Gulf Bank Receives Central Bank Approval for Full Conversion to an Islamic Bank - Sarmad
Gulf Bank announced it has received approval from the Central Bank of Kuwait for full conversion to operate in accordance with Islamic Sharia provisions.
Translated by Qiyas from سرمد — Original source
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 a request 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.
According to its disclosure, Gulf Bank reaffirmed its commitment to applicable laws and regulations, including obtaining any approvals required from regulatory authorities as part of its transformation into a Sharia-compliant bank.
