Ahmad Duaij Al-Sabah, chairman of the Kuwait Banking Association, highlighted promising opportunities for cooperation between the banking sectors of Kuwait and the UAE.
Publish dateTuesday 4 February 2025 - 21:26
According to Amac News: He noted that both countries can cooperate in co-financing investment projects, developing renewable energy initiatives, exchanging experiences and talents, promoting sustainable development, and leveraging experiences in digital transformation and innovation.
Speaking on the sidelines of the UAE-Kuwait Week, which began yesterday, Monday, January 3, in Dubai, he highlighted the pivotal role of Kuwait’s banking sector in strengthening financial stability and stimulating economic growth. He attributed this success to its strength, resilience, strong capital reserves, high liquidity and low level of non-performing loans.
These factors, he said, reflect the prudent supervisory framework of the Central Bank of Kuwait and effective risk management strategies that have allowed the sector to successfully weather crises and economic shocks.
Sheikh Ahmed referred to the latest data from the Central Bank of Kuwait as of September 2024, saying that the capital adequacy ratio (CAR) reached 18.2 percent, exceeding the minimum requirement of Basel III standards.
The liquidity ratio also reached 22.2 percent, and the ratio of non-performing loans to total loans was only 1.7 percent, one of the lowest in the region. The coverage ratio of non-performing loans was also 255.5 percent.
The head of the Kuwait Banking Association added that these strong financial indicators contribute to the high credit ratings assigned to Kuwaiti banks by global rating agencies.
He also pointed to the developments in Kuwait’s fintech sector and the transformation of digital banking, placing Kuwait among the most technologically advanced countries in the region.
Speaking on the sidelines of the UAE-Kuwait Week, which began yesterday, Monday, January 3, in Dubai, he highlighted the pivotal role of Kuwait’s banking sector in strengthening financial stability and stimulating economic growth. He attributed this success to its strength, resilience, strong capital reserves, high liquidity and low level of non-performing loans.
These factors, he said, reflect the prudent supervisory framework of the Central Bank of Kuwait and effective risk management strategies that have allowed the sector to successfully weather crises and economic shocks.
Sheikh Ahmed referred to the latest data from the Central Bank of Kuwait as of September 2024, saying that the capital adequacy ratio (CAR) reached 18.2 percent, exceeding the minimum requirement of Basel III standards.
The liquidity ratio also reached 22.2 percent, and the ratio of non-performing loans to total loans was only 1.7 percent, one of the lowest in the region. The coverage ratio of non-performing loans was also 255.5 percent.
The head of the Kuwait Banking Association added that these strong financial indicators contribute to the high credit ratings assigned to Kuwaiti banks by global rating agencies.
He also pointed to the developments in Kuwait’s fintech sector and the transformation of digital banking, placing Kuwait among the most technologically advanced countries in the region.
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Source : news agency wam
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