VOL. XLVII
No 14
05-April-2004
REGIONAL BANKING
KREB To Become An Islamic Bank
Kuwait Real Estate Bank (KREB) has been given initial approval by the Central Bank of Kuwait (CBK) to convert into an Islamic bank, the Kuwait Stock Exchange has announced. KREBs approval gives the bank one year to submit its transformation plan. Kuwait Finance House (KFH) has enjoyed a monopoly on Islamic banking in Kuwait, but the CBK announced on 24 June last year that it would adopt a gradual approach to licensing...
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