KUWAIT CITY, Feb 1: The Ministry of Commerce and Industry announced Sunday the resumption of issuing licenses for prize draws on bank accounts and products, following the Central Bank of Kuwait’s completion of its governance framework for such draws.

Acting Undersecretary of the Ministry, Marwa Al-Jaidan, told Kuwait News Agency (KUNA) that the Ministry’s role is limited to issuing licenses, while the licensed entities bear full responsibility for the procedures and results of the draws, as overseen by relevant regulatory authorities.

Al-Jaidan noted that collaboration between regulatory bodies, including the Central Bank of Kuwait and the Kuwait Banking Association, has established a unified governance and auditing framework to ensure integrity and fairness in prize distributions.

She added that the Central Bank has set new technical requirements that banks must follow when conducting prize draws. She stressed that Kuwaiti law grants the Central Bank the authority to supervise the banking system, issue rules and guidelines, and conduct inspections related to banking activities, including prize draws.

The Ministry said that, based on recommendations from the Central Bank and an assessment of banks’ readiness, licensing has reopened for draws conducted by banking institutions. Banks must obtain a letter of approval from the Central Bank to secure a Ministry permit.

Regarding non-bank withdrawals, Al-Jaidan explained that the Ministry has completed a comprehensive review of all regulations governing withdrawals to ensure consumer protection, transparency, and compliance with the law. Work is ongoing to adopt a new mechanism for regulating non-bank withdrawals in coordination with relevant regulatory authorities.