 to prop up Islamic financial institutions. On Sharia standards, he described them as concise guidelines that aim to ensure whether Islamic financial operations comply with Sharia law.

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