Business Hub Hope On Credit Overhaul

The bill on regulating credit information is projected to be a foundation for achieving a secured data base, Kuwait’s Minister of Commerce and Industry Khaled Al-Roudhan said on Tuesday. Minister Al-Roudhan made the remark during a debate at the National Assembly regular session on a report by the financial affairs committee regarding the relevant draft law.

The commerce department is seeking to stay abreast of modern-time legislations, through backing credits, regulating promotion and marketing methods, the minister said.

This draft law covers a large segment of Kuwait’s population, namely business leaders, entrepreneurs of small and medium businesses and those registered in the fifth chapter of the Public Institution for Social Security (PIFSS), who can only attain credit facilities with guarantees by a civil servant.

The bill is intended to overcome some practical difficulties facing the private sector in seeking credit services, he said, also mentioning its positive impact on Kuwait’s rating in the international indexes of business improvement. Al-Roudhan expressed hope that the bill would be helpful in the attempt to transform Kuwait into an international business hub.

Meanwhile, the draft law on regulating exchange of credit information will end the era of government guarantor required by banks to provide credit facilities to employees in the private sector – whether citizens or expatriates, reports Al-Rai daily quoting sources.

Sources pointed out that Law No. 2/2001 on the establishment of a system for collection of information and data related to consumer loans and credit facilities associated with sale by installments is flawed.

Sources explained the current law does not provide protection for information of individuals and does not oblige the concerned authorities to conduct digital analysis of the credit rating of individuals, while the new law strengthens mechanisms of control over credit information companies and gives more protection in terms of customer complaints. Sources said the new legislation contributes to the fight against loan sharks that take advantage of the inability of customers to provide a government sponsor; thereby, exploiting them and financing them at an exorbitant cost.

Meanwhile, the National Assembly on Wednesday approved eight reports of the Foreign Affairs Committee about agreements between the State of Kuwait and a number of countries and organizations with 37 votes in favor and one against. These reports are as follows:

■ 25th report on the draft law approving the agreement to establish the Gulf Accreditation Center

■ 26th report on the draft law approving an agreement between the International Criminal Police Organization (ICPO) – also known as INTERPOL – and the State of Kuwait regarding the acknowledgement of INTERPOL’s travel documents Committee Chairman MP Abdulkareem Al-Kandari pointed out this agreement merely facilitates the issuance of visa, nothing more.

■ 27th report on the bill approving the protocol on elimination of illegal trade in tobacco products

■ 28th report on the bill approving the Final Acts of the World Radiocommunication Conference, Geneva 2015 (WRC-15) which constitutes a record of decisions taken at the conference, including the new and revised provisions of radio regulations with appendices, as well as the new and revised resolutions and recommendations approved at the conference

■ 29th report on the draft law approving the cooperation protocol between the State of Kuwait and the Republic of Turkey in the field of education and training members of the National Guard in Kuwait and the Gendarmerie General Command at the Ministry of Interior in the Republic of Turkey

■ 32nd report on the bill approving an agreement between the State of Kuwait and the United States of America on mutual assistance between the two countries’ customs authorities

■ 33rd report on the draft law approving affiliation of the State of Kuwait to the Standards and Metrology Institute for Islamic Countries (SMIIC)

■ Second report on the draft law approving the Agreement on Trade Cooperation between the State of Kuwait and the Government of Turkmenistan Meanwhile, after deliberating on the proposal to grant military personnel the same rights as their civilian counterparts during which some MPs argued this will lead to conflict of interests, the Assembly agreed to refer the issue to the State Audit Bureau (SAB).

The bureau must submit its report within three months, along with results of the assessment of data and records of contracts related to the renewable energy project in Al-Shaqaya. Furthermore, due to lack of solid information other than the loss of approximately KD 15 billion, the file of violations and defective designs at Zour refinery was referred to the Public Funds Protection Committee which will present its report within two months.

The Amiri Address to the National Assembly constitutes a road map to enlighten the path of tasks for the three supreme authorities, MPs have affirmed.

The MPs, who were speaking during the last part of today’s parliamentary session, expressed deep gratitude to His Highness the Amir for his extraordinary efforts for safeguarding Kuwait’s interests. Moreover, they have emphasized that members of the executive and legislative authorities must shoulder their responsibilities for dealing with regional challenges, re-examining and updating the national parliamentary experience for sake of serving the country’s interests. His Highness the Amir had addressed the MPs at opening of the third session of the 15th legislative term. Wednesday’s session was closed. The next one would be held on Dec 25.

 

SOURCE : ARABTIMES

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