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Kuwait steps up inspections of money exchange offices

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Kuwait steps up inspections of money exchange offices

Ministry inspection teams target money exchange offices in key areas.

KUWAIT CITY, April 1: Minister of Commerce and Industry, Khalifa Al-Ajeel, launched a comprehensive inspection campaign on Tuesday targeting money exchange offices in Kuwait. This initiative is part of the country’s efforts to meet the requirements of the Financial Action Task Force (FATF) and strengthen its measures against money laundering and terrorism financing.

In a press statement during the inspection, which focused on areas with high concentrations of money exchanges, Al-Ajeel emphasized the importance of this evaluation for the future economic situation of the country. This campaign is in line with a decision made by the Cabinet last October to intensify efforts and promote greater cooperation between government agencies to meet international standards. The goal is to preserve Kuwait’s reputation and international standing.

The Minister further explained that the campaign was designed to enhance financial transparency and ensure that all institutions comply with regulatory frameworks. This will help protect the national economy and improve Kuwait’s position in international financial assessments. Al-Ajeel noted that the initiative also serves to fulfill the FATF requirements for evaluating Kuwait’s efforts to combat money laundering and terrorism financing. The FATF is one of the key regulatory bodies responsible for enforcing the Anti-Money Laundering and Counter Financing of Terrorism (AML/CFT) law.

The inspection drive aims to ensure that companies and institutions comply with the regulations set by the Central Bank of Kuwait, following the expiration of the deadline for licensing holders on March 31. According to a statement from the Ministry, the tour included 138 exchange shops that are involved in currency exchange activities, which fall under the supervision of the Ministry of Commerce and Industry.

During the initial day of inspections, most of the exchange offices were found to be closed, with only one violation detected. The Ministry confirmed that inspection teams would continue to monitor compliance at these exchange shops.

These efforts are based on Cabinet Resolution No. (552), issued during a meeting held on June 11, 2024, which mandates the transfer of oversight of exchange shops from the Ministry of Commerce and Industry to the Central Bank of Kuwait. Additionally, the Ministry is enforcing Ministerial Resolution No. (233) of 2024, which regulates the operations of exchange companies and institutions in alignment with Central Bank requirements.

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The Art of Anticipation: Inside the Invisible Luxury of a Stay at Four Seasons Hotel Kuwait at Burj Alshaya

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KUWAIT CITY, Jul 29: There’s a particular kind of silence that envelops a guest room at Four Seasons Hotel Kuwait at ‎Burj Alshaya just before check-in, a poised hush, like the moment before a symphony begins. But ‎what seems effortless is, in truth, the culmination of a choreography that begins long before the ‎guest ever steps inside. It’s a ritual of intention, detail, and above all, care.‎

Luxury in today’s world isn’t just about thread count or polished silver. It’s about anticipation, ‎knowing what a guest needs before they do, and shaping their experience not through ‎extravagance, but through thoughtfulness.‎

Step into this behind-the-scenes ballet, and you’ll find more than a team, you’ll find artisans of ‎hospitality.‎

The journey begins with something as deceptively simple as a sheet. Each one is steamed and ‎stretched by hand to achieve that signature Four Seasons silkiness, the kind that invites you to ‎sink in and forget time. Pillows are plumped not just for appearance but for ergonomics, aligned ‎to match your sleeping preferences if they’re on file, and if not, ready to be adjusted at a ‎moment’s notice.‎

Then come the amenities. These aren’t just placed, they’re composed. A honey jar might be ‎nestled next to a herbal tea blend if our records show you like to wind down naturally. A ‎particular chocolate brand might grace your table if it was once mentioned in passing to a ‎concierge. Cables are untangled and aligned, device chargers pre-connected, because the real ‎luxury is never needing to ask.‎

Every corner is checked not for perfection alone, but for personality. The team scans each room ‎with the eyes of a returning guest. Would he notice that the curtain gap lets in the morning sun ‎too soon? Would she prefer the temperature at 21 instead of 22? No assumption is too small; no ‎detail is too trivial.‎

At Four Seasons Hotel Kuwait, this philosophy is carried further with a revolutionary concept: ‎the 24-hour stay. Guests are invited to check in at their leisure, 11 a.m., 7 p.m., or even 3 a.m., ‎and enjoy a full 24 hours of personalized luxury. It’s an invitation to live on your own rhythm, ‎not the hotel’s. To truly settle in, unpack, and exhale.‎

