Mp Submits Bill On Dodgy Interest

21 March 2021 Information

MP Shuaib Al- Muwaizri has submitted a bill to refund the loan interest that banks and other financial institutions have illegally collected from clients. According to the bill, the Central Bank of Kuwait (CBK) will form a committee to review the loans that the local banks and financial institutions granted to their clients from 1992 till date. He suggested the concerned committee will assess the collected interest payments to ascertain they are in line with Law No. 32/1968 and 68/1980.

In case the committee finds out that the interest payments were collected illegally, the concerned banks and financial institutions will be obliged to transfer the corresponding amount to the clients’ bank accounts or that of the heirs in case the beneficiary passed away.

 

SOURCE ARABTIMES

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