Four Kuwait Institutions Among Top Islamic Banks In 2023 - Arab Body

1/16/2025 10:58:03 AM

(MENAFN- Kuwait News Agency (KUNA)) BEIRUT, Jan 16 (KUNA) -- A pan-Arab banking body on Thursday named four Kuwaiti banks as among the top Islamic ones in the world for the year 2023, with total assets worth KD 161.4 billion.
The Islamic financial industry skyrocketed to nearly USD 3.38 trillion by the end of 2023, with the bulk of these assets concentrated in Gulf Cooperation Council member states, Union of Arab Banks (UAB) chief Wesam Fetouh said in a statement.
Churning out a cumulative asset value of USD 161.4 billion, the Kuwaiti banks, all of which comply with Sharia, or Islamic law, include Kuwait Finance House, National Bank of Kuwait, Kuwait International Bank and Industrial Bank of Kuwait, the UAB official said.
Some 77 Arab-based institutions, 19 of which are in Iraq, have appeared on the UK's "The Banker" magazine's list of top banks around the world, with a total asset value of nearly USD 1,410 billion, while the total value of assets in Gulf Arab banks complying with Islamic law stands at USD 1.8 trillion, which accounts for 52.5 percent of total Islamic assets, he added. (end)
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