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
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
KUWAIT: His Highness the Crown Prince Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah received at Bayan Palace Defense Minister Sheikh Abdullah Ali Abdullah Al-Salem Al-Sabah and Tunisian Minister of National Defense Khaled Al-Suhaili during their official visit to Kuwait. The meeting was attended by Head of the Diwan of His Highness the Crown Prince, Sheikh Thamer Jaber Al-Ahmad Al-Sabah, along with senior officials, highlighting the strong ties and ongoing cooperation between Kuwait and Tunisia in the defense sector.
Separately, Deputy Prime Minister and Minister of Defense Sheikh Abdullah Ali Abdullah Al-Salem Al-Sabah held talks with his Tunisian counterpart on strengthening bilateral relations, particularly in the military field. In a statement, the Ministry of Defense said Sheikh Abdullah received Minister Al-Suhaili and his accompanying delegation at the ministry headquarters, where an official reception ceremony was held to mark the visit. Discussions focused on existing military cooperation between the two countries and explored avenues to enhance and expand it in line with the common interests of Kuwait and Tunisia. The ministers also exchanged views on the latest regional and international developments.
KUWAIT: His Highness the Crown Prince Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah receives Defense Minister Sheikh Abdullah Ali Abdullah Al-Salem Al-Sabah and Tunisian Minister of National Defense Khaled Al-Suhaili.
KUWAIT: Kuwaiti Defense Minister Sheikh Abdullah Ali Abdullah Al-Salem Al-Sabah receives Tunisian Minister of Defense Khaled Al-Suhaili and his accompanying delegation.- KUNA photos
Sheikh Abdullah praised the longstanding fraternal ties between the two nations, reaffirming Kuwait’s commitment to deepening cooperation across various fields. The meeting was attended by Undersecretary of the Ministry of Defense Sheikh Dr Abdullah Mishal Al-Sabah, Deputy Chief of Staff of the Army Major General Pilot Sabah Jaber Al-Ahmad Al-Sabah, and senior officers from both sides. Minister Al-Suhaili arrived in Kuwait on Tuesday evening, where he was received by Sheikh Abdullah and senior defense officials. — KUNA
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