Five years ago, Kuwait had only one Islamic bank, but by 2010, the country will have five Islamic banks.  The announcement of the Central Bank of Kuwait (CBK) on Monday giving the green light for the Bank of Kuwait and the Middle East (BKME) to fully convert into an Islamic bank raises the number of Islamic banks in Kuwait to four, in addition to Warba Bank which is currently under establishment.

Isn’t it interesting that Kuwait, one of the wealthiest Gulf states, had only one Shariah Bank just 5 years ago and now will have 5 shortly? What has precipitated this conversion? Evidence suggests that the influence of the Muslim Brotherhood had something to do with it…


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