Central Bank Of Kuwait Licenses New Islamic Bank
The Central Bank of Kuwait (CBK) has issued a license to allow the Kuwait Investment Authority (KIA) to set up an Islamic bank capitalized at KD100mn ($339mn). This is a higher level of capitalization than Kuwaits minimum statutory requirement of KD75mn ($254mn). The final approval from the Ministry of Industry and Commerce is expected to be granted within the next few weeks and the bank is...
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