Sharia Governance Instructions for Islamic Financial Industry Institutions in Kuwait: Historical study


October 4, 2020
Sharia Governance Instructions for Islamic Financial Industry Institutions in Kuwait: Historical study
Muhammad Abdur Rahman Al-Shurafa, Ahmad Sufian Bin Che Abdullah, and Kamaruzaman Bin Nordin

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Issue

This research aims to identify the Shariah governance of Islamic financial institutions in the State of Kuwait by focusing on the most important historical developments of regulations and laws issued by the relevant supervisory bodies such as the Central Bank of Kuwait, The Capital Markets Authority and the Ministry of Commerce and Industry, while highlighting some statistics related to Islamic financial institutions in this Aspect and documenting the most important events. The study relies on the descriptive approach in reviewing the most important stages and developments in the Islamic financial industry and Sharia governance in Kuwait, and the historical approach in documenting the experience of Shariah governance in Kuwait. The study concluded that Kuwait has a model of Shariah governance at the level of the Islamic financial industry that cannot be overlooked and this model that includes many historical events take precedence over the Kuwaiti experience in mandatory external Sharia audit at the level of Islamic capital markets globally, and this study is one of the first studies documenting the history of the Islamic financial industry and Shariah governance in the State of Kuwait. Key words: Sharia Governance, Islamic Financial Industry, State of Kuwait.

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