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BKME upon turning point as it converts to Sharia-compliant mode

KUWAIT, Jan 26 (KUNA) -- The Bank of Kuwait and the Middle East (BKME) expects 2010 to prove a year of major and strategic changes towards operation as an Islamic Sharia-compliant bank as of the second quarter, upon completion of procedures to obtain the required Amiri Decree approving the conversion.
A statement by the bank Tuesday added the preliminary procedures are complete, and the approval of the Central Bank of Kuwait had been obtained, and this enables a conversion in record time.
The timing for the conversion was strategic, it added, and particularly urged by shareholders led by the Public Institution for Social Security (PIFSS) and Tamdeen Group, and is proof of forethought and good reading and understanding of local, regional, and international developments.
Islamic banking is increasingly sought and was the least affected among banking modes in the recent global economic crisis, the statement further added.
In cooperation with a highly qualified team of specialists and Islamic legislation experts, the bank is to offer an array of new products and services that would bring it a sharper competitive edge, it said.(end) mfs.wsa KUNA 261236 Jan 10NNNN