Ministry of Finance is one of the governmental bodies of Kuwait and part of the

cabinet Cabinet or The Cabinet may refer to: Furniture * Cabinetry, a box-shaped piece of furniture with doors and/or drawers * Display cabinet, a piece of furniture with one or more transparent glass sheets or transparent polycarbonate sheets * Filing ...

. It is concerned with the executive general administration of public financial affairs in the State of Kuwait. The current minister is Abdulwahab Al-Rushaid.

History and profile

On 2 July 1938, the Financial Department was established in Kuwait. It dealt with the financial policies of the country until 1962 when the department was reorganized under the name of the ministry of finance and economy. In 1963 it was reshaped and named as ministry of finance and industry. Then the body was renamed as the ministry of finance and oil in 1965 and dealt with finance- and oil-related policies until April 1975 when the ministry of oil was established. At the same time the ministry was reorganized under the current name, the ministry of finance in 1975. The ministry extensively dealt with land purchases and comprehensive infrastructure projects. In 1982 Public Investment Authority was established and attached to the ministry. The

Kuwait Investment Authority The Kuwait Investment Authority (KIA) is Kuwait's sovereign wealth fund, managing the state’s reserve and the state’s future generation fund (FGF). Founded in 1953, the KIA is the world's oldest sovereign wealth fund. As of April 2022, it ...

was founded in 1985 and has been under the control of the ministry and has been headed by the finance minister. The ministry also regulates Kuwaiti stock market along with the

Kuwait Stock Exchange Boursa Kuwait Securities Co., is the private-sector corporate owner and operator of the Kuwait Stock Exchange (KSE), the national stock market of Kuwait. History Although several share holding companies (such as National Bank of Kuwait (NBK) in ...

, the Ministry of Commerce and Industry and the Central Bank of Kuwait. The ministry which had been dominated by the Bani Jabir branch of the ruling family of Kuwait played a significant role during the

invasion of Kuwait The Iraqi invasion of Kuwait was an operation conducted by Iraq on 2 August 1990, whereby it invaded the neighboring State of Kuwait, consequently resulting in a seven-month-long Iraqi military occupation of the country. The invasion and Ira ...

by Iraqi forces in 1990 in that it paid billions of dollars to allied countries in the form of aid or in contributions to the war effort. During this period the ministry was located at the

London London is the capital and largest city of England and the United Kingdom, with a population of just under 9 million. It stands on the River Thames in south-east England at the head of a estuary down to the North Sea, and has been a majo ...

headquarters of the Kuwait Investment Office.

Ministry tasks

The Ministry of Finance supervises the public treasury, state property (public and private), areas of international economic cooperation, monetary investment, and projects for compensatory deals. It also provides services for public hospitality, housing for state employees, integrated financial systems services, warehousing and public procurement systems and other developmental automated systems for all financial sectors in state agencies. In addition to preparing draft public budgets, preparing the final accounts of the state, setting rules for their implementation, following up on them, and supervising state revenues from taxes, financial stamps and expenditures, in a specialization issued by a decision of the Ministry of Finance. of 1986 and Decree-Law No. 31 of 1978 and No. 105 of 1980.

Ministers

* Mashaan Khudhair Al-Mashaan, 1938 - 1939 * Abdullah Al-Salim Al-Sabah, 1939 - 1940 * Ahmad Al-Jaber Al-Sabah, 1940 - 1950 *

Jaber Al-Ahmad Al-Sabah Sheikh Jaber al-Ahmad Al-Sabah (29 June 1926 – 15 January 2006) ( ar, الشيخ جابر الأحمد الجابر الصباح, translit=ash-Shaykh Jābir al-ʾAḥmad al-Jābir aṣ-Ṣabāḥ) was Emir of Kuwait and Commander of the Kuwai ...

, 1959 - 1965 * Sabah Al-Ahmad Al-Sabah, acting, 1965 - 1967 *

Abdul Rahman Salem Al Ateeqi Abdul (also transliterated as Abdal, Abdel, Abdil, Abdol, Abdool, or Abdoul; ar, عبد ال, ) is the most frequent transliteration of the combination of the Arabic word '' Abd'' (, meaning "Servant") and the definite prefix '' al / el'' (, mea ...

, 1967 - 1981 * Abdul Latif Yousef Al-Hamad, 1981 - 1983 * Ali Khalifa Al-Athbi Al-Sabah, 1983 - 1985 *

Jassem Al-Kharafi Jassem Al-Kharafi, ( ar, جاسم محمد عبدالمحسن الخرافي, 1940 – May 21, 2015) was a Kuwaiti oligarch who was the speaker of the Kuwaiti National Assembly from 1999 to 2011. In his capacity as Speaker in 2006, Al-Kharafi pl ...

