Latest news with #AlSumait
Gulf Insider
30-04-2025
- Politics
- Gulf Insider
Kuwait Abolishes Law Allowing Kidnappers To Escape Punishment By Marrying Their Victims
Kuwait has approved a draft law to abolish Article 182 of the Penal Code, which previously allowed a kidnapper to escape punishment if he legally married his victim with the consent of her guardian. The decision was announced by Minister of Justice Nasser Al Sumait following the Cabinet's weekly meeting on Tuesday. He confirmed that the Cabinet had approved the draft decree-law as part of ongoing efforts to align national legislation with both Islamic Sharia principles and international human rights conventions. 'This step reflects Kuwait's commitment to strengthening the protection of rights and freedoms, and upholding the principles of human dignity,' Al Sumait stated. He cited the International Covenant on Civil and Political Rights and the Convention on the Elimination of All Forms of Discrimination Against Women as key frameworks supporting this reform. He explained that repealing Article 182 underscores the government's determination to deter crimes of abduction and eliminate any legal justification that could allow perpetrators to evade criminal accountability. The move also helps safeguard victims from social pressure that may compromise their rights or compel them into unwanted outcomes. Al Sumait added, 'The repeal of Article 182 is part of broader legislative reforms aimed at enhancing victim protection and reinforcing the principle that crimes cannot be legitimised by violating basic human rights.' The now-repealed article previously read: 'If the kidnapper marries the person he kidnapped in a legitimate marriage with the consent of her guardian, and the guardian requests that the kidnapper not be punished, then no penalty shall be imposed.'
Gulf News
30-04-2025
- Politics
- Gulf News
Kuwait abolishes law allowing kidnappers to escape punishment by marrying their victims
Dubai: Kuwait has approved a draft law to abolish Article 182 of the Penal Code, which previously allowed a kidnapper to escape punishment if he legally married his victim with the consent of her guardian. The decision was announced by Minister of Justice Nasser Al Sumait following the Cabinet's weekly meeting on Tuesday. He confirmed that the Cabinet had approved the draft decree-law as part of ongoing efforts to align national legislation with both Islamic Sharia principles and international human rights conventions. 'This step reflects Kuwait's commitment to strengthening the protection of rights and freedoms, and upholding the principles of human dignity,' Al Sumait stated. He cited the International Covenant on Civil and Political Rights and the Convention on the Elimination of All Forms of Discrimination Against Women as key frameworks supporting this reform. He explained that repealing Article 182 underscores the government's determination to deter crimes of abduction and eliminate any legal justification that could allow perpetrators to evade criminal accountability. The move also helps safeguard victims from social pressure that may compromise their rights or compel them into unwanted outcomes. Al Sumait added, 'The repeal of Article 182 is part of broader legislative reforms aimed at enhancing victim protection and reinforcing the principle that crimes cannot be legitimised by violating basic human rights.'
