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: Health Minister Dr Ahmad Al-Awadhi affirmed on Tuesday that Kuwait’s new health projects are being developed by capable professionals and led by minds committed to hard work and integration. His remarks came in a speech delivered on his behalf by Assistant Undersecretary for Public Health Affairs Dr Munther Al-Hasawi during a ceremony honoring Kuwaiti medical graduates from the University of Jordan.
Dr Al-Hasawi congratulated the graduates on their achievement, noting that their success was the result of perseverance, dedication and long nights of study. “This moment is a tribute to those who remained patient and committed to their goals,” he said. In his address to the honorees, Dr Al-Awadhi said, “You are called upon to actively contribute to the renaissance of your nation, particularly through participation in new national health projects — projects that are founded on competence and driven by minds that believe in collaboration and hard work.”
He stressed that the involvement of young medical professionals is not a luxury, but a national necessity and a trust that carries historical significance. Highlighting the importance of unity within the health sector, Dr Al-Awadhi said, “The success of a doctor is incomplete without a nurse. Laboratory work thrives only with accurate diagnoses, and quality healthcare requires the cooperation of all — administrators, technicians, doctors, pharmacists and support staff.”
He acknowledged the challenges facing the medical profession globally, but praised those who choose the path of medicine for their unwavering dedication. “Those who take up this profession carry a noble mission. Their resolve exceeds obstacles, and their spirits are prepared to serve with sincerity and steadfastness,” he said. Concluding his message, the minister reminded the graduates of the core values of their chosen path: “You belong to a profession whose essence is humanity and whose purpose is mercy — live up to the honor of this mission.” — KUNA
KUWAIT: The Cabinet on Tuesday approved a draft decree-law amending key provisions of the 1991 weapons and ammunition law, introducing penalties for carrying bladed or air weapons in public without valid justification, in a move aimed at reinforcing public order and addressing growing security concerns.
Minister of Justice Counselor Nasser Al-Sumait said the new amendment criminalizes the possession or carrying of bladed weapons or air guns (with a caliber of 6 mm or more) in public spaces such as schools, mosques and markets without a legitimate reason. Offenders will face imprisonment ranging from six months to one year and/or a fine of KD 500 to KD 1,000.
The amendment also targets acts of public intimidation, stipulating harsher penalties for those who deliberately frighten others using such weapons, with prison terms of one to two years and fines of KD 1,000 to KD 2,000. Additionally, the sale, import, or marketing of these weapons without official licensing is now prohibited.
The minister noted that the law empowers the minister of interior to define which weapons fall under the ban and specify the areas where the restrictions apply. “These amendments fill a previous legal gap by criminalizing actions that disturb public safety,” Al-Sumait said. “They reinforce the rule of law and reflect legislative awareness of emerging behaviors that threaten social peace.”
The Cabinet also approved a draft decree-law renaming the Directorate General of Civil Aviation (DGCA) as the Public Authority for Civil Aviation. The move reflects the Kuwaiti government’s realization of the dire need for a modern and integrated piece of legislation to regulate the country’s civil aviation, Deputy Prime Minister and Minister of State for Cabinet Affairs Shereeda Al-Maousherji said in a press statement following the meeting.
This fresh legislation, the minister maintained, would ensure this vital sector’s required resilience to cope with global advancements in this domain. It is also deemed one of the main requirements of the International Civil Aviation Organization (ICAO) and a prime determinant for licensing airports and air navigation facilities, he explained. The Cabinet decided to refer the draft decree-law to HH the Amir Sheikh Meshal Al-Ahmad Al-Jaber Al-Sabah for final approval. — KUNA
RIYADH: A unified Gulf Cooperation Council (GCC) tourist visa for non-Gulf residents will be launched soon, GCC Secretary General Jasem Al-Budaiwi announced on Wednesday. In a statement issued by the GCC Secretariat following the 39th meeting of directors of passport departments of the GCC ministries of interior, Al-Budaiwi expressed appreciation for the collective efforts that contributed to the development of the unified visa system.
He affirmed that the initiative aligns with the shared visions of the region’s leaderships and will support the enhancement of tourism and economic integration across member states. Al-Budaiwi also emphasized the commitment of relevant authorities to adopt advanced technologies and respond to growing global security challenges— KUNA