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Law streamlines loans payment

KUWAIT CITY, April 15: The official gazette Kuwait Today published a law which talks about financial obligations owed by citizens to banks in the form of installments, reports Al-Anba daily. In its first article the law stipulates the payment of financial obligations to those citizens who wish to do so, and the second article allows the postponement of the payment of consumer and installment loans to local banks, investment companies and financing companies subject to the supervision of the Central Bank for those eligible citizens who wish to do so under the supervision of the Central Bank of Kuwait and as the conditions and controls put in place by the provisions of this law.

According to Article three, the postponement period stipulated in the two previous Articles is 6 months, starting from the date of its publication in the Official Gazette. It is permissible to extend the period for another six months by a decision from the concerned authorities — to implement the provisions of this law. Article 4 stipulates that “the funds necessary to implement this law shall be taken from the state treasury.”

In implementation of Article 5, the Prime Minister and the ministers, each in his own jurisdiction, shall implement this law and it shall be enforced from the date of its publication in the Official Gazette. In response to a question about the other bodies mentioned in the law that has been approved by the government and the council, namely the family and defaulters’ funds, and the “insurances” and the financing bank, the sources answered: “insurances” and “financing” and the family and defaulters funds are subject to “financial” control and are included, and postponement will be organized for them.

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