Press Releases

H.E. Sheikh Salem Abdulaziz Al-Sabah, the Governor of the Central Bank of Kuwait (CBK), stated that on 30th of March 2010, the Minister of Finance issued Decision No. (14) of the year 2010 regarding deletion of the bank of Kuwait and Middle East from the CBK bank register to be registered as "Ahli United Bank" in the CBK Islamic bank register. According to this decision, the bank of Kuwait and Middle East will be deleted from the CBK conventional bank register to be registered in the CBK Islamic bank register under no. (5) by its new name "Ahli United Bank", to start its activity in accordance with the provisions of the Islamic Sharia as from Thursday, 1st of April 2010.

H.E. the Governor explained that this decision comes as a conclusion to the whole bank transformation measures to work in accordance with the provisions of the Islamic Sharia, specifically Article No. (4) of Law No. 30/2003 where a special section on the Islamic banks was added to Part (3) of Law No. 32/1968 concerning Currency, Central Bank of Kuwait and Organization of Banking Business. According to that decision, the bank will start its activity in accordance with the provisions of the Islamic Sharia and refrain from businesses and activities that are not in accordance with the Islamic Sharia.

H.E. the Governor concluded his statement noting that registering Ahli United Bank in the CBK Islamic register, in addition to Kuwait Finance House, Boubyan Bank, Kuwait International Bank, a branch of Al Rajhi Bank (Saudi Islamic Bank), and Warba Bank which is expected to be registered during this year, will no doubt enhance the experience of applying the Law concerning Islamic banks in the State of Kuwait and enrich the competitive atmosphere in the domestic market, which will benefit the local banking system, customers and dealers.