Kuwait Credit Bank Provides High Standards Financial Services For 140,000 Families

The coordinated mechanism of action of Kuwait Credit Bank (KCB) works on a solid base of organization and accuracy in spite of the tremendous efforts shown by loans since establishing the bank until early July, amounting to about KD 8.7 billion. KCB's headquarters is located in a crowded commercial district in downtown Kuwait, and it includes many ways to provide clients convenience as well as the helpful reception staff to answer any query.

In an interview with KUNA, Director General of Kuwait Credit Bank Salah Al-Mudhaf said Wednesday that the enactment of Law No. 40 of 1960 to establish the Credit Bank, it was meant to facilitate citizens with real estate, industrial and agricultural credit in addition to lending to state employees to ensure their salaries or bonuses.

"No one imagined that the year 2016 would witness the achievements of the automated link between the bank and the relevant organizations of the state, the online services", he said. He added that in the period from early April until late June, a total of 807 citizens benefited from mortgage loans provided by Kuwait Credit Bank, while 120 widows and divorced benefited from the women's loans, 48 citizens from loan portfolio, and 1663 citizens from social loans.

In the framework of KCB's continued efforts to develop and expand, the bank is working on laying the foundation stone for a new branch in Eqaila area, while the main building will be in South Surra Area to serve the whole southern areas of Kuwait. Al-Mudhaf said that according to a statistical report, since the establishment of the bank until the beginning of July, outgoing loans and aid reached more than KD seven billion for about 360,285 beneficiaries. About women's housing loans, Al-Mudhaf pointed out that with the implementation of Law No. 2 of 2011 regarding women loans, the loans have risen from KD 45,000 to reach KD 70,000.

In 2015, the beneficiaries from the mortgage loans granted by the bank amounted to KD 16,913 citizens, he added, stressing the great contributions of the bank regarding the social loans that amounted to some KD 198 million last year. Kuwait Credit Bank is a public body and submits to the supervision of the Minister of State for Housing Affairs, according to the decree No. 81 of 2007. The bank has Board of Directors responsible for drawing up its general policy and supervises its implementations.

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