INTERNATIONAL BANKING IN KUWAIT

This research examines international banking in Kuwait. The structure of the presentation of the research findings is as follows:

Origins and evolution of international banking in Kuwait

Organization of international banking in Kuwait, together with the major participants in financial banking in Kuwait

Types of products and services offered by international banks in Kuwait

Outlook for the future of international banking in Kuwait

A statistical appendix (providing data relevant to international banking in Kuwait)

Origins and Evolution of International Banking in Kuwait

Kuwait gained political independence from the United Kingdom in 1961. During the three decades before independence, the Indian rupee was the principal currency in Kuwait and a British bank served Kuwait's banking needs. The creation of the Central Bank of Kuwait preceded independence in 1959, and the Central Bank introduced the Kuwaiti dinar on the day of independence.

The establishment of the British bank in Kuwait occurred in 1941, and the bank received a 30-year concession. At the end if the concession in 1971, the Kuwaiti government acquired a 51 percent equity position in the former British bank. The establishment of the National Bank of Kuwait in 1952 with all Kuwaiti ownership also preceded independence. The formation of several more banks after independence created the current banking system in Kuwait. After acquiring the British bank, the K

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maining within the boundaries of the unchanging principles (El Araby, 1997). In Islam, any enterprise � economic or otherwise � may be an act of devotion, if entered into with the correct intentions. The welfare of the whole of the human race according to the will of God is the ultimate goal of all Islamic economic activity. The social responsibilities of business organizations are part of the moral obligations of the individuals operating such organizations in an Islamic society (El Araby, 1997). The Qu`aran and Islamic tradition look with favor on trade and production and on the profits earned from such activities. The Prophet (Blessed be His Holy Name) said that merchants "are the messengers of this world and God's faithful trustees on earth" (Arberry, 1994, p. 206). The Qu`aran also accepts the concept of private property and the existence of different levels of wealth and wages. Thus, within the context of these principles, the functioning of a western style business is generally consistent with Islam. There are other Islamic economic principles, however, which will likely cause problems, unless they are understood and effectively addressed. Chief among such concerns is the Islamic prohibition of the charging of inte

Category: Economics - I