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...