Press Releases

Press Release: CBK Issues Instructions on Shariah Supervisory Governance for Kuwaiti Islamic Banks

20.12.16 His Excellency, the Governor of the Central Bank of Kuwait (CBK), Dr. Mohammad Y. Al Hashel announced that the CBK Board of Directors has resolved, in its session held on December 20th, 2016, to issue instructions on “Shariah Supervisory Governance for Kuwaiti Islamic Banks.”  The issuance of these instructions are in line with the continuing efforts exerted by the CBK to promote Islamic banking activities in the State of Kuwait and accordingly to develop Shariah supervisory regulations for Islamic banks as per applicable best practices.  The aforesaid instructions replace the CBK’s instructions regarding “Rules and Conditions for the Appointment and Responsibilities of the Shariah Supervisory Board in Islamic Banks” issued on June 15th and June 19th, 2003 and complement the instructions related to “Rules & Standards of Corporate Governance in Kuwaiti Banks” issued in 2012.