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KUWAIT CITY, April 10: Seven Kuwaiti banks made the “Forbes Middle East” list of the 50 largest banks in terms of market value for the year 2023, with a total market value of $76.2 billion, according to the closings of last February 28, which constituted about 13.9 percent of the total value of the 50 banks within the list which totals $48.1 billion, reports Al-Rai daily. Kuwait Finance House” ranked fifth on the list, with a market value of $37.5 billion, followed by the National Bank of Kuwait sixth, with $26.3 billion, then the Commercial Bank of Kuwait in the 33rd place with a market value of $3.3 billion. The Gulf Bank ranked 34th with $3.2 billion, followed by Burgan Bank at 37th with $2.4 billion, Al-Ahli Bank of Kuwait at 40th with two billion dollars, then Warba Bank at 43rd with $1.5 billion
Influential dealings The “Forbes Middle East” stated that the banking sector is going through a difficult year after the collapse of the US Silicon Valley Bank, while fears are increasing of infection spreading to other banks, and low-cost deposits, with no connection to influential dealings with American banks that were ravaged by the crisis. The sources explained that, according to a report issued by “Moody’s”, Gulf banks enjoy a great deal of flexibility in facing the crisis of American banks, as they are supported by the governments of the region, which own influential stakes in most of them.
The report also pointed to the rapid growth of Islamic finance in the Gulf Cooperation Council countries, where less The cost of deposits in Islamic banks compared to conventional banks, which supports their profitability in times of high interest rates. The Gulf banks dominated the list of “Forbes Middle East” with 41 banks representing about 82 percent of the list, while Saudi Arabia and the UAE are the most represented by 10 banks each. The Saudi Al-Rajhi Bank topped the list, with a market value of $75 billion, followed by the National Bank of Saudi Arabia, with $56.4 billion.