Kuwaiti shares rebound slightly

22 September 2010

Thanks to slightly recovering oil prices, the Kuwait Stock Exchange (KSE) added 0.36% to close at 6,845.3 points. Shares of Islamic bank Boubyan touched a new year year as it added 1.61% to close at KD0.620. Boubyan Bank is the largest shareholder at Bank of London and Middle East (BLME), one of five Sharia banks in the UK. Kuwait’s central bank governor, Sheikh Salem Abdul-Aziz al-Sabah, has said that with five registered Kuwaiti Islamic lenders and Saudi Arabia’s Al-Rajhi Bank, the country is saturated with Islamic banks, Reuters has reported. “I believe that with this the Kuwaiti market has reached saturation point for Islamic banks at this stage,” the governor was quoted as saying by a local newspaper.

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