Gulf Bank wins Kuwaiti central bank approval to convert to Islamic bank
The Central Bank of Kuwait approved Gulf Bank's full conversion into a Sharia-compliant bank after it completed the regulatory and operational requirements.
The Central Bank of Kuwait approved on 4 November the full conversion of Gulf Bank into a Sharia-compliant bank.
Gulf Bank said it had completed the regulatory and operational requirements linked to the preliminary approval it received from the central bank in August 2025.
The bank still has to move from the conventional banks register to the Islamic banks register before it can actually begin its Islamic operations.
The conversion represents an important regulatory step in the bank's path, as it changes the nature of its activities and supervisory frameworks before the launch of Sharia-compliant services.
What do these terms mean?
Sharia-compliant bank: A bank that provides its financial services in accordance with Sharia, such as avoiding conventional interest and using participation-based financing.
Preliminary approval: An initial approval from the regulator that allows the bank to begin completing procedures before obtaining final approval.
Regulatory register: An official database in which the central bank classifies banks by type of activity, conventional or Islamic.
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