Family entrepreneurship and banking support in Kuwait: conventional vs Islamic banks

Abstract

PurposeIn this paper family entrepreneurship and its banking support in Kuwait is discussed, as one of the wealthiest countries in the world. In the beginning is provided an overview of the Kuwaiti context of entrepreneurship and small- and medium-sized enterprises (SMEs), followed by discussion of family businesses' profile and benefits to the economy and society. The paper discusses the banking sector in Kuwait and its contribution to the development of family entrepreneurship and the small business sector in Kuwait.Design/methodology/approachFor purposes of this study a multiple case study approach and a snowballing sample was used.FindingsEven that, Kuwait is considered as an Islamic country, from the answers and comments that were received from our research, we concluded that most of the family businesses cooperate with conventional banks, instead of Islamic banks.Practical implicationsSeveral supporting products are described and analysed in this paper, which can help family business and SMEs' owners where to address when a support is needed. Also are provided information on similarities and differences between Islamic and conventional banking.Originality/valueThis paper is one of the first papers that discusses family businesses and entrepreneurship in Kuwait and the support they receive from Islamic and conventional banks. It provides original quotes from family business owners regarding this topic.