And in the heart of a Kuwaiti summer, where the desert sun lingers until twilight, there’s no ‎better way to savor your stay than poolside. The hotel’s serene outdoor pool becomes a cool oasis ‎suspended above the city, shaded by modern design and serviced with refreshments that flow ‎like time here: effortlessly.‎

Whether it’s a solo escape or a shared getaway, your time at Four Seasons Hotel Kuwait isn’t just ‎a stay, it’s a curated journey of comfort, nuance, and quiet luxury.‎

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Warba Bank Receives Central Bank’s Approval to Appoint Advisors for Merger Feasibility with Gulf Bank

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KUWAIT CITY, Jul 29: Warba Bank has announced that it has received the approval of the Central Bank of Kuwait ‎to appoint a group of specialized advisory firms to conduct a feasibility study and due ‎diligence review for the potential merger with Gulf Bank. This approval marks a key ‎milestone in progressing the preparatory procedures for a possible merger between the two ‎leading financial institutions.‎

The approval follows Warba Bank’s previous disclosure dated June 15, 2025, regarding the ‎signing of a Memorandum of Understanding (MoU) with Gulf Bank to explore the feasibility ‎of a merger. The step represents a pivotal moment in the path toward forming a fully ‎integrated Islamic banking entity with the potential to compete on a regional and global scale.‎

The list of appointed advisors includesinternationally and locally recognized institutions such ‎as Bain & Company as Management Consultant, J.P. Morgan as Lead Financial Advisor, Al ‎Shall Consulting as Local Investment Advisor, Clifford Chance as Lead Legal Advisor and Al ‎Tamimi & Company as Local Legal Advisor. ‎

Commenting on the development, Mr. Hamad Musaed Al-Sayer, Chairman of Warba Bank, ‎said:”We welcome the Central Bank of Kuwait’s approval to appoint advisors for the merger ‎study, which is a significant step in realizing our strategic vision to establish a leading Islamic ‎financial institution with regional and global competitiveness. The appointment of such ‎reputable advisory firms underscores our commitment to executing this process according to ‎the highest professional and regulatory standards, ensuring maximum value creation for our ‎shareholders, customers and the national economy.”‎

On his part, Mr. Shaheen Hamad Al-Ghanem, Chief Executive Officer of Warba Bank, ‎affirmed the Bank’s full adherence to all relevant legal and regulatory requirements, including ‎securing all necessary approvals from regulatory authorities. He stated that the Bank will ‎continue to disclose any material developments related to the merger in a timely manner.‎

He added:“This step comes as part of our growth and expansion strategy and our aim to ‎enhance our competitive edge in the local and regional banking sector. We are confident that ‎the potential merger with Gulf Bank will result in a strong financial entity with a solid capital ‎base and outstanding operational capabilities. This will enable us to deliver comprehensive ‎and innovative banking services that meet our customers’ evolving needs and support ‎economic development in Kuwait and the wider region.”‎

Warba Bank has achieved remarkable success in a short span of time, earning a leading ‎position in the Islamic digital banking sector in Kuwait. With one of the largest shareholder ‎bases among local banks, Warba Bank continues to be a trusted partner that brings together ‎innovation and social responsibility to deliver best-in-class Sharia-compliant products and ‎services.‎

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Burgan Bank Joins Regional Sustainability Leaders with Inclusion in FTSE4Good Index Series

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KUWAIT CITY, Jul 29: Burgan Bank announced its inclusionas a constituent in the FTSE4Good Index Series, an ‎affirmation of its unwavering commitment to ESG best practices. Developed by global index ‎and data provider FTSE Russell, the FTSE4Good Index Series is a globally recognized ‎benchmark that measures the performance of companies demonstrating strong Environmental, ‎Social, and Governance (ESG) practices.These indices are widely used by investors and asset ‎managers to incorporate ESG factors into their investment decisions, as well as to create and ‎evaluate responsible investment funds and related financial products.‎

Built on transparent management standards and rigorous assessment criteria, FTSE Russell’s ‎evaluations consider performance in areas such as corporate governance, health &safety, anti-‎corruption,and climate change.  Companies included in the FTSE4Good Index Series ‎demonstrate compliance with a variety of stringent ESG criteria.‎

Commenting on this accomplishment, Mr. Fadel Abdullah, Chief Executive Officer – Kuwait at ‎Burgan Bank, stated: “We are honored to beone of the five organizations in Kuwait recognized ‎by globally renowned FTSE Russell for our unwavering efforts to adopt the best ESG practices ‎in the banking sector and embed them into our operations, culture, and stakeholder engagement. ‎Burgan’s inclusion in the FTSE4Good Index Series is a testament to our consistent and ‎measurable progress in sustainability practices.Thisrecognition affirms our strategic commitment ‎to sustainable business growth, designedto create a positive impacton our community, industry, ‎and natural environmentwhile supporting a resilient and equitable futurefor all stakeholders.”‎

