Latest news with #CentralBankofKuwait
Kuwait Times
3 days ago
- Business
- Kuwait Times
NBK warns customers about risks of fraudulent online shopping offers
Bank reaffirms commitment to 'Let's Be Aware' banking awareness campaign KUWAIT: In line with its unwavering commitment to fostering financial literacy and empowering all segments of society, NBK continues to bolster its support for the 'Let's Be Aware' banking awareness campaign. Spearheaded by the Central Bank of Kuwait in collaboration with local banks and Kuwait Banking Association (KBA). As part of its commitment to customer protection, NBK is actively educating the public about fraudulent online shopping offers, often promoted through social media. These scams typically feature links to fake applications or websites that lure victims with enticing discounts and promotions. Designed to mimic legitimate platforms, these fraudulent sites deceive users into providing sensitive personal and banking details — such as account and credit card numbers — ultimately compromising their financial security. NBK urges customers to remain vigilant and avoid engaging with suspicious links, reinforcing its dedication to safeguarding the community from cyber threats. NBK advises customers to exercise caution and avoid being misled by deceptive shopping deals that promise steep discounts. The bank emphasizes the importance of verifying website URLs and refraining from clicking on links from unknown sources — especially those received via email that advertise offers that appear too good to be true. Furthermore, NBK cautions customers about the risks of saving credit card details on e-commerce websites or browsers for faster future transactions. The bank highlights that such platforms are susceptible to security breaches, potentially exposing stored banking data to theft. The Bank also emphasizes that it will never request personal information via email, text messages, or phone calls. Additionally, NBK warns customers against responding to such messages, as they are often fraudulent attempts to steal banking credentials, sensitive data, or funds. NBK remains vigilant in monitoring emerging fraud tactics, educating customers, and providing clear guidance on how to stay protected. Through comprehensive awareness materials shared across its digital platforms, the bank continuously emphasizes the importance of engaging only with trusted links and avoiding interactions with unidentified sources. Harnessing its vast communication capabilities, NBK utilizes all its digital channels — boasting the largest following among Kuwaiti banks — to ensure the widest dissemination of the campaign's messages, effectively reaching the largest possible audience. Led by the Central Bank of Kuwait in partnership with Kuwait Banking Association, 'Let's Be Aware' stands as the region's most comprehensive financial literacy campaign. Aimed at empowering bank customers, the initiative delivers essential education on critical financial topics. Key focus areas include practical steps to prevent fraud, strategies for maximizing banking services, and fostering a strong culture of savings and investment. By equipping individuals with the knowledge and tools to make informed financial decisions, the campaign strengthens financial security and resilience across Kuwait's banking sector. As a leading financial institution in Kuwait and the region, NBK remains a key supporter of the Central Bank of Kuwait's initiatives aimed at enhancing financial literacy and promoting banking awareness across all segments of society. The bank actively organizes various educational events to keep the community informed about critical banking issues while also investing in specialized training programs for its employees. By strengthening expertise in fraud prevention and financial crime mitigation, NBK reinforces its commitment to safeguarding customers and upholding the integrity of the financial sector.
Arab Times
4 days ago
- Business
- Arab Times
Kuwait tightens grip on foreign property access
KUWAIT CITY, July 16: In a new regulatory move aimed at organizing the real estate market and improving the investment environment, Minister of Justice Counselor Nasser Al-Sumait announced that a draft decree has been submitted to the Fatwa and Legislation Department regarding controls on real estate ownership by foreigners through companies listed on the Boursa Kuwait and real estate funds. Al-Sumait explained that the draft decree was prepared under the provisions of Decree-Law No. 7/2025, which regulates real estate ownership, and is now pending approval by the Council of Ministers. The objective is to strike a delicate balance between attracting organized real estate investment and protecting the demographic structure as well as preventing the exploitation of residential properties for purely commercial or investment purposes. The decree takes into account the legal frameworks specific to citizens of the Gulf Cooperation Council countries and preserves the privileges granted to them regarding real estate ownership in Kuwait. The decree includes the following articles: Article 1: Companies listed on the stock exchange with non-Kuwaiti shareholders, as well as licensed real estate funds with non-Kuwaiti unit holders, may own real estate if their objectives include real estate dealings. The provisions of this paragraph do not affect the right of units supervised by the Central Bank of Kuwait or others to own real estate, per the law of the Central Bank of Kuwait or any other applicable legislation. Article 2: Persons licensed by the Capital Markets Authority (CMA) to practice the activity of investment portfolio managers may open and manage investment portfolios for non-Kuwaiti clients. These portfolios may include securities issued by companies listed on the stock exchange whose objectives include real estate dealings or units of real estate funds. Article 3: Listed companies, real estate funds, and investment portfolios licensed by the relevant regulatory authorities in Kuwait are prohibited from engaging in any transactions involving real estate, plots, or land designated for private residential purposes, whether by sale, purchase, mortgage, transfer of rights, authorization to dispose of the property to a third party, or acceptance of such authorization on behalf of a third party, except for the exceptions granted to units supervised by the Central Bank of Kuwait or any other exceptions specified by law. Article 4: Ownership of any real estate shares in kind may not be transferred to non- Kuwaitis in the event of the liquidation of a listed company or real estate fund, without prejudice to their right to receive an amount equivalent to their share of the liquidation proceeds, unless they have legal grounds permitting such ownership following the applicable laws. Article 5: The provisions of this decree shall not affect the treatment of Gulf Cooperation Council (GCC) citizens as Kuwaitis, per the relevant regulations. Nor shall they affect any provisions regulating real estate ownership contained in other laws. Such cases shall remain subject to the provisions of the laws, regulations, and decisions governing them. Article 6: Each minister, within their respective jurisdiction, shall implement this decree, which shall take effect from the date of its publication in the official gazette 'Kuwait Al-Youm'.
