Kuwait Real Estate News
Banks permitted property speculation
The Fatwa Department of the Ministry of Awqaf, during their General Assembly, announced that all banks, irrespective of whether they are Islamic ones, can practice property speculation.
This announcement came, following a difference of opinion between the Fatwa Department staff about property speculation, which, as per Law 8/2008 bans institutions and commercial companies from property speculation, to avoid the increase in real estate prices.
The staff of the department had varied opinions about the issue. While some believed that banks should not be permitted to interfere in the property speculation, the others insisted that only Islamic banks should be allowed to participate in it. The decision by the General Assembly is likely to resolve the issue.
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