Press Releases

In an effort to enhance the governance of Shar’iah supervision in the Islamic banks in Kuwait, and reinforce Shari’ah auditing in such banks, the Central Bank of Kuwait (CBK) launched the fourth round of the Certified Shari’ah Auditor Certificate Program within the Kafa’a Initiative. The Kafa’a Inititative was launched by the CBK in collaboration with Kuwaiti banks and is managed by the Institute of Banking Studies (IBS).

This came in a statement in which H.E. Dr. Mohammad Y. Al-Hashel, Governor of the Central Bank of Kuwait and Chairman of the Board of Directors of the Institute of Banking Studies, stated the importance of this program aimed at strengthening Shari’ah auditing in the Islamic Shari’ah -compliant financial institutions, as auditing is considered one of the basics of Shari’ah governance, particularly in light of the changes in the Islamic banking sector and the banking industry in general.

Dr. Al-Hashel added, the program was launched to meet the need for more qualified resources in the field of Shari’ah audit . He also mentioned the great demand witnessed in the past sessions of this program, from which 100 Certified Shari’ah Auditors graduated, after passing all the requirements to obtain this certificate, which has become mandatory for practicing Shari’ah audit work on CBK- and Capital Markets Authority (CMA)-regulated Islamic banking and financial entities.

The Governor added that developing technical and professional qualified cadres in all aspects of financial, economic and banking business in the State of Kuwait, including Islamic Shari’ah-compliant financial and banking services, is a strategic direction of the CBK, CMA and Centre for Islamic Economic (CIE). Therefore, CBK is keen to support the banking and financial sector in Kuwait, with highly trained and qualified cadres in the areas necessary for the banking system’s work, and develop human capital capable of pushing the banking industry in Kuwait to further development and leadership.

On December 20, 2016, the CBK issued instructions regarding “ Shari’ah Supervisory Governance in in Kuwaiti Islamic Banks”, including a set of elements regulating the governance of Shari’ah supervision, and the general requirements of the governance of Shari’ah supervision, its principles, the roles of the board of directors, the executive management and the Shari’ah Supervisory Board, the internal and external Shari’ah audit, the scope and objectives of the Shari’ah audit as well as the required conditions and qualifications. Passing the certificate of the Certified Shari’ah Auditor is one of the mandatory requirements for the entities subject to the supervision of the CBK and CMA, which are compatible with Islamic Shari’ah.

The Governor concluded his statement by referring to the most prominent features of this certificate, which focus on the aspects of knowledge of the Islamic financial industry, as well as on the practical and applied aspects in the field of Shari’ah audit, according to best practices and the latest scientific materials in this regard. The Shari’ah Auditor Certificate is certified by the CBK, CMA, and CIE.

For more information about the Certified Shari’ah Auditor Certificate and registration, refer to the website www.kafaakw.org