Kuwait proposes opening up to foreign banks

Kuwait's central bank governor said the bank is proposing an amendment to current banking laws to allow foreign banks to open branches in the country, a daily newspaper reported.

"We believe it is high time that foreign banks open branches in Kuwait," Sheik Salem Abdul-Aziz Al Sabah told Al-Qabas daily. He said foreign banks would increase competition among Kuwait's financial institutions.

Kuwait has six commercial banks and one Islamic banking firm. Islamic banking is based on profit-sharing

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