Innovations are taking place in this industry. Total banking assets in Kuwait amounted to US$221 billion in 2018. Islamic financial services is also one of the fastest-growing segments, with Sharia-compliant capital has accounted for more than 40% of the total capital domiciled in the country. Banks are also developing innovations such as mobile banking and digital wallet.
As for insurance, the sector is estimated to reach US$2 billion in 2024, presenting a CAGR of 8.2% from 2019 and the highest growth in the region. Factors driving the market include healthy population growth as well as strong infrastructure projects that continue to benefit insurance industry.
Our financial consultants at Market Research Kuwait offer various financial advisory services in a wide range of segments, including treasury, retail banking, corporate banking, wealth and risk management, and also digital banking. We hold deep market knowledge that will help clients to address complex business challenges.