Central Bank Approves Full Conversion of Gulf Bank to Islamic Banking

Gulf Bank announced that it has obtained approval from the Central Bank of Kuwait to fully convert its operations in accordance with Islamic Sharia law and to proceed with the conversion procedures.

In a disclosure to the Kuwait Stock Exchange, Gulf Bank stated that, after completing the necessary procedures, it must submit a request to the Central Bank of Kuwait to be removed from the register of conventional banks and registered in the register of Islamic banks. The bank emphasized that it is not permitted to conduct Islamic banking activities until it is registered in the Islamic banks register with the Central Bank.

The bank reaffirmed its commitment to applicable laws and regulations, including obtaining any approvals that may be required from regulatory authorities as part of Gulf Bank’s transformation into a Sharia-compliant bank.