KUWAIT: The government has approved in principle the establishment of the Shariah compliant Warba Bank, which will be capitalized at KWD100 million (US$349 million). It will be 24% owned by the Kuwait Investment Authority, the country’s sovereign wealth fund, with the rest being offered free to citizens. The bank will be the fourth and latest addition to the Islamic banks in the country where the internationally recognized names include Kuwait Finance House, Kuwait International Bank and Boubyan Bank. Kuwait has....