Press Releases

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), stated that on 9th of February 2010, the Minister of Finance issued the Decision No. (7) regarding the registration of Al-Rajhi Banking & Investment Corporation (Al-Rajhi Bank) branch in the CBK Islamic Bank Register. Accordingly, the registration was made on that date.

The registration of Al-Rajhi Banking & Investment Corporation (Al-Rajhi Bank) branch is carried out in accordance with the provisions of Law No. 32/1968 concerning Currency, Central Bank of Kuwait, and the Organization of Banking Business, amended by Law No. 28/2004 by virtue of which foreign banks are allowed to open branches in the State of Kuwait.

H.E. the Governor explained that the mentioned branch is the first foreign bank branch that practice the work of Islamic Banks, within the permitted scope of activities provided for local Islamic banks operating in the State of Kuwait according to Article (90) of Law No. 32/1968 mentioned above.

H.E. the Governor pointed out that Al-Rajhi Banking & Investment Corporation (Al-Rajhi Bank) branch is the fifth branch of national banks of the Gulf Cooperation Council Countries (GCC) registered in the CBK Bank Register. Prior to this, there was a registration of the National Bank of Abu Dhabi branch, the National Bank of Qatar branch, the Doha Bank branch, and Mashreq Bank branch. Also the mentioned branch is the eighth foreign bank branch registered in the CBK Bank Register since the promulgation of recent legislation that allows the presence of foreign bank branches in the banking arena in Kuwait.

H.E. the Governor concluded his statement indicating that the presence of foreign banks in the State of Kuwait would lead to the expansion of the banking system base and reinforce competition that would in turn lead to the improvement of the banking business in the interest of banks, customers and the national economy.