The Commercial Bank of Kuwait was awaiting approval from the central bank to transform into an Islamic lender, a newspaper reported on Tuesday.
"CBK has made a request to the central bank to transform all its activities to comply with Islamic law after the central bank gave conventional banks the chance to transform within a limited period," Al Qabas newspaper quoted Chief Executive Jamal Al Mutawa as saying, paraphrasing his remarks.
"The presence of one or two other banking units that operate in line with sharia will not harm the market at all," Mutawa said.
CBK said on Sunday it could raise its stake in Syrian Islamic lender Cham Bank to up to 30 per cent from 10 per cent. (Reuters)
Follow Emirates 24|7 on Google News.