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Boubyan Bank Signs Initial Agreement With Ripple

Boubyan Bank XRP Ripple

More adoption from Ripple and BANKS! And who said Banks would never use XRP?

Navin Gupta said:

Stressed the importance of cooperation with one of the most prominent Kuwaiti banks, which has witnessed a remarkable development in recent years in the field of digital banking services.

“We are delighted to partner with Boubyan Bank, which will be an important partner in Kuwait within the framework of our expansion plans in Kuwait and the region”

So who is Boubyan Bank?  Boubyan Bank is a Kuwait Islamic bank, which was established in 2004. Boubyan Bank has a paid-up capital exceeding 196.5 million Kuwaitis Dinars (equivalent to approximately 700 million US Dollars).

Boubyan Bank is one of the emerging banks in Kuwait and GCC, benefiting from its relation with National Bank of Kuwait, the major shareholder, which is ranked among the largest 300 banks worldwide. Boubyan Bank provides a variety of banking services to individuals and corporate customers. The main activities of Boubyan Bank include accepting deposits, establishing investment funds, and trading in real estate. The Bank deals with all types of Islamic transactions, including:

Mudaraba
Investment agency agreement
Murabaha
Lease
Subsidiaries and Associates: Boubyan Group includes the following subsidies and associates by the end of 2013:

Boubyan Takaful – Kuwait (with ownership of 67.63%)
Boubyan Capital – Kuwait (with ownership of 99.55%)
Saudi Projects Holding Group – Kuwait (with ownership of 25%)
Bank of London and the Middle East – UK (with ownership of 25.62%)
Bank Syariah Muamalat Indonesia – Indonesia (with ownership of 22%)
Ijarah Indonesia Finance Company – Indonesia (with ownership of 33.33%)
United Capital Bank – Sudan (with ownership of 21.67%)

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