Connect with us

Latest News

Kuwait aligns with evolving landscape of Islamic finance

Published

on

KUWAIT: Acting Undersecretary of the Ministry of Commerce and Industry Marwa Al-Juaidan reaffirmed on Sunday the Ministry’s commitment to advancing the regulatory and supervisory framework for companies operating in accordance with Islamic Sharia principles. Her remarks came during the opening ceremony of the 9th Annual Sharia Audit Conference, organized by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), which runs over two days.

Al-Juaidan highlighted the Ministry’s continuous efforts to remain aligned with the evolving landscape of Islamic finance. She noted that the 1990s marked a significant turning point with the emergence of several Islamic institutions, necessitating specialized legislative instruments to ensure compliance with Sharia. Among these is legislation mandating Islamic companies to appoint independent Sharia supervisory boards, publicly disclose their reports, and embed these practices within their governance structures to bolster transparency and investor confidence.

“Sharia auditing has moved beyond being a purely technical function,” Al-Juaidan said. “It has become an essential pillar of institutional oversight, ensuring a balance between adherence to Sharia and operational efficiency within financial institutions.” She further emphasized the Ministry’s support for licensing and supervising entities that contribute to the sector’s growth, including Sharia advisory firms and external audit offices. These efforts, she said, reflect Kuwait’s commitment to nurturing a robust and flexible regulatory environment that underpins the expansion of Islamic finance.

Acting Undersecretary of the Ministry of Commerce and Industry, Marwa Al-Juaidan

Acting Undersecretary of the Ministry of Commerce and Industry, Marwa Al-Juaidan

Al-Juaidan also cited a recent Fitch Ratings report indicating that, as of mid-2024, Sharia-compliant assets account for approximately 49 percent of the total assets in Kuwait’s banking sector — a figure she described as a testament to both the sector’s growth and the increasing trust it commands locally and internationally. “This momentum is expected to continue,” she said, “driven by rising demand for Islamic financial services and national strategies aimed at positioning Kuwait as a regional hub for Islamic finance.”

She described the hosting of the conference in Kuwait as a valuable platform for dialogue and knowledge exchange, bringing together regulators, experts, and practitioners to bridge the gap between theory and application amid a rapidly evolving global financial landscape. Launched in 2009, the AAOIFI Sharia Audit Conference serves as a key forum for addressing governance issues in Sharia supervisory frameworks. This year’s edition includes participation from Kuwait, Saudi Arabia, Bahrain, Qatar, Oman, the UAE, Egypt, Jordan, and Turkey.

The two-day event features four academic sessions. The opening session focuses on licensing criteria for Sharia auditing professionals and the role of Gulf regulators in mandating the implementation of industry standards. The second session explores external Sharia auditing in the context of regulatory policies, emphasizing coordination between supreme Sharia authorities and external auditors.

Monday’s third session will address developments in Sharia auditing within the Takaful (Islamic insurance) sector, with comparative insights into regulatory requirements and governance mechanisms. The final session will examine the contribution of external Sharia audits to improving the governance and operational efficiency of charitable and humanitarian organizations. — KUNA

Latest News

IICO launches food aid project for 240,000 displaced Gazans

Published

on

By

KUWAIT: The International Islamic Charitable Organization (IICO) has launched its “Takeyat It’aam Al-Ta’am” (Charitable Food Kitchen) project, aiming to reach 240,000 beneficiaries over the course of one month by distributing balanced meals in shelter centers. The initiative comes in response to the dire humanitarian conditions facing displaced people and refugees in Gaza due to the ongoing siege and conflict.

In a press statement issued Thursday, the organization said the project, which began on May 6 and will continue through June 5, aims to provide food security to the most vulnerable groups and alleviate their daily suffering under the current circumstances. The organization emphasized its particular focus on relief projects with direct impact, which help improve the lives of affected families and support their resilience.

The statement added that the initiative was launched in response to severe shortages in food supplies, a worsening humanitarian crisis, and rising malnutrition rates, particularly among children, pregnant women, and nursing mothers. It noted that most residents in camps and shelters rely almost entirely on humanitarian aid to meet their basic needs.

The organization explained that the project serves several key objectives, most notably: providing nutritious meals to those in shelters, ensuring they receive minimum daily dietary requirements, improving overall health, reducing nutrition-related illnesses, and offering psychological and emotional support amid the intense pressures and hardships they face. It further noted that “Takeyat It’aam Al-Ta’am” meals are prepared and distributed within the shelters in an organized and hygienic manner that preserves the dignity of recipients — especially vulnerable groups such as children, women, and the elderly, who are prioritized in distribution. This comes amid the rapid collapse of food supply chains within Gaza. — KUNA

Continue Reading

Latest News

ktech becomes exclusive partner of Fraunhofer UMSICHT in Middle East

Published

on

By

Europe’s leader in applied environmental, safety and energy research to launch first and only academy

SULZBACH-ROSENBERG, Germany: In a landmark achievement for Kuwait’s knowledge economy, Kuwait technical college (ktech) has signed a strategic partnership with Germany’s Fraunhofer Institute UMSICHT, Europe’s leader in applied environmental, safety and energy research, to launch the institute’s first and only academy in the Middle East.

