Al Rajhi wins Kuwait licence approval


Saudi Arabia's Al Rajhi Bank has won approval to open a branch in Kuwait, the Gulf state's central bank said in a statement carried by the state news agency.

"The governor of the central bank Sheikh Salem Abdul-Aziz al-Sabah announced the initial approval to licence Al Rajhi Bank to open a branch in Kuwait," KUNA reported on Monday.

The world's largest Islamic lender is the latest regional lender to enter the Kuwaiti market.

Qatar National Bank and National Bank of Abu Dhabi have already started operating, while Doha Bank is expected to begin operations during the first half of 2008, KUNA said. (Reuters)