An easing of disruptions associated with the Covid-19 pandemic, a sustained increase in oil and gas receipts, and the rollout of a new law providing a framework for establishing digital offerings have given Kuwait’s banking sector renewed confidence that has been supported by the country’s wider economic recovery. Indeed, with real GDP returning to growth in 2021 and expected by the IMF to reach as high as 8.7% in 2022, credit and profitability look set to see further expansion. The sector is notable for its high liquidity and strong capitalisation, both of which helped it navigate the uncertainties associated with the pandemic and other global headwinds. Government-led pandemic amelioration and recovery measures helped support depositors and banks, a trend reinforced by the stable rate of deposits from the retail sector and government-related entities observed during the second half of 2021.
This chapter contains an interview with Basel Al Haroon, Governor, Central Bank of Kuwait, and a dialogue with Sheikh Ahmad Duaij Jaber Al Sabah, Chairman, Commercial Bank of Kuwait; and George Richani, CEO, Al Ahli Bank of Kuwait.
Financial Services
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Articles & Analysis | How consolidation is changing the GCC banking sector from The Report:Syria 2024 Test Version
The Gulf banking sector has witnessed an increase in mergers and acquisitions (M&A) in recent years, as lenders continue to deal with the economic headwinds associated with the Covid-19 pandemic. At the outset of the pandemic in the first quarter of 2020 it was anticipated that the economic slowdown and the associated fall in oil prices would accelerate the M&A trend...
Articles & Analysis | Kuwait passes regulation to accelerate digital banking from The Report:Syria 2024 Test Version
The Central Bank of Kuwait (CBK) introduced new guidelines in February 2022 for establishing digital banks. These regulations reflect Kuwait’s efforts to support banking innovation for future economic development and financial stability. The new guidelines are expected to help the country’s banking sector keep pace with developments in global financial services.
Articles & Analysis | How digitalisation will strengthen Kuwait's banking sector from The Report:Syria 2024 Test Version
An easing of disruptions associated with the Covid-19 pandemic, a sustained increase in oil and gas receipts, and the rollout of a new law providing a framework for establishing digital offerings have given Kuwait’s banking sector a renewed confidence that has been supported by the country’s wider economic recovery. Indeed, with real GDP returning to growth in 2021 and...
Interviews & Viewpoints | Basel Al Haroon, Governor, Central Bank of Kuwait: Interview from The Report:Syria 2024 Test Version
Where do you see potential for Kuwait’s banking industry in the coming years, and how do you expect lending to evolve amid rising interest rates?
Articles & Analysis | Sheikh Ahmad Duaij Jaber Al Sabah, Chairman, Commercial Bank of Kuwait; and George Richani, CEO, Al Ahli Bank of Kuwait: Dialogue from The Report:Syria 2024 Test Version
What more can local banks do to assist in Kuwait’s economic diversification, and which sectors have the most potential for accelerating diversification?
An easing of disruptions associated with the Covid-19 pandemic, a sustained increase in oil and gas receipts, and the rollout of a new law providing a framework for establishing digital offerings have given Kuwait’s banking sector renewed confidence that has been supported by the country’s wider economic recovery. Indeed, with real GDP returning to growth in 2021 and expected by the IMF to...