Central Bank of Kuwait Approves Establishment of Shariah Supervision Committee

The Central Bank of Kuwait (CBK) has recently approved the establishment of the Higher Committee of Shariah Supervision (the Committee), according to media reports.

The establishment of the Committee will maintain financial stability and strengthen Shariah supervision and compliance in Islamic banking and financial institutions in line with international best practices, according to a recent statement released by CBK.

The Committee will present proposals and suggestions to CBK regarding Shariah compliance of financial transactions with Islamic banks and financial institutions, in addition to proposing general guidelines for products and services offered. The Committee will also pro...