Islamic Private Bank in Switzerland

The National Bank of Kuwait, one of the largest bank in the Middle East, plan to set up an Islamic Private Bank in Switzerland in partnership with a Saudi Arabian institution. This Islamic Private Bank will be based on the tenets of the Sharia Law.

The Islamic Banking, which means the prohibition of interest, is the fastest growing area in the Arab World despite the worldwide credit crunch. Indeed, there is a significant boom in bank products compliant with Islam.

The Islamic Private Bank will target high-net worth individuals from the Persian Gulf Region (Bahrain, Kuwait, Oman, Saudi Arabia, Qatar and the UAE). These economies are awashed of liquidity from the booming oil prices: since 2002, the Persian Gulf Economies have more than doubled in size, following the increasing price of oil prices (from $30 a barrel to more than $100 today).

This Islamic Institution could be open before the end of the year.