Islamic Financial Services

Over the course of 2017-18 Kuwait’s Islamic financial services (IFS) industry saw continued growth and ongoing development, shoring up the country’s long-standing reputation as a global centre for sharia-compliant banking, insurance and investment activities. Global IFS assets topped $2trn for the first time in 2017, with Kuwait accounting for 6% of these assets, having an estimated value of $123bn. A key area of potential growth is the sukuk (Islamic bond) market, which is widely expected to benefit from rising demand for sharia-compliant debt from the government and private entities. In addition, takaful (Islamic insurance) providers are also gaining a larger share of the Kuwaiti market. This chapter contains an interview with Mazin Saad Alnahedh, Group CEO, Kuwait Finance House.