Islamic Financial Services
One of the world’s largest Islamic finance markets, Kuwait has a wide range of banking, sukuk (Islamic bonds) and takaful (Islamic insurance) entities and products on offer, with recent headwinds such as the Covid-19 pandemic proving little obstacle to the sharia-compliant sector’s continuing robust growth. Indeed, the country’s Islamic banks have been expanding faster than its conventional ones in recent years, with a new merger making an Islamic banking provider an even bigger player in the local market. At the same time, sukuk issuance continues to bolster the country’s capital markets, while takaful products compete for market share with well-established conventional players. Increasingly, Islamic financial technology is playing a role, with Kuwait home to many innovative fintech outfits benefitting from a central bank-supported drive towards digitalisation.
This chapter contains an interview with Abdul Wahab Al Rushood, Acting Group CEO, Kuwait Finance House.
