Local Bank Oredered To Rectify Installment Amount, Not To Exceed 40 Pc Of Net Salary Of A Citizen

The Court of Appeals, presided over by Judge Haitham Al-Atiqi, ordered a local bank to rectify the installment amount, not to exceed 40 percent of the net salary of a citizen who obtained loan, in addition to recalculation of the period of payment. Attorney Ali Al-Ali, lawyer for the citizen who borrowed KD15,000 from the bank, pointed out his client left his job and transferred to a ministry department where his monthly salary is KD 890 whereas the installment is KD 525. He argued the citizen has many financial obligations and the bank has violated the Central Bank of Kuwait’s regulations on installments.

 

SOURCE : ARABTIMES

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