The General Assembly of Kuwait Real-Estate Bank approved on Monday transforming it into an Islamic bank and naming it as Kuwait International Bank. According to Kuna, the assembly approved modifying the constitutional law of the bank to adjust it to its new status, and named members of its Fatwa and Legislation Department.
The Kuwait Real Estate Bank was established in 1973, in response to the intense property development and reconstruction trend and for the growing need for a bank, which could specialize in the real estate sector.
