KCB: history of alleviating citizens’ economic burdens
KUWAIT CITY, July 7, (KUNA): Kuwait’s late Amir Sheikh Abdullah Al-Salem Al-Sabah signed a law on July 8, 1965 establishing Saving and Credit Bank, replacing Kuwait Credit Bank (KCB), with a mandate of alleviating economic burden of Kuwaiti families by facilitating loans and credits, and giving grants.
Sheikh Abdullah Al-Salem first signed KCB establishment law in 1960 with the purpose of facilitating real estate, industrial, and agricultural credit, as well as providing loans to Kuwaiti employees of the state.
The Saving and Credit bank had its objectives altered. It emphasized raising awareness in regards to saving and investments culture. However, in 1995 the bank was reverted back to its original name, KCB, ceasing all saving activities.
The bank currently operates as in independent public establishment and under the supervision of State Minister for Housing Affairs and Urban Development.
The bank prides itself on being a constant accompaniment to citizens’ life journeys and monumental decisions. KCB General Director Salah Al-Mudhaf stated “the bank aids its beneficiaries in building their forever homes and establishing their future plans (like renovation), therefore, magnifying a sense of security in one’s homeland, Kuwait.”
KCB provides a variety of services to the Kuwaiti people, amongst which are real estate loans, considered to be most prominent type of loans in the bank. The bank offers Kuwaiti citizens a loan of Kuwaiti Dinars (KD) 70,000 (USD 232,000) with no interest, as well as other types of loans for property developments such as refurbishing projects worth KD 12,000 (around USD 40,000).
Aside from property-related loans the bank also provides social loans and grants. For instance, it grants Kuwaiti women a loan worth KD 70,000 under certain conditions, and up to KD 6,000 (USD 20,000) marriage loans. Additionally, the bank distributes grants for people with disabilities.
KCB has also been working in close proximity with Martyr’s Bureau for 30 years. A special counter has been set up in all of the bank’s locations for families of martyrs, so that they are given priority and would not need appointments to complete their paper work.