Recent studies have confirmed that 65% of activities in the Kuwaiti economy meet the requirements of shari’a (Islamic law). The study is supported by the following indicators:

• For first time in the history of the country Islamic deposits dominate bank deposits
• The number of Islamic companies is equal to traditional companies, despite the fact that the former are of a recent vintage
• 65% of companies listed in the stock market are either Islamic companies or companies that abide by shari’a
• A spike in Islamic financial instruments, such as murabaha [profit sharing] or sukuk [Islamic bonds]
• The Investment Authority seeks to make investments that do not draw Islamic criticism
• Major sectors such as tourism, hotels, industry, transportation and telecommunications have become in conformity with shari’a
• The pace of growth of Islamic financing is three times as fast as traditional financing

al-Qabas, Kuwait, March 16, 2008