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.
Social Bookmarking
Read more news
> Housing units for expat labourers ready for handover this month
> Kuwait realty sales KD246mn in March year-on-year
> Al Mazaya flagship towers at Kuwait Business Town ready to rent
> Realty sector shows improved momentum in early 2012
> 2012 to be a promising year for Kuwait real estate sector
> Kuwait reports a sluggish real estate market in early 2012
> Property markets in GCC region to remain pressurized in 2012
> Kuwait property sector gathers pace following summer slowdown
> Kuwait realty sector post profits
> Kuwait records decline in expat count