KFH fulfills CBK’s customer protection guide requirements
Kuwait Finance House is in the process of the final fulfilment of all requirements of “Bank Customers Protection Guide” issued by Central Bank of Kuwait. The guide includes general principles aiming to support bank customers’ protection and provide suitable environment to preserve customers’ rights. KFH focused and concentrates on customers’ interest and full compliance with the rules and regulations of regulatory authorities e.g. Central Bank of Kuwait which endeavors to achieve the best interest of banks and their customers and provide protection through highly advanced and prudent regulatory and legal frameworks.
Abullatif Saad Al-Fadli, Head of Customers Complaint Unit at Kuwait Finance House stated in a press release that: “Bank Customers’ Protection Guide” comprises significant instructions and regulations which are complementary to previous regulations issued by CBK. Accordingly, KFH has updated or established new policies, procedures and bylaws to cope with the requirements contained in the guide and place them under execution for employees and customers awareness.
Al- Fadhli reiterated that the guide has been uploaded on KFH website (kfh.com) to enable employees and customers to have an easy access to the guide and be aware of its contents including customers’ obligations and liabilities. An awareness campaigns is being arranged where social media is used to spread awareness among customers concerning the guide articles
and objectives. Due coordination and preparations are being carried out to launch training campaigns and workshops including most employees as part of the guide execution process. Accordingly employees shall be aware of the guide instructions.
Al-Fadhli praised the guide and urged all customers to read it and know their rights upon execution of any transaction with the bank. The guide comprises 10 major principles including “Equality and Justice”: All banks shall ensure in all transactions with customers that transactions are being executed based on justice, equality, fairness and honesty without any discrimination, “Disclosure and Transparency”: Banks are required to provide customers with all information related to services and products with in a simple and accurate manner to ensure that customers are aware of all advantages and risks involved.