Regulatory Alerts2020-01-26
Law No. 30 of 2003 Adding a Special Section on Islamic Banks to Kuwait's Banking Law
The Central Bank of Kuwait issued Law No. 30 of 2003 to integrate Islamic banking operations into the national financial framework by adding a dedicated section to Law No. 32 of 1968. This legislation establishes comprehensive regulatory requirements for domestic and foreign Islamic banks, including capital thresholds, Shari'a supervisory board mandates, and CBK oversight mechanisms. It further enables conventional Kuwaiti banks to convert to Islamic banking models and regularizes existing Sharia-compliant financial institutions.
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