I wish to change my job and I already have an offer letter. I had taken a loan 3 years ago from one of the Islamic banks in Kuwait when I was in my current company and the bank has been deducting the same from my salary in monthly installments. The loan will only be cleared after 2 years. As per the loan contract with the bank, my gratuity will be transferred to the loan account if I resign from my current employer.
This is acceptable to me. However, there will be a loan balance, even after my gratuity is transferred to the bank. My question is that should I clear the loan first before joining the new company or can I continue paying the monthly installments with the deduction from my salary from the new employer? In second case, what is the procedure to be followed?
Answer: While we will give you two solutions to this problem, the safest way out of this situation will be to approach your bank and lay down all your cards before them. They will then show you the direction to take and easily solve your problem. Having said that, the way out of this situation is not as complex as it looks to you.
First you need to inform your bank about your impending transfer to another company. They will most likely ask you to deposit the indemnity you are getting from your current firm with the bank and then ask you to get a similar guarantee from your new firm. Secondly, if your new firm refuses to provide you such a guarantee, the bank could ask you to get another guarantor, either a Kuwaiti or a friend of yours who has an account with the same bank.
But as we said at the start, visit your bank and discuss the situation with them and you will get some sincere advice, although we are sure it will be “one of the two” we have mentioned above.