KFH ful­fills CBK’s cus­tomer pro­tec­tion guide re­quire­ments

Kuwait Times - - BUSINESS -

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 ( 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

Ab­dul­latif Al-Fadhli

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.

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