Islamic Finance

Kuwait parliament approves formation of Shariah board for banking sector – KUNA

Kuwait’s parliament on Wednesday approved a bill to form a Shariah board to oversee the country’s banking sector, according to state news agency KUNA.

The law called for the formation of a “higher and independent inspection body” to ensure that Kuwaiti banks abide by Islamic law, KUNA reported.

The central bank of Kuwait will be responsible for forming the body and putting in place guidelines for its operations.

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