KUWAIT CITY, July 20, (Agencies): The Ministry of Social Affairs and Labor, on Thursday announced the formation of a joint committee with the Ministry of Commerce and Industry, with the power of arrest to monitor prices at the cooperative societies.
The move comes to quash claims on rise in prices that followed the increase of rent of the societies, the Acting Undersecretary of the Ministry of Social Affairs and Labor Abdul Aziz Shoaib said in a statement.
He added that the ministry is giving priority to protecting customers against any kind of unjustified rise of prices.
Shoaib noted that the main purpose of establishing cooperative societies was to serve the public by offering all types of products at considerable prices.
In other news, some local banks have amended the conditions for offering loans to retired citizens. They include increase in the maximum age of applicants from 65 years to 70 years, reports Al-Anba daily quoting informed sources.
They explained that the new age-related condition also covers those who receive consumer loans and installment-based loans that do not exceed 40 percent of salaries for current employees and 30 percent of pension for retirees, as per instructions of the Central Bank of Kuwait.
The maximum limit for payment of installments for consumer loans has not been changed. As specified by the Central Bank of Kuwait, it is five years, extendable to six years if the debtor has problems paying the installments.
Concerning the installment loans, they should be paid back within 15 years, extendable by three years if the debtor suffers from financial problems.
Meanwhile, other sources indicated that the condition related to maximum age of the debtor is not part of the instructions of the Central Bank of Kuwait.
They clarified that it is the local banks that control this aspect in accordance with the strategy of each bank. The main role of the Central Bank of Kuwait is putting the headlines of the credit policy away from fine details such as the debtor’s age or nationality.