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Thu 2 Apr 2015 09:53 AM

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Kuwaiti banker fined $12m for charging too much interest

The bank employee also was jailed for six months but was acquitted of money laundering

Kuwaiti banker fined $12m for charging too much interest

A Kuwaiti bank employee has been jailed and fined KD3.6 million ($12 million) for charging excessive interest on loans, Kuwait Times has reported.

The court of first instance had sentenced him to five years’ jail but on Wednesday the appeals court downgraded the sentence to six months’ after acquitting him of money laundering.

Charging or earning interest is haram under Islamic Shariah law. The report did not detail whether the bank clients were Muslims.