The Bank formerly known as Bank of Kuwait and the Middle East (BKME) was crossed out from the local conventional banks list and is to start its Sharia-compliant operations as of Thursday listed as "Ahli United Bank," said the Central Bank of Kuwait (CBK).
CBK Governor Sheikh Salem Abdelaziz Al-Sabah told KUNA this step follows the bank's full implementation of measures required for the conversion. It comes in compliance with the fourth article of law 30/2003 on CBK and banking regulation in the State of Kuwait.
The bank is thus the latest Islamic bank registered in Kuwait, joining Kuwait Finance House, Boubyan Bank, Kuwait International Bank, soon to come Warba Bank, and the Kuwait branch of Saudi Arabian Al-Rajhi Bank.
The operation of this group in Kuwait would no doubt enrich competition, which translates into better services, and would ultimately benefit and bolster trust in the state's banking system and status, the governor stressed.