"Central Bank" Approves Full Conversion of "Gulf Bank" to an Islamic Bank

Gulf Bank announced yesterday that it has received approval from the Central Bank of Kuwait for the full conversion to operate in accordance with Islamic Sharia principles, and to proceed with the conversion procedures.

In an official disclosure posted on the Kuwait Stock Exchange website, the bank stated that this action is taken “in compliance with the provisions of Book Ten, Chapter Four of Decision No. 72 of 2015 regarding the issuance of the Executive Regulations for Law No. 7 of 2010 on establishing the Capital Markets Authority and regulating securities activities and its amendments, concerning the disclosure of material information and the mechanism for announcing it.”

The bank added: “In continuation of our disclosure dated August 18, 2026, regarding Gulf Bank’s submission to the Central Bank of Kuwait of all regulatory and operational requirements outlined in the Central Bank’s letter dated August 18, 2025, which contained its preliminary approval for Gulf Bank’s conversion into a Sharia-compliant bank, we have therefore requested approval to proceed with the procedures for Gulf Bank’s conversion into a Sharia-compliant bank.”

It further noted: “We wish to inform you that our bank obtained approval from the Central Bank of Kuwait on the 4th for the full conversion of Gulf Bank to operate in accordance with Islamic Sharia principles and to proceed with the conversion procedures. It should be noted that, upon completion of these procedures, an application must be submitted to the Central Bank of Kuwait to remove the bank from the register of conventional banks and register it in the register of Islamic banks. We emphasize that our bank is not permitted to conduct Islamic banking activities before being registered in the Central Bank of Kuwait’s register of Islamic banks.”

On this occasion, Ahmed Mohammed Al-Bahar, Chairman of the Board of Directors of Gulf Bank, said: “We congratulate our shareholders, clients, and employees on reaching this pivotal stage in Gulf Bank’s journey toward becoming a Sharia-compliant bank, which brings us all further opportunities for development and growth.”

Al-Bahar added: “We are proud of this achievement, which embodies our commitment to our strategic vision and our aspiration to continue developing the bank’s operations and enhancing its ability to meet the expectations of its clients and shareholders. We also confirm that this achievement marks the beginning of a new phase that requires continued work at the highest levels of efficiency and professionalism to ensure the smooth and successful completion of the conversion process.”

He concluded his remarks by saying: “I would like to extend my thanks and appreciation to all Gulf Bank employees for their efforts and dedication. I also offer my sincere gratitude to the Central Bank of Kuwait for its cooperation and support in completing this project with the utmost professionalism.”

Gulf 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 conversion to a Sharia-compliant bank, as well as disclosing any material developments in this regard.