Kuwait banking sector is one of the strongest in the region with a supportive regulator. According to Capital Standards, there are a total of 10 local banks and 9 international banks currently operating in Kuwait.
In 2010 in terms of the share of Islamic banking industry by country, Kuwait's Islamic banking sector accounted for 34.3 percent of the country's total banking assets. Kuwait ranked first among the GCC countries in terms of total assets while Saudi Arabia and the United Arab Emirates (UAE) have risen among the countries that promote Islamic finance products and services, according to the report issued by KFH Research Ltd. For more information visit structure of Kuwait Banking system.
Top Islamic Banks in Kuwait
Kuwait Finance House
KFH was established in 1977. With total assets of $48 billion on Sept. 30, 2011, KFH is the largest bank in Kuwait. KFH has roughly 31% market share of total asset in Kuwait. KFH successfully expanded in the region and now has presence in Kuwait, Saudi Arabia, UAE, Bahrain, Malaysia, the Cayman Islands and Turkey. KFH has 212 branches globally and 15 consolidated subsidiaries. The Kuwait Investment Authority holds the largest stake in KFH (24%). The bank is rated by international agencies S&P, Moody's and Fitch as A-, Aa3 and A+.
Assets: USD 48 billion in 2011
Boubyan Bank is a Kuwaiti bank established in 2004 by Amiri Decree No. 88 with a paid-up capital of 100 million Kuwaiti Dinars. In 2010 NBK raised its stake in Boubyan Bank to 27.5% after acquiring 13.2% of the KIA's holding in the Islamic bank.
Assets: USD 5,4 billion in 2011
International Bank of Kuwait
Kuwait International Bank [KIB], a bank that operates according to the Islamic Shari’ah from 1st of July 2007, is a public quoted company. Co-established as Kuwait Real Estate Bank (KREB) in 1973, by the Founder & Chairman of the Bukhamseen Group. KIB is in the process of expanding from its current seven branches to over 20, and currently offers a full range of Islamic retail and commercial banking products. Al Hoda for Hotels & Tourism Co. owned by the Bu Khamseen Holding owns 17% share in the bank.
Assets: USD 4 billion in 2011
Al Ahli United Bank
AUB is a fully-fledged commercial institution and investment bank
Assets of the Group: USD 27.6 billion in 2011 (USD 9 billion in Kuwait)
Abdullah Sulaiman Al Rajhi | Chairman
Subsidiary of Al Rajhi Bank, established in 1957, is the largest Islamic banking group in the world with Total Assets of around USD 46 Billion.
Assets of the Group: USD 46 Billion in 2011