Zawya
24-03-2025
- Business
- Zawya
Kuwait to open mortgage market for the first time
KUWAIT CITY - Kuwait is preparing to allow banks to offer mortgages for the first time, a major development that could reshape the country's financial sector. The legislation is expected to be passed soon by the Council of Ministers, according to sources familiar with the matter. This move could open up a market potentially worth $65 billion, which would expand lenders' credit portfolios by 40%, according to the sources, who requested anonymity due to the sensitive nature of the information. Historically, mortgages were not permitted or regulated in Kuwait due to concerns over the political ramifications of foreclosures on citizen-owned homes. Instead, the government has offered a public housing program, where married citizens can receive highly subsidized housing or a plot with a low-interest loan. However, the system has faced significant challenges, with a backlog of 103,000 housing requests and wait times stretching over a decade. This has led the government to plan major changes to address the situation. Kuwait's oil wealth has positioned it as one of the world's richest nations, but policy stagnation has caused it to fall behind its more ambitious neighbors in the region. The upcoming mortgage law is expected to provide a "structured framework" to improve home financing access for eligible citizens, according to Abdulla Al Sumait, acting group CEO of Al Ahli Bank of Kuwait. Al Sumait referred to the development as a transformative step for the country. The introduction of the mortgage law comes just 10 months after Kuwait's emir suspended parliament for up to four years, allowing the government—led by the Al-Sabah family—to pass important legislation. Just days before, the cabinet had approved a draft decree that set the stage for Kuwait to sell international debt for the first time in eight years. These political moves have already created optimism in the markets, with Kuwaiti stocks outperforming their Gulf peers this year, particularly driven by banks like Boubyan Bank KSCP, Burgan Bank SAK, and Warba Bank KSCP, which have each seen gains of 17% or more. The significant demand for housing in Kuwait suggests that even with regulatory limitations, the introduction of mortgages could greatly enhance the profitability of Kuwaiti banks, according to Justin Alexander, director of Khalij Economics and an analyst at GlobalSource Partners. The new development could also attract foreign interest in Kuwaiti banking stocks. Currently, foreign investments in Kuwaiti banks total 4.7 billion dinars ($15.3 billion), representing 15% of the sector. 'This opportunity extends beyond just housing finance, considering the large-scale infrastructure investments needed to develop new residential areas to meet the growing demand for housing in Kuwait,' said Sheikha Al-Bahar, deputy group CEO at the National Bank of Kuwait. Bloomberg Intelligence analysts suggest that the new legislative amendments could include provisions on mortgage durations, state subsidies, interest rate caps, and regulatory limits such as debt service ratios. A growing mortgage market could stimulate the construction sector and drive domestic credit growth, potentially reaching high single-digit growth over the medium term. The mortgage law is also expected to spur real estate development in the coming years. 'It should increase project awards for creating infrastructure and new cities and boost housing starts,' said Jaap Meijer, head of research at Arqaam Capital in Dubai. Behind the scenes, the government is also making strides with other urban development projects. The Public Authority for Housing Welfare has signed a consulting services contract to develop three residential sites with more than 5,000 housing units. Kuwait's market is considered relatively untapped compared to its neighboring countries. Bader Al-Saif, an assistant professor at Kuwait University and associate fellow at Chatham House, stated, 'Kuwait offers much. It's an untapped market when compared to its immediate neighbors.' The planned changes signal the government's commitment to addressing the country's housing challenges and improving the financial landscape.
Arab Times
22-03-2025
- Business
- Arab Times
Kuwait to open mortgage market for the first time
KUWAIT CITY, March 22: Kuwait is preparing to allow banks to offer mortgages for the first time, a major development that could reshape the country's financial sector. The legislation is expected to be passed soon by the Council of Ministers, according to sources familiar with the matter. This move could open up a market potentially worth $65 billion, which would expand lenders' credit portfolios by 40%, according to the sources, who requested anonymity due to the sensitive nature of the information. Historically, mortgages were not permitted or regulated in Kuwait due to concerns over the political ramifications of foreclosures on citizen-owned homes. Instead, the government has offered a public housing program, where married citizens can receive highly subsidized housing or a plot with a low-interest loan. However, the system has faced significant challenges, with a backlog of 103,000 housing requests and wait times stretching over a decade. This has led the government to plan major changes to address the situation. Kuwait's oil wealth has positioned it as one of the world's richest nations, but policy stagnation has caused it to fall behind its more ambitious