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
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)
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