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Expats Need Clearance From Ministry Of Justice For Loans
The Ministry of Justice must hand over a ‘debt acknowledgment’ to expatriate clients seeking to take out a consumer loan to be presented to the local finance companies, as a prerequisite for approval of their loans, reports Al-Anba daily.
The Central Bank of Kuwait has tightened procedures for granting loans to expats during the coronavirus pandemic, issuing strict orders to local banks to stop providing loans to expatriates, except for a few employees in government sector.
The daily said, quoting sources, that the debt approval process on expatriate borrowers outlined by the Ministry of Justice was started two weeks ago, and followed the principles and standards instituted through the administrative and legal points of view.
The aim of the debt acknowledgment certificate is to view the client’s legal record and related legal aspects, verify the document, and to facilitate the procedural inquiries made by finance companies and banks through the ci-net credit information network. The document is considered an acknowledgment by the client before concerned authorities in Kuwait as a precaution against debt evasion. The process of approving debt is completed at the service centers of Ministry of Justice across the country with stamp fee of KD 3. Consumer loans can be used in buying cars, furniture, and sponsoring education, medical treatment among others.
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