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IBS launches sixth batch of Sharia audit program in Kuwait

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IBS launches sixth batch of Sharia audit program in Kuwait

Director of the Institute of Banking Studies, Rana Al-Nibari, inaugurated and addressed participants of the Certified Sharia Auditor training program.

KUWAIT CITY, April 13: The Institute of Banking Studies (IBS) has launched the sixth batch of the Certified Sharia Financial Auditor (CFA) Program, under the patronage of the Central Bank of Kuwait (CBK) Governor and IBS Chairman, Basel Al-Haroun.

In a press statement issued on Sunday, the Institute stated that the program is part of the “Efficiency Initiative,” which was launched by the CBK in collaboration with Kuwaiti banks and is managed and implemented by the IBS.

CBK Governor Al-Haroun emphasized the significance of the program in enhancing the effectiveness of Sharia auditing within Sharia-compliant financial institutions. He noted that Sharia auditing is a core element of governance in Islamic finance, especially amid the ongoing developments in the Islamic banking sector and the banking industry as a whole.

He added that the program plays a key role in developing professionals in the field of Sharia auditing, a vital area for those working in Islamic financial and banking institutions. The program is designed to strengthen and ensure compliance with the principles and objectives of Islamic Sharia.

Al-Haroun also referred to the CBK’s issuance of regulations on December 20, 2016, concerning Sharia oversight governance in Kuwaiti Islamic banks. These regulations outlined several key components governing Sharia supervision and related areas.

The program was inaugurated by IBS Director General Rana Al-Nibari and was attended by professionals working in the field of Sharia auditing in Kuwaiti Islamic banks, external Sharia audit firms, and offices, as well as participants from various other entities.

According to the statement, Al-Nibari highlighted that Sharia auditing is a fundamental pillar of Sharia oversight and governance, reinforcing the importance of delivering high-quality, professional training for human resources in this field. She emphasized the need for increased efforts and initiatives to further develop the competencies of Sharia audit professionals in Kuwait.

In collaboration with the CBK, the Institute of Banking Studies developed the Certified Sharia Auditor certification, which covers auditing across banking and financial institutions, including investment and insurance activities. This ensures a comprehensive approach to the Islamic finance industry’s diverse sectors.

Al-Nibari also noted that the certificate was developed using best practices and the latest academic resources. It is officially accredited by the Central Bank of Kuwait, the Capital Markets Authority, and the London Institute of Banking and Finance.

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Agility KSCP Invests in Youth Through Kuwait Codes Program

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KUWAIT CITY, Sep 16: Agility KSCP, a supply chain services, infrastructure and innovation company, has announced the successful conclusion of the 2025 edition of the Kuwait Codes program as part of its ongoing strategic partnership with CODED Academy.

Now in its fourth year, Kuwait Codes has established itself as a leading platform for developing tech and coding talent in Kuwait, providing free training in 2025 to more than 1,000 high school students in app, web, and game development, as well as cybersecurity.

During the closing ceremony, Agility KSCP recognized student achievements by presenting Agility’s award for the “Most Ready for Market Project” for Kuwait Codes 2025. The award was given to Salah Younes Ali, whose project stood out for its innovation and real-world potential.

Agility KSCP is committed to empowering and investing in youth development in Kuwait through strategic partnerships with leading non-profits that expand access to technical and vocational education. Its collaboration with CODED Academy stands as a strong example, with more than 4,500 young learners reached since the launch of the “Kuwait Codes” program in 2022, including 1,072 in 2025 alone, equipping them with essential coding and entrepreneurship skills.

Agility KSCP’s CSR program underscores the private sector’s critical role in advancing youth development and fostering innovation in Kuwait. This year, Agility KSCP aims to reach over 5,000 individuals nationwide through initiatives focused on education, technology, and entrepreneurship, building on two decades of partnerships that have already impacted more than 51,000 people across the country.