, 1985 - June 1990 * Nasser Abdullah Al-Roudhan, 1991 - 1998 *

Ali Salem Al-Ali Al-Sabah ʿAlī ibn Abī Ṭālib ( ar, عَلِيّ بْن أَبِي طَالِب; 600 – 661 common era, CE) was the last of four Rashidun, Rightly Guided Caliphs to rule Islam (r. 656 – 661) immediately after the death of Muhammad, and he was ...

, 1998 - 1999 *

Ahmad Al Abdullah Al Sabah Ahmad Al Abdullah Al Sabah (born 5 September 1952) is a Kuwaiti politician and a member of the ruling family, Al Sabah. Early life and education Sabah was born on 5 September 1952. He received a bachelor's degree in finance from the University ...

, 1999 - 2001 *

Youssef Hamad Al-Ibrahim Yusuf ( ar, يوسف ') is a male name of Arabic origin meaning "God increases" (in piety, power and influence).From the Hebrew יהוה להוסיף ''YHWH Lhosif'' meaning "YHWH will increase/add". It is the Arabic equivalent of the Hebrew name ...

, 2001 - 2003 *

Muhammad Sabah Al-Salem Al-Sabah His Highness Mohammad Sabah Al-Salem Al-Sabah (; born 10 October 1955) is the former Deputy Prime Minister of Kuwait. The Emir of Kuwait HRH Sheikh Nawaf Al-Ahmad issued an Emiri Decree on Tuesday 19 July 2022 appointing him Prime Minister. On 2 ...

, acting, January 2003 - July 2003 *

Mahmoud Abdel-Khaleq Al-Nouri Mahmud is a transliteration of the male Arabic given name (), common in most parts of the Islamic world. It comes from the Arabic triconsonantal root Ḥ-M-D, meaning ''praise'', along with ''Muhammad''. Siam Mahmud *Mahmood (singer) (born 19 ...

, July 2003 - 2005 *

Badr Mishary Al-Humaidhi Badr (Arabic: بدر) as a given name below is an Arabic masculine and feminine name given to the "full moon on its fourteenth night" or the ecclesiastical full moon. Badr may refer to: .and it is also one of the oldest and rarest names in the Arabi ...

, 2005 - 2007 *

Mustafa Jassem Al-Shamali Mustafa Jassem Al-Shamali (born 1943) is a Kuwaiti politician who has had held different cabinet posts. He served as Minister of Finance between 2007 and May 2012. He also served as oil minister from 4 August 2013 to January 2014. Early life and ...

, 2007 - May 2012 *

Nayef Falah Al-Hajraf Nayef ( ar, نايف) is both a given name and a surname. Notable people with the name include: Given name * Nayef Aguerd (born 1996), Moroccan football player * Nayef Hawatmeh, founder of the Democratic Front for the Liberation of Palestine * ...

, acting, May 2012 - August 2013 *

Salem Abdulaziz Al Sabah Salem Abdulaziz Al Sabah (born 1 November 1951) is a Kuwaiti economist and politician who served as deputy prime minister and minister of finance from 4 August 2013 to January 2014. He is a member of the Kuwaiti ruling family, Al Sabah. Educatio ...

, August 2013 - January 2014 *

Anas Khalid Al Saleh Anas Khalid Al Saleh (; born on 11 January 1972), also known as AKS, is a Kuwaiti politician who has been serving as deputy prime minister and minister of interior and cabinet affairs, He also served as minister of finance from January 2014 to D ...

, January 2014 - December 2017 *

, December 2017 - December 2019 * Mariam Al-Aqeel, December 2019 - February 2020 * Barak Ali Barak Al-Sheetan, February 2020 - December 2020 * Khalifa Musaed Hamada, December 2020 - December 2021 * Abdulwahab Al-Rushaid, December 2021 – present

References

{{DEFAULTSORT:Ministry of Finance 1962 establishments in Kuwait Economy of Kuwait

Kuwait Kuwait (; ar, الكويت ', or ), officially the State of Kuwait ( ar, دولة الكويت '), is a country in Western Asia. It is situated in the northern edge of Eastern Arabia at the tip of the Persian Gulf, bordering Iraq to the nort ...

Finance Finance is the study and discipline of money, currency and capital assets. It is related to, but not synonymous with economics, the study of production, distribution, and consumption of money, assets, goods and services (the discipline of fina ...