A report issued by the credit rating agency "Moody's" showed that Kuwait is one of the smallest countries in the world, but one of the most dynamic countries with the growth of Islamic finance.
According to the agency, with the exception of Saudi Arabia, which is the leader in the field of Islamic finance, banking services compliant with Islamic law in Kuwait have a large imprint, it is one of the fastest growing markets in the Middle East, the average growth in the Islamic finance industry was 8 percent between December 2016 and December 2021, double the pace of conventional lending of 4.6 percent. This growth is being driven by the steady demand for Islamic law-compliant products, which include corporate and individual customers and reach a large workforce that needs banking services.
“Moody's” expected continued growth in 2022, as high oil prices promote economic recovery from the pandemic, which benefit from Islamic and conventional banks. The penetration of Islamic finance in Kuwait is 42 percent. It is among the highest in the major markets of the Islamic finance industry. Financing assets amounted to $85 billion in September 2021, compared to $79 billion in December 2020.
Source (Al-Rai Kuwaiti Newspaper, Edited)
