Gov't gives green light to creation of lender with capital of $364.8mn, state news agency reports.
Kuwait's government gave the green light on Monday for a third Islamic lender in the Gulf Arab state, state news agency Kuna said after a weekly cabinet meeting.
In July, parliament approved the creation of the Islamic lender with a capital of 100 million dinars ($364.8 million), 76% of which will be distributed to citizens in a public offering as part of sharing massive oil revenues.
The measure needs final approval by Kuwait's ruler.
Kuwait has currently two lenders that comply with Islamic law - Kuwait Finance House and its smaller rival Boubyan Bank.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.