Islamic Banks in Kuwait | Kuwait’s Largest 5 Islamic Banks
Marcopolis.net has been ranking the top banks in Kuwait since 2010, regularly updating the list according to the latest available Kuwait’s banking sector data. Which bank is Kuwait’s biggest Bank? Which one is the best bank in Kuwait? The following list ranks Kuwait’s top banks by assets. Traditionally, the largest bank in Kuwait is NBK, followed by Gulf Bank and Al Ahli Bank of Kuwait. View our latest ranking of banks in Kuwait.
Top Banks in Kuwait
Largest Banks in Kuwait
Marcopolis.net has been ranking the top Islamic banks in Kuwait since 2010, regularly updating the list according to the latest available Kuwait’s Islamic banking sector data.
Which bank is Kuwait’s biggest Islamic bank? Which one is the best Islamic bank in Kuwait? The following list ranks Kuwait’s top Islamic banks by assets. Traditionally, the largest Islamic bank in Kuwait is Kuwait Finance House (KFH), followed by Commercial Bank of Kuwait (CBK) and Ahli United Bank (AUB).
Islamic finance, a system of banking based exclusively on the principles of Sharia law, and nowadays a very vital element of the Gulf’s banking industry, continues to thrive. In spite of economic challenges facing the region, Islamic finance has been expanding rapidly in recent years. Kuwait’s Islamic banking industry is not an exception to this trend.
The growth of Islamic banking is therefore putting significant pressure on traditional financial institutions that are prompted to diversify their operations and introduce Sharia-compliant services.
According to EY’s calculations, Islamic banking assets now account for 45.2 percent of Kuwait’s total banking assets in 2016, and this figure is only expected to rise as the industry continues to grow. KFH, the leading Islamic banking institution in Kuwait, is also the second largest Islamic financial institution in the world.
Instructions of Central Bank of Kuwait for Islamic Banks can be accessed here http://www.cbk.gov.kw/en/supervision/cbk-regulations-and-instructions/instructions-for-islamic-banks.jsp.
Note: click on the following links to access other top banks lists according to other criteria: investment banks in Kuwait, foreign banks in Kuwait.
The following is the ranking of the best Islamic banks in Kuwait.
The List of Top Islamic Banks in Kuwait
| Rank | Company | Country | Industry | Chairman | Total Assets (2016) | Description |
|---|---|---|---|---|---|---|
| 1 | Kuwait | Banking & financial services | Hamad Abdulmohsen Al-Marzook | USD 55.5bn | Market Capital as of May 2016 $8.2 Billion USD. Kuwait Finance House was founded in 1977. It is considered a pioneer in Islamic Finance banking or Sharia compliant banking. KFH is the second largest Islamic financial institution in the world. It is one of the biggest lenders in both the local and the regional markets. Kuwait Finance House is a publically listed company on the Kuwait Stock Exchange and the largest shareholder in the Kuwait Investment Authority. | |
| 2 | Kuwait | Banking & financial services | Ali Mousa Al-Mousa | USD 13.4bn | Market Capital as of 2016 $2 Billion USD. Commercial Bank of Kuwait is one of the largest financial institutions in Kuwait. Established in 1960 it is the second oldest bank in Kuwait. The Bank is one of the leading lenders to diverse power, construction and infrastructure projects in Kuwait. | |
| 3 | Kuwait | Banking & financial services | Dr. Anwar Ali Al Mudhaf | USD 13.31bn | Ahli United Bank B.S.C. (AUB) reported a net profit attributable to its equity shareholders of US$ 159.4 million for the quarter ended 31 March 2017. The net profit reflected an increase of 3.1% in Q1/2017 as compared to the comparative net profit figure of US$ 154.6 million achieved in Q1/2016. | |
| 4 | Kuwait | Banking & financial services | Mahmoud Yousef Al-Fulaij | USD 11.53bn | Boubyan Bank belongs to the fastest growing banks in Kuwait. The Bank’s indicators witnessed a remarkable growth during 2016 where the total assets increased to KD 3.5 billion at a growth rate of 11% while the operational revenues increased to reach KD 103.3 million with a growth rate of 13% in addition to the increase in customers’ deposits by 23%, amounting to KD 2.9 billion. | |
| 5 | Kuwait | Banking & financial services | Sheikh Mohammed Al-Jarrah Al-Sabah | USD 6bn | Kuwait International Bank became an exclusively Islamic bank in 2007, and maintaining a competitive edge in Kuwait’s Islamic banking industry has become a major priority for the bank. In 2016, KIB achieved a net profit of USD 44.3 million at the end of the Q3, up by 15% in comparison with the same period last year, when KIB’s net profit equaled to USD 38.7 million. |