"Gulf Bank" Receives "CBK" Approval for Full Conversion to an Islamic Bank
Gulf Bank announced it has received approval from the Central Bank of Kuwait for full conversion to operate in accordance with Islamic Sharia principles, marking a new strategic step.
Translated by Qiyas from الوسط — Original source
- The Sea: We are proud of this achievement, which embodies our commitment to our strategic vision and our ambition to enhance the bank’s ability to meet the expectations of its clients and shareholders. This achievement marks the beginning of a new phase that requires continuing to work at the highest levels of efficiency and professionalism to complete the transformation process smoothly and successfully.
Gulf Bank announced yesterday that it had received approval from the Central Bank of Kuwait for a full conversion to operate in accordance with Islamic Sharia law, and to proceed with the transformation procedures.
In a formal disclosure on the Kuwait Stock Exchange website, the bank stated that, in accordance with the provisions of Book 10, Chapter 4 of Decision No. (72) of 2015 regarding the issuance of the executive regulations for Law No. (7) of 2010 on the establishment of the Capital Markets Authority and the regulation of securities activities and its amendments, which relate to 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 transformation into a Sharia-compliant bank. Accordingly, our bank requested approval to proceed with the procedures for Gulf Bank’s transformation into a Sharia-compliant bank.”
It continued: “We wish to inform you that our bank obtained the Central Bank of Kuwait’s approval on the 4th for the full conversion of Gulf Bank to operate in accordance with Islamic Sharia law and to proceed with the transformation procedures. It should be noted that, after completing these procedures, an application must be submitted to the Central Bank of Kuwait to delete 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.”
He added: “We are proud of this achievement, which reflects our commitment to our strategic vision and our ambition to continue developing the bank’s business 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 continuing to work at the highest levels of efficiency and professionalism to complete the transformation process smoothly and successfully.”
Ahmed Al-Bahar 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 professionalism and expertise.”
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 transformation into a Sharia-compliant bank, as well as disclosing any material developments in this regard.
