KCB providing high standards financial services for thousands of Kuwaiti families

Bank to lay foundation stone for new branch

KUWAIT CITY, July 20, (KUNA): The work mechanism of Kuwait Credit Bank (KCB) sits on a solid base of organization and accuracy, considering the volume of loans obtained since its establishment until early July – about KD 8.7 billion.

KCB is a public institution under the supervision of the State Minister for Housing Affairs as per decree number 81/2007. The bank has a board of directors responsible for drawing up its general policy and supervises its implementation.

The bank’s headquarters is situated in a crowded commercial district in downtown Kuwait. It offers many facilities for the convenience of its clients, in addition to the helpful reception staff ready to answer any query.

In an interview with KUNA Wednesday, Director General of the bank Salah Al-Mudhaf pointed out that the enactment of law number 40/1960 on the establishment of the bank was aimed at providing citizens with real estate, industrial and agricultural credit facilities. This is in addition to lending to State employees to ensure their salaries or bonuses. “No one imagined that the year 2016 would witness the achievements of the automated link between the bank and the relevant organizations of the State – the online services,” Al-Mudhaf asserted.

He revealed that from early April until late June, a total of 807 citizens benefited from mortgage loans provided by the bank, whereas 120 widows and divorced women benefited from women’s loans, 48 citizens from the loan portfolio and 1,663 from social loans.

As part of its ongoing efforts to develop and expand, the bank is now working on laying the foundation stone for a new branch in Eqaila while the main building will be in South Surra to serve the whole southern part of Kuwait.

Citing a statistical report, Al-Mudhaf disclosed that since the establishment of the bank until the beginning of July; the outgoing loans and aid reached more than KD 7 billion for 360,285 beneficiaries.

Talking about the housing loan granted to women, Al-Mudhaf confirmed that with the implementation of law number 2/2011 on women’s loans, the loan amount has increased from KD 45,000 to KD 70,000.

He went on to say that in 2015, the beneficiaries of the mortgage loans reached 16,913 citizens. He also highlighted the great contributions of the bank in terms of social loans which amounted to about KD 198 million in the same year.