|19 February, 2020

Kuwait parliament approves bill to establish sharia board -KUNA

The central bank will take over the supervision of the banking sector and ensure it abides by Islamic law

Kuwaitis parliament.

Kuwaitis parliament.

Getty Images/Mohammad J. Taqi

DUBAI - Kuwait's parliament approved on Wednesday a draft law to establish a sharia board to oversee banking and islamic finance, state new agency KUNA reported.

The central bank will take over the supervision of the banking sector and ensure it abides by Islamic law. The bank will form the new board and dictate its operations, it added.

(Reporting by Aziz El Yaakoubi; editing by John Stonestreet) ((aziz.elyaakoubi@thomsonreuters.com; +971552994086; Reuters Messaging: aziz.elyaakoubi.reuters.com@reuters.net))

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