Gulf Bank granted CBK approval to proceed with conversion to a bank compliant with Islamic Sharia

06/11/2026 07:46 AST

Gulf Bank announced on November 5, 2026 that the Central Bank of Kuwait (CBK) has approved its full conversion to a bank compliant with Islamic Sharia and authorized it to proceed with the conversion process. The approval was granted on November 4, 2026.

In a disclosure to Boursa Kuwait, the Bank said it had completed the regulatory and operational requirements specified in the CBK's preliminary approval dated August 18, 2025, as previously disclosed on August 18, 2026. The Bank subsequently sought the CBK's approval to proceed with the conversion.

Upon completion of the required procedures, Gulf Bank must apply to the CBK for removal from the Register of Conventional Banks and registration in the Register of Islamic Banks. The Bank is not permitted to commence Islamic banking operations until it has been registered in the CBK's Register of Islamic Banks. The disclosure was made in accordance with the requirements governing material information under Chapter Four of Module Ten (Disclosure and Transparency) of the Capital Markets Authority's Executive Bylaws, issued under Resolution No 72 of 2015 pursuant to Law No 7 of 2010 Regarding the Establishment of the Capital Markets Authority and Regulating Securities Activities, as amended.

Commenting on the approval, Gulf Bank Chairman Ahmad Mohammad Al-Bahar said: "This approval marks a strategic milestone in Gulf Bank's conversion into an Islamic Sharia-compliant bank.. I congratulate our shareholders, customers, and employees as we take this important step toward unlocking new opportunities that will further enhance the value we deliver to all stakeholders and support sustainable, long-term growth."

He added: "We are proud of this achievement, which reflects the progress made in advancing the Bank's strategic vision and positioning its business to meet the evolving aspirations of our customers and shareholders. The next phase calls for the highest standards of efficiency and professionalism as we work to ensure a smooth and successful conversion."

Al-Bahar expressed his appreciation to Gulf Bank's employees for their efforts and dedication, and thanked the CBK for its cooperation and professional support throughout the project. Gulf Bank reaffirmed its commitment to complying with all applicable laws and regulatory requirements, obtaining any further approvals required for the conversion, and disclosing any material developments.

Kuwait Times