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Sunday , January 26 2020

Regulation of interest eyed

KUWAIT CITY, April 4: Responding to complaints of pensioners, the National Assembly turned its gaze to the Banking Union which took a single-handed decision to freeze the seven months pension of retirees as payment for loans taken from banks.

MP Ahmed Al-Fadel said the Assembly did not struggle in passing the Early Retirement Law and ease the financial burdens of senior citizens, “only for banks to assume the right to put their hands on the money of these citizens.”
He pointed out that since their pensions are still being paid, banks should simply continue deducting monthly installments.

Addressing the governor of the Central Bank of Kuwait, he stressed the need for the governor to exercise his authority on local banks considering they have no right over these funds. He urged the governor to meet with the Banking Union to stop such an unacceptable action.

Considering the high interest rates of loans obtained from banks, Al-Fadel and two other MPs – Khaleel Abul and Nasser Al-Doseri – are keen on finding the best legislative means to regulate the interest rates and mode of payment. In a bid to quickly solve the issue, Al-Fadel also requested for the Financial and Economic Affairs Committee to look into all bills that address this issue and expedite its discussion.

By Ahmed Al-Naqeeb Arab Times Staff

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