Gulf Bank receives Central Bank approval for full conversion to an Islamic bank

Gulf Bank announced on Thursday that it has received 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 published on the Kuwait Stock Exchange website, the bank stated that, after completing these procedures, it must submit an application to the Central Bank of Kuwait to have its name removed from the register of conventional banks, as it is not permitted to conduct Islamic banking activities before being registered in the Islamic banks register maintained by the Central Bank. Gulf Bank affirmed, in line with its disclosure, its commitment to applicable laws and regulations, including obtaining any approvals required from regulatory authorities as part of its transition to a Sharia-compliant bank. (End) F.N.K./H.T./Kh.D.A.