The leading forgotten bank; no appreciation

This news has been read 13879 times!

The Credit Bank is considered the first real estate bank in Kuwait. It was established in 1960 for the purpose of providing real estate, industrial and agricultural lending services to citizens, in addition to lending to state employees on the security of their salaries or bonuses.

The name of the bank was changed in 1965 to become the Credit and Savings Bank after amending its objectives and focusing on facilitating social credit for citizens. In 2014, it amended its objectives and named it “Credit Bank”, as a governmental institution under the supervision of the Minister of Finance, and managed by a specific board of directors, with raising its capital to 3.3 billion dinars, while giving it the right to borrow from the government or its guarantee, so that the loan amount does not exceed twice its paid-up capital, and it may issue loan bonds whose terms are determined by a decree.

The bank is run by a general manager, currently Mr. Salah Al-Mudhaf, who is one of the competent and responsible persons for implementing the policy set by the board of directors. He has succeeded in restructuring the bank, developing it, and creating greater opportunities for Kuwaiti youth, through a stable work environment.

He also succeeded with distinction in restructuring the bank electronically to facilitate dealing with citizens and improve the performance of the services it provides, thus becoming the first banking institution in digital transformation in Kuwait, where its management realized this achievement years ago. Despite its uniqueness, and the knowledge of many state officials of what it has accomplished, its modern administration has often remained far from the usual appreciation and honors from government agencies, and from the Sheikh Salem Al-Ali Award for Informatics.

This unjustified disregard, as far as I know, frustrated the loyal employees of the bank. I reviewed the Internet in search of its activities and achievements, and I found praise from valued parties for their precedence in the field of digitization, or digital transformation, which launched its first online operations in 2015 with marriage loans, followed by the launch of the mortgage loan service, and other services.

Although the bank is a governmental entity, its management succeeded in ridding it of bureaucracy and tedious routine, ending all previous obstacles that faced its visitors, such as losing files, requesting endless copies of documents, and other frustrating obstacles. It has finally succeeded in the comprehensive digital transformation, as 99% of its services are now provided online.

All of these achievements qualify the bank’s management and employees well for more than one award, including the Sheikh Salem Al-Ali Award for Informatics.

The Credit Bank is not the only government institution that has achieved success in digital transformation, but also the only government institution that has provided three Artificial Intelligence services.

This enabled the bank to complete nearly one million online services, in addition to 3,333 services with artificial intelligence technology, which enabled the owners of these transactions to obtain their loans while at home.

We hope those involved in rewarding successful institutions will hear our call.

e-mail: [email protected]

By Ahmad alsarraf

This news has been read 13879 times!

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