The inclusion in the FTSE4Good Index Series provides external validation of Burgan Bank’s ‎efforts to align with global sustainability standards and frameworks such as UN Sustainable ‎Development Goals (SDGs), Global Reporting Initiative (GRI), Sustainability Accounting ‎Standards Board (SASB), and Kuwait Vision 2035. This recognition reflects Burgan’s strong ‎ESG agenda, driven by a comprehensive framework and strategic roadmap, under which the ‎Bank has achieved significant progress across its four ESG pillarsof Good ‎Governance,Responsible Banking, Community Betterment, and Environmental Impact ‎Reduction.‎

On the environmental front, Burgan Bank was awarded the LEED Gold certification (O&M v4.1) ‎for its head office, recognizing its exceptionalenergy-efficient design and sustainable operations. ‎The Bank continues to advance its Green House Gas (GHG) mapping and reduction efforts to ‎design a long-term decarbonization strategy.The Bankhas installed electric vehicle (EV) charging ‎stations at its head office and select branches, and motion-sensor lighting to optimize energy ‎efficiencyas well as installed rooftop solar panels for clean renewable energy. Furthermore, the ‎Bank has made concerted efforts for climate risk integration in its credit portfolio.‎

On the social sustainability front, Burgan Bank reaffirmed its recognition as a certified Great ‎Place to Work® and continued to champion diversity and inclusion within its workforce. The Bank ‎surpassed the mandated Kuwaitization target with 86% national representation, while women ‎comprised 45% of its total staff, including strong representation in senior leadership roles. The ‎Bank’s efforts for social sustainability were also evident in its learning and development ‎programs, tailored to address diverse needs and interests. In its pursuit of establishing a culture ‎of healthy work-life balance, Burgan Bank currenly offers five days of fully paid paternity leave, ‎one day of birthday leave, and four self-care days, in addition to the standard annual leave days. ‎The Bank also offers numerous programs, benefits, events, and sporting initiatives for the ‎comprehensive development of its employees. Moreoever, Burgan Bank has launched several ‎initiatives and programs to empower women in the workplace and support their professional ‎development – such as the “Lean In Circle” program and the “Empower Her” initiative. It is worth ‎noting that the Bank is also major supporter of the “Partners for Hire” campaign, which aims to ‎sustainably empower people with disabilities and provide them with job opportunities across ‎various departments. Along the same lines and to cater to this community, Burgan Bank has also ‎allocated six branches to serve customers with disabilities to promote equal access to banking ‎services.‎

As part of its social impact agenda, the Bank maintained its long-standing support for the Kuwait ‎Association for Care of Children in Hospital (KACCH) and Bayt Abdullah Children’s Hospice ‎‎(BACCH), helping ensure access to vital palliative care services. In 2024, Burgan Bank also ‎partnered with the Kuwait Olympic Committee (KOC) as a sponsor of the national delegation to ‎the Paris 2024 Olympics, reinforcing its commitment to community development and national ‎pride.‎

Burgan Bank remains committed to fostering a strong compliance culture across the ‎organization, focused on preventing financial crime, including money laundering, terrorism ‎financing, fraud, corruption, and bribery. This commitment is underpinned by a robust ‎governance framework that reflects the Bank’s dedication to ethical conduct, responsible ‎leadership, and maintaining the highest standards of security in the banking sector.‎

The Bank’s comprehensive ESG strategy also delivered notableadvancements in digital ‎transformation, particularly in cybersecurity, with the implementation of cutting-edge ‎technologies, AI-driven threat detection, and proactive incident response measures to ensure ‎maximum data protection for all stakeholders.‎

Moreover, Burgan Bank has consistently led the way in transparency and sustainability,reporting ‎its sustainability related efforts and achievements consecutively for thelast six years since 2019. ‎This reinforcesthe Bank’s committedadherence to transparent governance and proactive ‎sustainability leadership,demonstratingits year-on-year improvements in the sustainability and ‎ESG performance.‎

As a trusted financial partner and a bank that is “Driven by You”, Burgan Bank remains ‎dedicated to upholding its responsibility toward its customers, community, and investors, by ‎adopting the highest standards of ESG practices and ensuring that its business success reflects ‎positively on its stakeholders.‎

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