Gulf Bank partners with Institute of Banking Studies to support transition to Sharia-compliant operations

Gulf Bank has signed a strategic partnership with the Institute of Banking Studies (IBS) to provide specialized Islamic finance training for its employees, following the Central Bank of Kuwait’s preliminary approval for the bank’s transition to a fully Sharia-compliant institution.

The agreement was signed by Bader Al-Ali, general manager of consumer banking at Gulf Bank, and Rana Al-Nibari, director general of IBS, during a ceremony attended by senior representatives from both organizations. The collaboration marks a key milestone in Gulf Bank’s transformation strategy aimed at aligning its operations with Islamic banking principles.

The training programs, developed in partnership with IBS, will focus on the fundamentals of Islamic banking, emphasizing the distinctions between conventional and Sharia-compliant financial services. The initiative is part of Gulf Bank’s broader plan to build internal expertise and ensure a smooth operational transition.

Gulf Bank received preliminary approval from the Central Bank of Kuwait on August 18, 2025, to proceed with its conversion under Law No. (32) of 1968, which governs currency, the central bank, and banking regulation. The approval followed a feasibility study by an international consultancy and the submission of legal and technical documents to the central bank.

The partnership with IBS reinforces Gulf Bank’s broader strategy of aligning with Kuwait’s vision to expand Islamic finance, while ensuring that its employees are prepared to lead the transition through targeted education and skills development.