| Five Islamist lawmakers yesterday submitted a draft law calling to end conventional banking in Kuwait by abolishing interest on loans or what is known in Islam as usury, which is totally forbidden. MPs said in the draft law that the Kuwaiti constitution explicitly states that Islam is the religion of the state and is a major source of legislation.
They cited verses of the Holy Quran and Prophet's (PBUH) sayings that clearly forbid usury under the Islamic financial system and accordingly called for abolishing the interest system in Kuwait. The bill states that its rules apply to conventional Kuwaiti banks as well as branches of foreign banks in the country. Kuwait has six conventional banks and branches of six international banks. It also has three Islamic banks...................................Full Press Release: Source
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