Kuwait to Launch Sukuk Law for Global Economic Diversification

Kuwait is preparing to introduce legislation that will allow the issuance of sukuk, or Islamic bonds, on both local and international fronts. The announcement came from the country's Prime Minister, Sheikh Ahmad Abdullah Al-Ahmad Al-Sabah, during the World Governments Summit held in Dubai on Wednesday.

The Prime Minister emphasized the nation's pursuit of diverse financial instruments to strengthen and diversify its economic standing. By tapping into the global Islamic finance market, Kuwait aims to reduce dependence on its traditional oil-based revenue streams.

This strategic pivot is indicative of the Gulf country's broader economic vision to secure financial sustainability and expand its influence in the realm of international finance.