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
Erdogan gifts Amir Turkish-made EV • Leaders hold official talks • Key agreements inked
KUWAIT: Turkish President Recep Tayyip Erdogan and an accompanying delegation arrived in Kuwait on Tuesday on an official visit. Heading the reception at Kuwait International Airport were HH the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah and HH the Crown Prince Sheikh Sabah Al-Khaled Al-Hamad Al-Sabah. Also present were HH the Prime Minister Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah and senior ministers and state officials.
HH the Amir Sheikh Meshal received a gift from Erdogan at Bayan Palace. The gift, an emblem of Erdogan’s appreciation and pride in the bilateral ties between the two nations, is a Turkish-made Togg electric vehicle. HH the Amir voiced his sincere appreciation for this generous gesture, wishing the President and the Turkish people further progress and prosperity.
HH the Amir held official talks at Bayan Palace with Erdogan, attended by HH the Crown Prince, HH the Prime Minister and senior officials from both sides. Minister of Amiri Diwan Affairs Sheikh Hamad Jaber Al-Ali Al-Sabah said during the talks, the two sides reviewed bilateral relations between Kuwait and Turkey, discussed means of strengthening cooperation in various fields and exchanged views on key regional and international developments of mutual concern.
HH the Amir Sheikh Meshal welcomes President Erdogan before holding official talks.
In the presence of HH the Amir and Erdogan, Turkish Foreign Minister Hakan Fidan and Kuwait’s First Deputy Prime Minister and Interior Minister Sheikh Fahad Al-Yousef pose after signing an agreement between the two countries.
The meeting reflected the spirit of friendship and understanding between the two countries, affirming their mutual desire to enhance cooperation across all domains in a manner that serves their common interests and promotes regional stability. Preserving the hard-won ceasefire recently achieved in Gaza between the Zionist entity and the Palestinian group Hamas is critically important, Erdogan said Tuesday, according to a statement by the Turkish Communications Directorate. “Emphasizing the critical importance of maintaining the strenuously achieved ceasefire in Gaza, President Erdogan stated that a two-state solution is imperative for lasting peace, and highlighted the significance of the Islamic world’s common stance on this matter,” said the directorate.
The statement also said that Erdogan “stressed Turkiye’s resolve in upholding Syria’s political unity and territorial integrity, and expressed the desire to move forward together with the brotherly Arab states in building a promising future for the Syrian people.” On bilateral ties, Erdogan said the existing cooperation between Turkey and Kuwait in the fields of investment, energy, trade and the defense industry carries strategic importance. “President Erdogan stressed the potential to further enhance the deep-rooted bilateral ties,” the statement said.
“President Erdogan expressed appreciation for Kuwait’s efforts to promote regional stability as the current Chair of the Gulf Cooperation Council, and remarked that the free trade agreement, still under negotiation between Turkiye and the GCC, would further strengthen Turkiye’s commercial relations with the brotherly Gulf countries,” it added.
HH the Amir then held a banquet in honor of Erdogan and his accompanying delegation. Later, in the presence of HH the Amir and Erdogan, HH the Crown Prince and HH the Prime Minister, a number of agreements were signed at Bayan Palace between Kuwait and Turkey. The agreements include a maritime transport agreement and a memorandum of understanding on the mutual recognition of seafarers’ certificates; a memorandum on cooperation in the energy sector; and a memorandum on cooperation in the field of direct investment incentives. Erdogan and his accompanying delegation then departed from Kuwait, heading to Qatar. Bidding him farewell at the airport were HH the Crown Prince, HH the Prime Minister and top state officials. – Agencies
KUWAIT: Minister of Public Works Dr Noura Al-Mashaan on Tuesday signed a contract with the Turkish company Kozo for the construction, operation, and maintenance of a wastewater treatment plant in South Al-Mutlaa City, along with its complementary works. In a press statement, the Ministry of Public Works said the project is part of the ministry’s development plan and is designed to serve the residents of Al-Mutlaa City.
The plant will produce around 400,000 cubic meters of triple-treated water daily for agricultural and other beneficial uses. The ministry added that the facility represents a pioneering step in the adoption of alternative energy technologies, reflecting Kuwait’s commitment to sustainable infrastructure development and environmental conservation. — KUNA
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