Safest Bank: Nat’l Bank of Kuwait (#38 Overall)
Kuwait Banking Industry Stats
Size: $142.41 billion
Key interest rate: 1.5%
Number of banks: 21*
Under the supervision of Kuwait’s central bank there are 5 commercial banks, 6 Islamic banks** and 1 specialized bank, along with 9 international branch banks incorporated within the country, as of July 2010.
According to the central bank, The National Bank of Kuwait operates 75 branches within the country and 14 branch offices abroad. The Bank holds an A+ rating from S&P, an AA- rating from Fitch and an Aa2 rating from Moody’s.
Accoring to the company’s FY 2009 statements, the bank recorded $924.8 million in profits and listed just over $45 billion in assets, which comprises more than one-third of the Kuwaiti financial system.
*Figure includes Specialized banks, Islamic banks, Commercial banks and foreign branch units incorporated within Kuwait as of June 2010.
**Islamic banks are financial institutions specifically catering their practice to suit Islamic laws regarding the creation of wealth.