Middle East Economic Survey


No 38



Kuwait Sets Up New Islamic Bank, NBK Hikes Bubiyan Stake

The Kuwaiti cabinet has approved the setting up of a new Islamic bank, Warba, with capital of KD100mn ($349mn), Kuwaits news agency KUNA said on 15 September. The bank will be 24% owned by the countrys sovereign wealth fund, the Kuwait Investment Authority (KIA), and the rest will be publicly held. In 2004 Kuwait approved the creation of a new Islamic bank, Bubiyan, and also...