It also explains the remarkable premiums that financial sector companies have gained in value, especially during the last few months. Therefore, the more recent policy developments undertaken by the Ministry of Commerce and Industry in simplifying and expediting procedures for approving the establishment of investment companies, and those by the Central Bank of lifting the ceilings on what banks charge as interest on loans or fees for banking services and making these the domain of competition among banks, all are ingredients of general economic liberalisation in the financial sector. Moreover, the Kuwait Stock Exchange has made it easier and less complicated for Kuwaiti and other companies to seek listing on the exchange, and has agreed with the emerging stock exchanges in Cairo and Beirut for dual listing of shares. All these initiatives should lead to a more vibrant competitive financial sector in Kuwait. As I mentioned in the introduction, economic freedom correlates with prosperity for the vast majority of the inhabitants of this world.
Freedom has to be regulated, otherwise monopolies and oligopolies develop.
The parameters for fair competition have to be adopted. This aspect is still being developed for the Kuwaiti economy. We already have many regulations and laws governing economic transactions, especially in the financial sector. There are commercial laws, there are laws applicable to investment funds, and a law is under review for regulating Islamic banking activities. These laws and regulations mostly aim at ensuring a level playing field for the competitors as well as for the protection of the interests of consumers or clients of the financial services.