Chairman of the Supreme Consultative Committee on the Implementation of the Provisions of Sharia Khalid Mazkour Abdulla Al-Mazkour stressed that the experiment of Islamic banking in Kuwait is advanced.
Kuwait has a specialised law on Islamic banking that sets a framework of the relation between the Central Bank of Kuwait and other banks; these regulations led to the rise of the number of Islamic banks in the country to six, Al-Mazkour told KUNA here on Wednesday.
Al-Mazkour is taking part in the two-day First International Conference for Islamic Finance and Banking that started in Amman today, organized by the Islamic Finance and Banking Department at the Faculty of Sharia, the University of Jordan.
He also commended the role by Islamic banking for enriching banking activities and boosting efforts for development in Kuwait.
On the major challenges facing the Arab Islamic banking, Al-Mazkour said that they are topped with how to understand Islamic economy, which requires educating those involved in the field on it.
Another challenge is the relation between central banks and Islamic banks, an obstacle Kuwait has overcome through a specialized law, he said.
The conference sheds light on the significance of Islamic banking which has noticeably developed over the past few years. It also discusses challenges facing it.
Addressing the conference President of the University of Jordan Akhlif Al-Tarawna, said that the endurance of Islamic banks at the face of the financial mayhem that hit the world economy some years before, let Islamic banking emerge as a safe haven against such crises.
Participants revealed that some Western countries whose economies were hard hit by the 2008 financial crisis, have entrusted their educational institutions with conducting studies and researches on Islamic economy, especially Islamic banking.