It is no surprise that another Kuwaiti financial institution is becoming Shariah-compliant. But it does illustrate something about the whole march of Shariah compliance.
For many years, conventional banking and finance proliferated and even flourished in the oil-rich Islamic world. The march to Shariah-compliance is relatively recent and is more tied to political motives than religious and economic ones…
Commercial Bank of Kuwait, the Gulf state’s fifth largest lender by assets, said a majority of shareholders had approved a plan to convert the bank into a full-fledged Islamic lender…
http://in.reuters.com/article/2014/04/03/islamic-finance-kuwait-idINL5N0MV0XN20140403
