Introduction of The Banking Sector
Banks are the backbone of an economy. Economic development of any country strongly depends on banking sector of that country.
Central Bank of Kuwait is the Central Bank, which was established in 1969. Objectives of Central Bank of Kuwait are, to look after the monetary policy & credit policy of the country, issue Kuwaiti Dinar (KD), act as a financial advisor to commercial banks and control the banking system.
E-banking plays a vital role in promoting economic advancement of a country. Banks in Kuwait have changed completely towards modern Internet or e-banking which provides new and traditional banking system. Hence all the financial transactions, funds transfer, payments and investments are done on line.
The Banking sector in Kuwait consists of Local Banks, commercial Banks, non commercial Banks, Islamic Banks, Foreign Banks, Domestic Private Banks and specialized banks. All these banks are regulated by the Central Bank of Kuwait.
Local Banks include the following in Kuwait:
COMMERCIAL BANKS:
- National Bank of Kuwait (NBK)
- Commercial Bank of Kuwait (CBK)
- Gulf Bank (GB)
- Al-Ahli Bank of Kuwait (ABK)
- The Bank of Kuwait & the Middle East (BKME)
- Burgan Bank (BB)
- The Branch of the Bank of Bahrain & Kuwait
- The Branch of the BNP Paribas Bank
- The Branch of HSBC Middle East Bank
- The Branch of the National Bank of Abu Dhabi
- The Branch of Citibank
SPECIALIZED BANKS
- Kuwait Real Estate Bank (KREB)
- Industrial Bank of Kuwait
BANKS ACCORDING TO THE PROVISIONS OF ISLAMIC SHARIA
- Kuwait Finance House (KFH)
- Boubyan Bank
See Also:
BNKI619: Internship Report (Banking) by Mehreen Humayun