Lying at the tip of the Arabian Gulf, Kuwait is a member of the Organisation of the Petroleum Exporting Countries (OPEC), sitting on large proven oil reserves, and has an economy rivalling some of the world’s strongest, backed by years of accumulated budget surpluses. Supported by advantageous financial conditions and tight regulations from the country’s central bank, Kuwait’s banking sector remains secure despite economic strife elsewhere in the region.
Founded in 1973, Kuwait International Bank (KIB) has grown to become one of the country’s most active institutions – especially within the Islamic finance sector, after it became fully sharia-compliant in 2007. Massoud Antoun, General Manager and Head of International Banking at KIB, spoke to World Finance about the country’s changing financial sector, how KIB is playing a part in the national development plan – through which Kuwait is to spend $100bn – and how the bank is growing its international correspondent banking network, while holding its own in a highly competitive environment.
