The Capital Markets Authority of Kuwait (CMA Kuwait) has agreed with the Islamic Development Bank Institute (IsDBI) to collaborate in areas of mutual interest particularly in the areas related to Islamic Finance.
The Capital Markets Authority is responsible for regulating capital market activities in the State of Kuwait and aims to create a vibrant Islamic capital market based on fairness, competitiveness, and transparency.
It also works for developing the financial markets, diversifying and developing investment tools, striving to comply with international best practices, educating the public about securities activity and the benefits, risks, and obligations associated with investing in securities, and encouraging its development.
IsDBI, a member of the Islamic Development Bank (IsDB) Group, seeks to be a beacon of knowledge for the IsDB Group, and a pioneer in developing innovative, knowledge-based solutions to support the sustainable development of member countries and Muslim communities worldwide, guided by the principles of Islamic economics and finance.
The IsDB Institute and the CMA Kuwait will expand areas of cooperation, strengthen coordination, and exchange experience in relevant areas of mutual interest. Both parties realize that coordination and cooperation will increase the effectiveness of activities and efforts, aimed at developing Islamic financial institutions and supporting socio-economic development.
The strategic plan of the CMA includes the initiative to develop the Islamic capital market in Kuwait, which aligns with the IsDBI’s mandate to lead the development of innovative, knowledge-based Islamic finance solutions to support sustainable development for IsDB Member Countries and Muslim communities worldwide.
Accordingly, the two parties signed an MoU to facilitate and coordinate technical cooperation between the two parties in areas of common interest. In particular, the collaboration involves conducting the necessary studies to analyze the current status of the Islamic financial industry, benchmarking with the best international practices, and formulating a road map for the development of a vibrant Islamic capital market in the State of Kuwait, as well as benefiting from the capacity building programs provided by the IsDBI.
