"Al-Khalij" completes requirements for transition to an Islamic bank and seeks Central Bank approval

Gulf Bank announced the completion of regulatory and operational requirements for its transformation and requested approval from the Central Bank of Kuwait to proceed with the procedures for converting Gulf Bank into an Islamic-compliant bank, according to a statement issued by the Kuwait Stock Exchange on Wednesday.

Gulf Bank clarified that it had submitted to the Central Bank all requirements outlined in its letter dated August 18, 2025, regarding the preliminary approval for its transformation into an Islamic-compliant bank, and stated its request for approval to move forward with the transformation procedures. The bank added, “We are awaiting the Central Bank of Kuwait’s opinion on the measures taken by our bank in this regard. We reaffirm Gulf Bank’s commitment to applicable laws and regulations, including obtaining any approvals required from regulatory authorities as part of its transformation into an Islamic-compliant bank.” Gulf Bank noted that it would disclose any material developments regarding this matter.

The Central Bank of Kuwait had granted preliminary approval a year ago for Gulf Bank’s transformation into an Islamic-compliant bank, subject to 10 technical, legal, and procedural requirements. Among these was the bank’s obligation to complete all regulatory and operational requirements for the transformation within an initial one-year period. According to the latest published data, Gulf Bank reported a profit of 27.43 million Kuwaiti dinars in the first half of 2026, representing a 14.1% increase compared to the 24.04 million dinars recorded in the same period of the previous year.