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: Zain announced its sponsorship and participation in the Kuwait Sustainable Energy Week (KSEW), held in collaboration with the Ministry of Electricity, Water & Renewable Energy, and the Regional Center for Renewable Energy and Energy Efficiency (RCREEE). At the event, Zain showcased its efforts in leveraging technological innovation to support sustainability goals and reaffirmed its role as a strategic partner to the public sector in the transition toward a sustainable digital economy.
Zain took part in the opening ceremony, attended by the event’s patron, Dr Subeeh Al-Mukhaizeem, Minister of Electricity, Water & Renewable Energy, alongside Nawaf Al-Gharabally, CEO of Zain Kuwait, ministry officials, company executives, and a distinguished group of local and international experts in energy and sustainability. This participation came as part of Zain’s ongoing strategy to strengthen its presence in national initiatives aimed at reinforcing the principles of sustainability and digital transformation. The company firmly believes in the importance of harnessing modern technologies to serve Kuwait’s environmental and developmental objectives.
Minister Al-Mukhaizeem explores Zain’s sustainable solutions at the company’s booth.
Al-Gharabally with Zain’s team at the company’s booth in the exhibition.
During the event, Zain hosted a dedicated booth at the accompanying exhibition, where it showcased a range of its latest ICT solutions that support sustainable goals. These included innovations in smart cities, smart meters, and other solutions that help reduce carbon footprint and enhance energy efficiency. The company’s support to this national initiative reflects its continued role as a strategic government partner in the transition toward a sustainable digital economy. It also highlighted Zain Group’s broader commitment to achieving net-zero emissions by 2050, in line with global and regional efforts to combat climate change.
Zain also took the opportunity to highlight its Smart Meters Project, launched in collaboration with the Ministry of Electricity and Water back in 2017. The project marked a key milestone in upgrading Kuwait’s energy infrastructure and paved the way for the adoption of further smart and sustainable solutions nationwide. The company reiterated its support for initiatives and projects that advance the future of clean energy and contribute to building a comprehensive national sustainability ecosystem. It emphasized that collaboration between the public and private sectors remains the optimal path to achieving the country’s sustainable development goals.
Zain has set strategic targets to reduce its carbon footprint and aims to reach carbon neutrality by 2050. To this end, the company continues to explore cutting-edge technologies such as 5.5G, artificial intelligence, and renewable energy, which can help minimize the environmental impact of the ICT sector. Reinforcing its commitment to sustainability and clean energy initiatives, Zain recently installed a solar panel setup at the outdoor car park in its headquarters. The initiative promotes the use of clean energy to contribute to powering the company’s buildings and reducing its carbon emissions.
Reaffirmed its role as a strategic partner to the public sector in the journey toward a sustainable digital economy
KUWAIT: A massive dust storm hits Kuwait. Kuwait is currently experiencing strong northwesterly winds causing widespread dust storms, with wind speeds surpassing 60 kilometers per hour and visibility falling below 1,000 meters in several areas, particularly in exposed regions. – KUNA
KUWAIT: Acting Director of the Meteorology Department Dharar Al-Ali said Kuwait is currently experiencing strong northwesterly winds causing widespread dust storms, with wind speeds surpassing 60 kilometers per hour and visibility falling below 1,000 meters in several areas, particularly in exposed regions. Speaking to KUNA on Saturday, Al-Ali attributed the unstable weather conditions to the extension of a surface depression accompanied by a hot and dry air mass. This has led to rising temperatures, soil disintegration, and an increase in airborne dust.
He urged citizens and residents, especially those suffering from asthma and allergies, to wear protective masks when heading outdoors. Al-Ali also cautioned beachgoers about high sea waves, which may reach up to seven feet, and advised highway users to exercise extreme caution due to poor visibility. The official further called on the public to stay updated with the latest weather forecasts by following the Meteorology Department through its official website, mobile application, and social media platforms. — KUNA
KUWAIT: The Public Authority for Housing Welfare (PAHW) announced that Kuwait will host the third edition of the Gulf Housing Week from May 18 to 22, under the theme “Real Estate Development for Sustainable Housing.” Deputy Director General for Public Relations and Development and official spokesperson of PAHW, Omar Al-Ruwaih, said in a press statement that the event comes as part of ongoing efforts by Gulf Cooperation Council (GCC) states to strengthen regional cooperation in the housing sector.
The initiative aims to enhance integration, address key housing challenges, and promote the exchange of expertise to support sustainability and improve quality of life across the region. Al-Ruwaih noted that the event will feature a wide range of activities, including panel discussions, a specialized exhibition, and the second edition of the Gulf Housing Hackathon, which will see the participation of male and female students from across the GCC.
He emphasized that the week’s agenda is designed to foster collaboration, encourage best practices in housing and urban development, and highlight the latest technologies supporting sustainable housing solutions. The event will commence with the 47th meeting of the GCC Technical Committee on Housing Affairs. The following day will see the official opening ceremony and the inauguration of the accompanying exhibition. On May 20, the 26th meeting of senior housing officials will be held, culminating on May 22 with the 23rd meeting of GCC Ministers Responsible for Housing Affairs.
Al-Ruwaih stressed that Gulf Housing Week seeks to encourage public-private partnerships, promote innovative and sustainable housing initiatives, and contribute to the development of integrated, safe residential environments for GCC citizens. A series of panel sessions will take place over three days, covering topics such as real estate development prospects in Kuwait, public-private partnerships in PAHW projects, and financing strategies for sustainable housing. Discussions will also address smart applications in Gulf housing projects, technological innovations, and solutions to housing challenges faced by the region. — KUNA