KUWAIT, July 18 (KUNA) -- CEO of Kuwait Finance House (KFH) Mohammed Al-Omar welcomed Saturday the new competitors among Islamic banks and their traditional counterparts, and praised their role in boosting service levels and in the development of the banking industry in general.
In a press release, Al-Omar said that the establishment or acquisition of a bank served Islamic finance and reflected KFH's success, while adding a new dimension to the Kuwaiti economy.
He noted that after KFH was established, many Sharia-compliant companies were established, and there were many companies that were switching to Islamic finance, and noted that the Kuwaiti market had three other Islamic banks, and a fourth was being established.
The establishment of these Islamic banks, Al-Omar said, was "not on the expense of KFH's market share, since KFH's market share increased to reach 25 percent per year, which allowed KFH to become an international bank, especially after its success in the local market." Moreover, Al-Omar said that KFH was glad that other banks and companies were becoming Sharia-compliant, since there was a growing demand for Islamic products and services in Kuwait and the region, which would allow clients to select what suited them from a number of alternatives. (end) amf.ema KUNA 180905 Jul 09NNNN