neighbors in the region. The upcoming mortgage law is expected to provide a "structured framework" to improve home financing access for eligible citizens, according to Abdulla Al Sumait, acting group CEO of Al Ahli Bank of Kuwait. Al Sumait referred to the development as a transformative step for the country. The introduction of the mortgage law comes just 10 months after Kuwait's emir suspended parliament for up to four years, allowing the government—led by the Al-Sabah family—to pass important legislation. Just days before, the cabinet had approved a draft decree that set the stage for Kuwait to sell international debt for the first time in eight years. These political moves have already created optimism in the markets, with Kuwaiti stocks outperforming their Gulf peers this year, particularly driven by banks like Boubyan Bank KSCP, Burgan Bank SAK, and Warba Bank KSCP, which have each seen gains of 17% or more. The significant demand for housing in Kuwait suggests that even with regulatory limitations, the introduction of mortgages could greatly enhance the profitability of Kuwaiti banks, according to Justin Alexander, director of Khalij Economics and an analyst at GlobalSource Partners. The new development could also attract foreign interest in Kuwaiti banking stocks. Currently, foreign investments in Kuwaiti banks total 4.7 billion dinars ($15.3 billion), representing 15% of the sector. 'This opportunity extends beyond just housing finance, considering the large-scale infrastructure investments needed to develop new residential areas to meet the growing demand for housing in Kuwait,' said Sheikha Al-Bahar, deputy group CEO at the National Bank of Kuwait. Bloomberg Intelligence analysts suggest that the new legislative amendments could include provisions on mortgage durations, state subsidies, interest rate caps, and regulatory limits such as debt service ratios. A growing mortgage market could stimulate the construction sector and drive domestic credit growth, potentially reaching high single-digit growth over the medium term. The mortgage law is also expected to spur real estate development in the coming years. 'It should increase project awards for creating infrastructure and new cities and boost housing starts,' said Jaap Meijer, head of research at Arqaam Capital in Dubai. Behind the scenes, the government is also making strides with other urban development projects. The Public Authority for Housing Welfare has signed a consulting services contract to develop three residential sites with more than 5,000 housing units. Kuwait's market is considered relatively untapped compared to its neighboring countries. Bader Al-Saif, an assistant professor at Kuwait University and associate fellow at Chatham House, stated, 'Kuwait offers much. It's an untapped market when compared to its immediate neighbors.' The planned changes signal the government's commitment to addressing the country's housing challenges and improving the financial landscape.
Gulf Insider
17-03-2025
- Politics
- Gulf Insider
Kuwait Abolishes Article 153 Of Penal Code, Ending Leniency For ‘Honour' Killings
Kuwait has abolished Article 153 of the 1960 Penal Code, which previously allowed reduced sentences for men who killed female relatives caught in adultery. The move marks a major legal reform that ensures equal justice in murder cases. Minister of Justice Nasser Al Sumait announced the repeal of the law, emphasising that such provisions have no place in a just legal system. The abolished article stated: 'Whoever catches his wife in the act of adultery, or finds his daughter, mother, or sister in an indecent situation with a man, and immediately kills her, or the man, or both, shall be punished by imprisonment for a period not exceeding three years and a fine not exceeding three thousand dinars, or by one of these two penalties.' Al Sumait asserted that Article 153 had no basis in Islamic law and was a discriminatory provision that undermined justice. 'It granted legal leniency to certain perpetrators of murder, violating fundamental human rights and drawing criticism from international human rights organisations,' he stated. Following the repeal, such killings will now be prosecuted as murder, ensuring equal treatment under the law. Abolishing the article is key to advancing justice, gender equality, and aligning Kuwait's laws with international human rights standards. Al Sumait pointed out that the explanatory memorandum states that the repeal aligns with the Constitution, specifically Article 29, which guarantees 'equality in human dignity, public rights, and duties, and prohibits discrimination based on gender, origin, language, or religion.' Limiting this provision to men constituted gender-based discrimination, as it assumed only men experience such emotions, despite women having similar feelings. Additionally, reducing penalties for this crime may contribute to its prevalence. The article also contradicted Kuwait's obligations under international agreements, particularly the Universal Declaration of Human Rights and the Convention on the Elimination of All Forms of Discrimination against Women. The Universal Declaration of Human Rights establishes a common standard for states in defining and protecting rights. It affirms that all individuals are equal in rights, and both men and women are entitled to enjoy their rights without distinction based on race, color, or sex. It also guarantees equal rights in marriage, during marriage, and upon its dissolution.
