Central Bank of Kuwait (CBK)

CBK amends guidelines of corporate governance in Kuwaiti banks

The Central Bank of Kuwait (CBK) has amended governance regulations for Kuwaiti banks, allowing them to add independent members to their boards of directors and subcommittees. The new regulations define independent board members and the conditions of such independence. Dr Mohammed Yousef Al-Hashel, the Governor of CBK, said that independent members to banks’ board of directors will enhance board members’ independence as a basic principle of sound governance practises. The amendments also allow a minimum of two independent members from 30 June 2020, then four from 30 June 2022 to avoid unexpected demand for independent members and allow gradual implementation of the decision.

CBK-IFSB #Conference on Islamic Finance themed "Islamic Finance: A Universal Value Proposition"

The Central Bank of Kuwait (CBK) and the Islamic Financial Services Board (IFSB) are organizing a conference on Islamic Finance on the 2nd of May 2018. The conference will be held in the State of Kuwait in conjunction with the IFSB Annual Meetings 2018, hosted by the CBK. The CBK-IFSB Islamic finance conference is expected to attract senior-level participation from among the global and financial industry stakeholders and thought leaders. Discussions will revolve around the role Islamic finance can play in government strategies to build a diversified and sustainable economy. The IFSB Annual Meetings 2018 will be held in Kuwait from 1–3 May 2018. Alongside the conference, CBK is also hosting the IFSB Public Lecture, Members and Industry Engagement Session, the IFSB’s General Assembly and Council Meetings during the 3 days.

KFH welcomes CBK’s Sharia Supervisory Governance for banks – Regulations instill confidence in Islamic banking: Duwaishan

Kuwait Finance House (KFH) has welcomed the Central Bank of Kuwait (CBK)’s instructions and regulations regarding the role of Sharia Supervisory Boards in Islamic banks. Islamic Banks would be given until December 31st, 2017 to fulfill the requirements. Isa Abdullah Duwaishan, Executive Manager Shariah Control & Advisory at KFH, stated that the executive team of the board encompasses qualified Shariah controllers who audit the compliance and commitment of all bank departments to sharia rules. He reiterated the efforts of continually improving the skills of Shariah controllers and the Shariah staff in the bank through engaging them in specialized training courses. KFH's Shariah Supervisory Board issues Fatwa and Shariah reports that are viewed as a reference to other banks.

Kuwait’s Commercial Bank To Liquidate Investment Unit

A bourse filing says that Central Bank of Kuwait (CBK) intends to liquidate its investment unit. According to the bank, closing CBK Capital would not affect the bank's financial position in a negative way. It is said the bank has a capital of 15 million dinars ($53.5 million) and has undergone some restructuring. Activities have been reduced for a number of years.

More on: http://gulfbusiness.com/2012/09/kuwaits-commercial-bank-to-liquidate-inv...

Single Gulf currency goal, not hope - CBK chief

Central Bank of Kuwait (CBK) Governor Sheikh Salem Abdelaziz Al-Sabah stated that the planned single Arabian Gulf currency is a goal, rather than a hope. He also underlined the fact that key steps would be taken ahead of the issuance of the Gulf currency, chiefly the launching of a uniform Gulf central bank as a congenial legal and institutional ground.
He added that the Gulf Monetary Council is facing diverse challenges, primarily a necessary strong and sound legislative, financial and institutional infrastructure.

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