Business

KFH Participates in AAOIFI 23rd Annual Shari’ah Boards ‎Conference

Published

3 months ago

April 12, 2025

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KUWAIT CITY, Apr 12: Kuwait Finance House (KFH) Group is participating as the main sponsor in ‎the 23rd AAOIFI Annual Shari’ah Boards Conference, an event organized by ‎the Accounting and Auditing Organization for Islamic Financial Institutions ‎‎(AAOIFI) in cooperation with the Central Bank of Bahrain, and scheduled to ‎be held in Bahrain on April 20-21.‎

KFH’s participation stems from its keenness to develop the Islamic banking ‎industry and to continue supporting the advancement of financial products ‎and services in accordance with Shari’ah, as the conference is one of the ‎most prominent gatherings of Shari’ah scholars and decision-makers to ‎discuss various topics and developments in the Islamic financial industry ‎worldwide‏.‏

The conference gathered scholars, leaders, and experts in the Islamic ‎financial industry as well as senior officials of central banks and supervisory ‎authorities. Through 5 panel discussions, the conference will discuss the ‎Shari’ah aspects related to the Islamic financial industry within the ‎framework of Shari’ah governance for its institutions. It will also feature ‎several live and virtual dialogue sessions over two days, in which a group ‎leaders of the Islamic financial industry will present their visions for the ‎development of Islamic banking, navigating challenges to uphold Shari’ah ‎principles in transactions, while addressing the issues at hand. This will be ‎followed by four workshops related to the governance and financial ‎accounting standards issued by AAOIFI.‎

KFH Group’s participation in the conference represents an opportunity to ‎exchange ideas, visions, and concepts with leaders’ specialists in the Islamic ‎banking industry, and to review the most important issues and topics in ‎Islamic banking that require practical solutions and applications, especially ‎that the Islamic banking sector needs continuous research and ‎development efforts to address various issues facing its development.‎

Established in 1991 in the Kingdom of Bahrain, AAOIFI is one of the leading ‎international non-profit organizations supporting Islamic financial ‎institutions, with significant professional achievements, mainly the issuance ‎of 100 standards to date in the fields of accounting, auditing, business ‎ethics and governance.‎

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Related Topics:23rd AAOIFI Annual Boards Conference KFH Participates Shariah

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Kuwait unveils e-tax platform | arabtimes

Published

17 hours ago

July 17, 2025

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KUWAIT CITY, July 17: The Ministry of Finance announced the launch of an online registration service for companies subject to the Multinational Entities Tax Law through its official website. This service falls within the framework of the ministry’s commitment to implementing the provisions of Law No. 157/2024 and advancing digital transformation in service delivery. It is designed to streamline the registration process for companies subject to the law, per Article 75 “Self-Registration of the Taxpayer” of the law’s executive regulations. This service allows companies to complete the registration process electronically through the Ministry of Finance’s official website by following these steps:

1. Visit the Ministry of Finance website at www.mof.gov.kw.

2. From the main menu, select “Corporate and Institutional Tax,” or choose “Electronic Tax Services” from the list of e-services. This will direct you to www. mof.gov.kw/TCRS_Public

3. Log in using your existing username and password, or click on “Create Account” if you do not have one.

4. Once logged in, select the desired service and submit your registration request.

It is worth noting that the Ministry of Finance reaffirms its commitment to developing the digital services system, which helps enhance institutional efficiency and improve compliance with tax legislation in the State of Kuwait. (KUNA)

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Jahra Council greenlights KOTC LNG water pipeline

Published

18 hours ago

July 17, 2025

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KUWAIT CITY, July 17: The Jahra Governorate Committee at the Municipal Council, chaired by Abdullah Al-Enezi, on Wednesday approved the request of the Ministry of Electricity, Water and Renewable Energy to allocate a freshwater route to feed the liquefied natural gas (LNG) plant of Kuwait Oil Tankers Company (KOTC) in Umm Al-Aish. During the meeting, the committee also approved the following:

Request of one of the companies that own plots 42 and 48 in Jahra Administrative and Commercial Center (Block 93) to change the height of the pedestrian bridge linking the two plots from six meters to 4.8 meters above ground level;
Request of the Public Authority for Agriculture Affairs and Fish Resources (PAAAFR) to allocate an alternative site for Naif Poultry Company in Sulaibiya Agricultural Area. In addition, the committee referred to the executive authority the request of the Ministry of Health to change the use of the site of the pest control center in Jahra to become a kidney dialysis center, with the amendment of its borders and the expansion of its area; as well as the letter of Jahra Governor Hamad Al-Habashi regarding the allocation of land to establish a walkway, for further study and to present its technical opinion on these requests.

By Inaas Awadh
Al-Seyassah/Arab Times Staff

Business

MEW secures SAB approval for KD169mn GCCIA power import

Published

19 hours ago

July 17, 2025

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KUWAIT CITY, July 17: The total amount for which the Ministry of Electricity, Water and Renewable Energy obtained conditional approval from the State Audit Bureau (SAB) to contract for the import of electricity from the Gulf Cooperation Council Interconnection Authority (GCCIA) reached KD169.126 million over nine months — from April to December.

According to reliable sources, the ministry got approval for the import in April, amounting to KD2.641 million, two approvals in May the first for KD1.756 million and the second for KD3.348 million, in addition to an approval from June until December for KD161.381 million. Sources indicated that the energy import is through the coordinated efforts of the ministry and GCCIA to support the grid, maintain the stability of the electrical system during summer, and avoid resorting to scheduled power outages as much as possible, given the increased loads resulting from high temperatures and increased consumption rates in summer.

Sources disclosed that the ministry utilized the GCCIA as one of the solutions to address the energy crisis until production rates increase and new projects are implemented shortly. Sources said these projects include the installation of gas turbine units operating on a combined cycle system to increase power production at Al-Subiya power station by 900 megawatts, indicating the ministry is racing against time to complete the fourth phase that includes the tender, award, contracting, and implementation procedures.

By Mohammad Ghanem
Al-Seyassah/Arab Times Staff