BANKING

January 16, 2019

KUWAIT: The Gulf Bank recently received the winner of the KD 1 million Al-Danah prize Faisal Tareq Habib Arab and his father at the bank’s headquarters. They were received at the bank by Tony Maher and the bank’s management team and presented him the prize.

The winner’s name was declared during a raffle draw and"... Continue Reading

January 14, 2019

KUWAIT CITY, Jan 13: The Fatwa and Legislation Department has submitted to the Council of Ministers a draft law that allows banks to declassify the data of their customers, as provided by the CRS Convention on Join Reporting, reports Al-Rai daily quoting sources.

The Common Reporting Standard (CRS) is an information standard for"... Continue Reading

January 13, 2019

KUWAIT CITY, Jan 12: The legal opinion of Kuwait Banking Association (KBA) on calculating an employee’s number of leave days at the end of service does not consider Friday and Saturday as holidays, while confirming the validity of the current practice in which Friday is regarded as a holiday and Saturday as rest day, reports Al-Rai daily quoting reliable sources from the association.

Sources"... Continue Reading

January 7, 2019

KUWAIT: Adel Abdul Wahab Al-Majed, Boubyan Bank’s Vice-Chairman and Chief Executive Officer, stated that the choice of Dr Mohammad Al-Hashel, the Governor of the Central Bank of Kuwait, as the Best Central Bank Governor in the Middle East, confirmed the status of the Kuwaiti banking sector regionally and internationally.

“This"... Continue Reading

January 6, 2019

KUWAIT CITY, Jan 5, (KUNA): Kuwait Credit Bank said on Saturday that the total of all types of loans reached KD 336.3 million ($1.1 billion) last year.

The bank added in a press release that the number of clients the bank received in all its branches reached 314,636. Number of signed contracts in the legal administration have reached"... Continue Reading

January 6, 2019

KUWAIT: The Banker magazine, which specializes in financial and banking information, has elected the Central Bank of Kuwait (CBK) Governor Dr Mohammad Al-Hashel as the best central bank governor in the Middle East for 2019. The magazine published on its website yesterday its list of best central bankers around the world, with Croatian Boris Vujic as the European best.

Mexican"... Continue Reading

December 31, 2018

The National Bank of Kuwait has launched a product they’re calling “NBK Direct Remit,” a blockchain-based product which uses RippleNet for cross-border payments from within the Middle Eastern nation.

The initial launch of the product only supports payments to nearby Jordan, but they intend to launch in at least"... Continue Reading

December 30, 2018

Burgan Bank, the second largest local conventional bank by assets size in Kuwait, has announced that it has successfully issued a KD100 million ($328.3 million) bonds in the local market.

The bonds have a three-year tenor, and carry a fixed interest"... Continue Reading

December 20, 2018

Kuwait’s Agility, one of the largest Gulf logistics companies, is in talks with banks to raise around $800m in debt as it plans to grow its business, including expanding its global warehouse capacity, the company’s chief executive told Reuters.

Agility is in discussions with domestic and foreign banks, including HSBC"... Continue Reading

December 20, 2018

KUWAIT CITY, Dec 19: The Central Bank of Kuwait (CBK) plans to put in place a mechanism to prevent counterfeiters and fraudsters from borrowing money from banks, reports Al-Rai daily quoting knowledgeable sources.

The sources pointed out that the move comes within the framework of the Central Bank’s response to cases of embezzlement,"... Continue Reading