The strategic and exclusive partnership with one of the world’s leading applied research institutes aligns with the directive of His Highness the Amir of the State of Kuwait, Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah, to attract prestigious international institutions to the country. It reflects Kuwait’s national vision to establish itself as a regional hub for innovation, creativity and knowledge. Moreover, the partnership represents a meaningful step toward strengthening Kuwaiti-German relations, following the recent official visit of His Highness the Prime Minister Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah, to the Federal Republic of Germany.

The signing ceremony, held at Fraunhofer UMSICHT’s Sulzbach-Rosenberg headquarters, in the presence of ktech’s top management, including Meshari Ayman Boodai, Chairman, Board of Trustees; Noura Ayman Boodai, Vice President for Student Affairs and Registration; Abdulrahman Abdulqader Al-Ajeel, Vice President for Finance and Administration; Abdulwahab Ayman Boodai, Assistant Vice President for Student Affairs and Registration; and Nourah Amer Al-Oseimi, Assistant Vice President for Finance and Administration. Also, in attendance was Adel A Al-Ghenaiman, Consul General of the State of Kuwait in Frankfurt, representing the Ministry of Foreign Affairs.

This exclusive partnership marked a major milestone in ktech’s mission to bridge academic excellence with industrial relevance. This initiative will serve as a regional innovation and training hub for the entire MENA region, directly aligning with Kuwait’s Vision 2035 and its goals for sustainability, economic diversification and human capital development.

This transformational partnership brings to Kuwait the full weight of Fraunhofer UMSICHT’s technical infrastructure, which includes: Over 30,000 employees across Germany and the world; 76 institutes and research facilities; €3 billion operating budget; and cutting-edge research in green hydrogen, circular economy, carbon management local energy systems, cyber security, robotics engineering and waste recycling. These capabilities will now be embedded in Kuwait through ktech’s infrastructure, ensuring localized delivery of global expertise.

Commenting on the announcement, Meshari Ayman Boodai, Chairman of the Board of Trustees at ktech, stated: “This partnership reaffirms Kuwait technical college’s position as Kuwait’s leading driver of applied learning, professional education, local research support and sustainability-focused innovation. Hosting the institute’s only academy in the Middle East and one of seven worldwide, is a reflection of our vision to build an educated, technically skilled workforce capable of solving Kuwait’s, and the region’s, most pressing challenges.”

The Fraunhofer Institute’s presence in Kuwait will offer training programs and professional education co-designed by Fraunhofer researchers and delivered in collaboration with ktech’s academic and technical experts through the ktech Institute for Private Training. These programs will span key disciplines and offer multiple tracks for industry professionals, government officials, undergraduate and postgraduate students and academic researchers.

Adel A Al Ghenaiman, Consul General of the State of Kuwait in Frankfurt, praised the initiative: “Kuwait’s diplomatic missions abroad remain fully committed to supporting initiatives that serve our country’s interests and help develop education and knowledge exchange. We wish everyone continued success.”

Fraunhofer UMSICHT Director Matthias Franke added: “We are proud to begin this partnership with Kuwait technical college. This memorandum of understanding marks the start of a fruitful collaboration in applied research and development, focusing on areas such as the circular economy, clean hydrogen and sustainable local energy systems for industry.”

Continue Reading

Latest News

Kuwait to introduce gene therapy for teens with blood disorders

Published

on

By

KUWAIT: Minister of Health Dr Ahmad Al-Awadhi announced on Friday that more than 40 successful stem cell transplant operations have been performed in Kuwait for children suffering from thalassemia and sickle cell anemia, noting that “these procedures are increasing due to advanced medical efforts and ongoing government support.” In his opening speech at the First Pan Arab Thalassemia and Sickle Cell Disease Awareness Conference, Dr Al-Awadhi also revealed that gene therapy for children over the age of 12 is under review in Kuwait as a promising treatment option for thalassemia and sickle cell anemia, and that it is expected to be available soon as part of the country’s national health plans. “This step will open new horizons for full recovery and improved quality of life,” he said, adding that it falls under a comprehensive national strategy aimed at easing the burden on patients and their families and enhancing their well-being.

He expressed Kuwait’s pride in its notable achievements in prevention, especially the premarital screening program, which has been implemented since 2009. He noted that more than 400,000 screenings have been conducted using the latest advanced diagnostic tools. In addition, a specialized genetic laboratory has been established to diagnose blood disorders using multiple modern genetic techniques, the latest of which is Next Generation Sequencing (NGS). He emphasized that the program’s success was proven in a scientific study published in 2019, which showed a significant drop of over 50 percent in the number of cases at risk of transmitting hereditary blood diseases among engaged couples.

This success has led to a noticeable decrease in new thalassemia cases diagnosed in newborns, children, and citizens in Kuwait. Consequently, the Ministry of Health decided to include residents in the premarital screening program. This resulted in a recently issued law mandating such screenings for residents prior to marriage.

Dr Al-Awadhi stressed the ministry’s strong commitment to enhancing services for these patients, including providing the latest internationally approved treatments for iron overload, a common complication from repeated blood transfusions. He reaffirmed the ministry’s dedication to introducing the latest globally approved treatments that reduce dependence on blood transfusions by stimulating red blood cell production in patients. Dr Al-Awadhi concluded by stating that these diseases affect not only individuals’ health but also impact families and society as a whole. “We reaffirm our commitment to supporting every scientific or humanitarian initiative that helps raise awareness, improve patients’ quality of life, and enhance efforts in early diagnosis and treatment,” he said. — KUNA

Continue Reading

Trending

Copyright © 2025 SKUWAIT.COM .