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Kuwait aligns with evolving landscape of Islamic finance

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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

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Prime Minister inspects Kuwait Cancer Control Center project

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KUWAIT: His Highness the Prime Minister Sheikh Ahmad Al-Abdullah Al-Ahmad Al-Sabah, accompanied by Cabinet ministers, inspected Tuesday the new Kuwait Cancer Control Center (KCCC) project in Al-Sabah Health District, on the sidelines of the weekly cabinet meeting held at the project site. Minister of Health Dr Ahmad Al-Awadhi told Kuwait News Agency (KUNA) that the center represents a qualitative leap in cancer patient care in the region and is part of the Ministry of Health’s strategy to develop specialized medical services according to the highest international standards.

Dr Al-Awadhi explained that the new center is designed as an integrated medical facility providing a comprehensive oncology treatment system, including blood disorders, specialized oncology surgery, radiotherapy and social services. The project will enhance the national health system’s capacity to provide advanced care within Kuwait, reducing the need for treatment abroad.

The 618-bed project comprises two medical towers, a central services building, and a parking facility accommodating around 1,950 vehicles. It includes modern operating rooms, intensive care units, and specialized suites for oncology treatment, radiotherapy and physiotherapy. The center is equipped with advanced medical and technical devices, including linear accelerators, CT and MRI simulators, radiology and nuclear medicine departments, central laboratories and a central pharmacy.

Dr Al-Awadhi noted that the project aligns with global standards in managing and operating specialized centers. He said the implementation supports the Ministry of Health’s vision to modernize medical infrastructure and expand hospital capacity in line with the National Development Plan and the “New Kuwait 2035” vision, making the center a model for integrating medical, scientific and research services in oncology.

He stressed the ministry’s commitment to completing health sector development projects to improve healthcare quality and services for citizens and residents, praising the national cadres involved in the project’s implementation. During the inspection, the Prime Minister and ministers were briefed on project details by Dr Al-Awadhi, Acting Undersecretary of the Ministry of Health Dr Abdulrahman Al-Mutairi, Assistant Undersecretary for Engineering Affairs Ibrahim Al-Naham, and other ministry officials.

Breast cancer awareness

In another development, Kuwait Red Crescent Society (KRCS) launched Tuesday an awareness campaign titled “Your Awareness Now… Your Safety Tomorrow” as part of Breast Cancer Awareness Month activities, aiming to promote women’s health and emphasize the importance of early and regular screenings. Chairman of the Society Khaled Al-Mughamis told Kuwait News Agency (KUNA) that October provides an annual opportunity to raise public awareness about breast cancer through education on prevention and early detection, which plays a critical role in improving recovery rates. He added that the society is committed to supporting health and social initiatives that serve Kuwaiti society, align with its humanitarian mission, and strengthen community engagement in promoting public health awareness.

The campaign, launched at The Avenues mall, features an awareness exhibition with the participation of KRCS volunteers, offering guidance on early examination and self-examination techniques, as well as distributing educational brochures to enhance health knowledge. Al-Mughamis expressed gratitude to the Ministry of Health medical staff, KRCS volunteers and employees, and the management of The Avenues mall for their support in making the campaign a success. He emphasized that improving health awareness requires the collaborative efforts of both governmental and civil organizations to achieve a healthy and safe society. — KUNA

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Kuwait, Oman reaffirm ties | Kuwait Times Newspaper

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MUSCAT: HH the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah and an accompanying delegation visited the Sultanate of Oman on Tuesday. HH the Amir was received on arrival by Sultan Haitham bin Tariq and senior officials. HH the Amir was accompanied by Defense Minister Sheikh Abdullah Ali Abdullah Al-Salem Al-Sabah, Director General of Kuwait Direct Investment Promotion Authority Dr Sheikh Meshaal Jaber Al-Ahmad Al-Sabah, Chief of HH the Amir’s Office Rtd Lt Gen Jamal Theyab, Deputy Chairman and CEO of Kuwait Petroleum Corporation Sheikh Nawaf Saud Al-Nasser Al-Sabah and Managing Director of Kuwait Investment Authority Sheikh Saud Salem Abdulaziz Al-Sabah.

HH the Amir and Sultan Haitham held a meeting at Al-Baraka Palace in Muscat, during which the two leaders discussed the long-standing bilateral relations between Kuwait and Oman and ways to strengthen cooperation across various fields, particularly in the economic sector, aiming to enhance trade and investment coordination and integration to reinforce mutual interests and achieve further progress and prosperity. Sultan Haitham then held a banquet at Al-Baraka Palace in honor of HH the Amir and his accompanying delegation before they departed Oman.

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HH the Amir later sent a cable to Sultan Haitham, expressing gratitude towards the great hospitality he received during his fraternal visit to the sultanate. In the cable, HH the Amir said that he felt the Omani leadership and people’s great hospitality, affirming that it was another milestone in the historic relations between the two brotherly nations. HH the Amir also lauded the deep-rooted ties between the two countries and peoples, wishing the Sultan well-being and for the sultanate further progress and prosperity. – KUNA

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Euromoney crowns Boursa Kuwait best Mideast exchange

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KUWAIT: In recognition of its leading role in enhancing liquidity and transparency, bolstering investor confidence and adopting the highest standards of governance and sustainability in the Kuwaiti capital market, Boursa Kuwait was crowned as the Middle East’s best stock exchange in 2025 at the inaugural Capital Markets Awards, organized by Euromoney in collaboration with the Arab Federation of Capital Markets (AFCM).

The Capital Markets Awards extends the Awards for Excellence prestigious recognition to a new range of market participants, including securities exchanges and venues, brokerage houses and broker-dealers (both bank, independent and agency) and post-trade service providers.

Being named the Middle East’s best exchange is a proud milestone for Boursa Kuwait and a global testament to the success of its strategy to develop the Kuwaiti capital market and reinforce its position as a leading regional hub capable of attracting investments from around the world. It also reflects the exchange’s firm commitment to enhancing market liquidity and transparency, strengthening investor confidence and trust and furthering the role of the capital market in supporting the long-term growth and diversification of the national economy. 

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