Kuwait’s Ahli Bank won’t practice Islamic banking in Egypt

Kuwait’s Al Ahli Bank (ABK) is not seeking to obtain an Islamic banking licence for its Egyptian unit, the Kuwaiti bank’s CEO Michel Accad said.

Conventional banks are not allowed to provide Islamic banking in Kuwait, Accad explained, saying ABK is a conventional bank.

Earlier this month, Kuwait’s Al Ahli Bank has closed a deal to acquire a 98.5 percent stake in Piraeus Bank’s Egyptian unit. Al Ahli paid US$150 million for the stake in the Greek lender’s Egyptian unit.