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UK inflation remains nearly double target ahead of expected interest rate hold

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UK inflation remains nearly double target ahead of expected interest rate hold

British Chancellor of the Exchequer Rachel Reeves looks on during a cabinet meeting at 10 Downing Street, in London on Sept 9. (AP)

LONDON, Sept 17, (AP): Inflation in the UK held steady at 3.8% in the year to August, official figures showed Wednesday, a day before the Bank of England is widely expected to keep interest rates on hold. The Office for National Statistics found food and drink prices rose for the fifth month in a row, but airfares fell sharply after a big spike in July.

Though inflation remains nearly double the Bank of England’s target rate of 2%, most economists had anticipated a modest increase in August. Stubbornly high inflation has been one of the reasons why the Labour government’s poll ratings have fallen sharply since it came to power in July 2024. Treasury chief Rachel Reeves will be hoping inflation starts to drop down towards target, as many forecasters predict, in the year to come as it will relieve some of the cost-of-living pressures that are hurting households and undermining the government’s support.

“I know families are finding it tough and that for many the economy feels stuck,” she said after the figures were released. “That’s why I’m determined to bring costs down and support people who are facing higher bills.” Reeves’ economic plans will be in the spotlight over the coming weeks ahead of her annual budget on Nov 26, where she is widely expected to increase taxes again to bolster revenues and simultaneously introduce policies to ease the cost-of-living pressures.

Many critics blame Reeves personally for the increase inflation this year, saying her decision to increase taxes on businesses to plug a budget hole prompted firms to up prices. The inflation figures have cemented market expectations that the Bank of England will keep interest rates unchanged on Thursday. Since it started cutting borrowing rates in August 2024 after the unwinding of the previous spike in inflation in the wake of Russia’s invasion of Ukraine, the bank has done so in a gradual manner every three months.

When it cut its main rate to 4% in August, it was largely expected there would be no further reduction at the September meeting. If the bank were to continue to cut interest rates in the manner it has been doing so, the next meeting in November would see a further reduction. However, economists remain split as to whether another cut is forthcoming since inflation has proven to be stickier than anticipated earlier this year, partly because of relatively high wage increases. 

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Kuwait cracks down on industrial plot violations

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Kuwait cracks down on industrial plot violations

Minister of Commerce and Industry Khalifa Al-Ajeel

KUWAIT CITY, Sept 17: Minister of Commerce and Industry Khalifa Al-Ajeel issued three ministerial decisions Tuesday to establish specialized inspection committees aimed at monitoring and controlling violations on industrial plots supervised by the Public Authority for Industry (PAI).

The committees, each headed by a senior advisor, will conduct comprehensive surveys of industrial plots, oversee violations, and enforce corrective actions as necessary. The PAI said in a statement to KUNA that this initiative seeks to restore order and discipline within the industrial and service sectors, support compliant factories, and encourage serious business activities. The ultimate goal is to foster an advanced industrial environment that strengthens the national economy and boosts its competitiveness.

The inspection committees comprise representatives from eight government entities: the Ministry of Interior, Kuwait Municipality, Fatwa and Legislation Department, General Fire Force, Ministry of Electricity, Water and Renewable Energy, Ministry of Health, Public Authority for Manpower, and Ministry of Justice. This multi-agency collaboration aims to streamline regulatory and supervisory roles.

According to the decisions, the committees are tasked with conducting integrated surveys of all plots under PAI supervision, identifying violations, and taking legal action accordingly. They will also prepare detailed reports outlining detected violations, recommendations, and proposed procedures.

The PAI emphasized that the committees have been granted extensive inspection and oversight powers, including the use of modern technology to enhance operational efficiency. The Authority highlighted that this move underlines the government’s commitment to transparency and discipline in managing industrial, commercial, service, and craft plots.

By reinforcing investor confidence, promoting fair competition, and ensuring regulatory compliance, the committees are expected to create an industrial sector capable of significantly contributing to Kuwait’s national economy.

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