May 21, 2023 – As part of its keenness to promote financial literacy in society, Gulf Bank continues to support the Diraya “Let’s Be Aware” campaign for the third consecutive year – by broadcasting and spreading awareness and educational materials through social media, the Bank’s website, and other channels.
Gulf Bank’s Corporate Communications Officer, AbdulMohsen Al-Nassar, stressed that obtaining sufficient knowledge on the types of loans and their details, protects customers from accumulating obligations and defaulting on payments – advising customers to request all details related to the loan from the bank, and to review all the conditions and obligations before borrowing.
Al-Nassar indicated that borrowing and financing operations are one of the most requested banking operations by customers, hence, the Central Bank of Kuwait has established clear and specific policies for loan operations, along with instructions for banks and finance companies, to provide customers with loan details such as: Payment dates, consequences of non-payment, amount and number of installments, as well as installment to net salary ratio.
The Central Bank of Kuwait instructed banks and finance companies to provide customers with financial advice before and during the financing. The risks of increasing financial obligations are also explained, especially in case of any change due to a person’s financial situation such as a change in employment, retirement, or a change in the applicable interest rate.
It is noteworthy that The Central Bank of Kuwait, in cooperation with Kuwait Banking Association, has launched the Diraya “Let’s Be Aware” campaign in 2021, to acquaint bank customers with the most important banking services provided to them. This is to ensure the safety of transactions and to enhance financial inclusion, as well as monetary and economic stability – through comprehensive awareness of customers’ rights and obligations.
Image Courtesy: Gulf Bank