Kuwait Times
12-07-2025
- Business
- Kuwait Times
Kuwait unveils pivotal capital market transformation program: Al-Kharafi
MD 3.2, a milestone in the continued advancement of Kuwait's capital market KUWAIT: Reaffirming its commitment to building a more efficient, attractive, and globally competitive market that meets investor ambitions and aligns with international best practices, the Kuwaiti capital market apparatus has launched part two of the third phase of its comprehensive market development program (MD 3.2). This phase included a series of core initiatives aimed at strengthening the operational and regulatory infrastructure as well as expanding the range of products and services in the Kuwaiti capital market. Led by the Capital Markets Authority (CMA) and in collaboration with the Central Bank of Kuwait, local banks, investment firms and brokerage companies, Boursa Kuwait and the Kuwait Clearing Company (KCC) delivered a variety of transformative products, services and infrastructure enhancements, including the introduction of the Central Counterparty (CCP) framework, which reduces risks and provides guarantees to advance clearing and settlement processes in line with international standards. Among the other enhancements are cash settlements through local banks and the Central Bank of Kuwait's KASSIP system; the upgrade of brokerage firms' operating models to 'Qualified Broker' status, marking a significant step forward in market structure; and the introduction of sub-account numbers under omnibus accounts, which will strengthen transparency and oversight. In addition, the technical environment and IT infrastructure have been fully prepared and upgraded, with comprehensive testing conducted with all relevant parties in preparation for the listing and trading of Exchange-Traded Funds (ETFs) and fixed-income instruments, including bonds and sukuk. Legislative updates for these products are expected to be introduced later. This milestone represents one of the most significant transformations in the market's history since the privatization of Kuwait's stock exchange. It aims to reshape the regulatory and operational infrastructure of the market, paving the way for the introduction of new instruments and investment products that will deepen market liquidity, enhance its breadth and reinforce its role as a strategic driver of national economic growth. Commenting on this achievement, Boursa Kuwait Chairman Bader Nasser Al-Kharafi affirmed that these developments represent a pivotal milestone in the continued advancement of Kuwait's capital market, reinforcing its position and competitiveness on both regional and international levels. He highlighted that this achievement also reflects Boursa Kuwait's steadfast commitment to supporting the State's ambitious vision of establishing Kuwait as a leading regional financial center that attracts investment, while working in close partnership with all stakeholders to implement a comprehensive strategic roadmap that accelerates market development and enhances its contribution to national economic growth. 'We greatly value the remarkable efforts that have driven the various phases of the Market Development Program for Kuwait's capital market, a reflection of the power of constructive cooperation between the public and private sectors, which stands as a national model for realizing economic objectives and development ambitions rooted in innovation and professionalism,' Al-Kharafi said. Boursa Kuwait Chairman Bader Nasser Al-Kharafi Boursa Kuwait CEO Mohammed Saud Al-Osaimi 'This collaboration has played a vital role in advancing market infrastructure and introducing sophisticated products and services that promote a more transparent and dynamic investment environment. These efforts are essential to attracting capital, generating added value for the national economy, and supporting the diversification of income sources,' he added. Al-Kharafi concluded by extending his sincere thanks to all parties who contributed to this achievement, saying: 'I would like to express my deep appreciation to the Central Bank of Kuwait, the Capital Markets Authority, and Kuwait Clearing Company for their continued support, which has played a vital role in strengthening market stability and enhancing its standards of transparency and governance. I also commend the cooperation of our partners in the financial sector, who remain a cornerstone in the ongoing development of Kuwait's capital market. Boursa Kuwait remains committed to providing an exceptional investment experience for all market participants and continuing the joint efforts to reinforce Kuwait's position as a leading financial hub in the region.' Boursa Kuwait led the efforts to prepare the market's infrastructure for the launch of this latest phase, which represents a significant operational milestone for the bourse and the capital market apparatus. The exchange was instrumental in implementing the technical framework in MD 3.2, as it continued upgrading the trading system, which will support the introduction of new products, strengthen market integration, and lay the foundation for future offerings such as derivatives. The upgrades also highlight the market's readiness to broaden its range of investment instruments and align its regulatory framework with world-class standards. 'The launch of this phase reflects our unwavering commitment to developing an advanced, efficient trading environment that meets the highest international standards,' stated Boursa Kuwait's Chief Executive Officer, Mohammed Saud Al-Osaimi. 'It is the product of close collaboration across the capital market apparatus and represents a key step in expanding the depth, transparency and resilience of Kuwait's capital market.' 'Alongside the enhanced capacity of our technical systems to introduce advanced financial instruments, MD 3.2 represents a major milestone in Boursa Kuwait's efforts to build a more diverse, robust and efficient financial market, underscoring our readiness to advance to the next stage once the relevant rules and regulations are in place, enabling both the public and private sectors to utilize flexible, effective financing solutions that drive sustainable economic growth,' he added. Al-Osaimi concluded his statement by saying, 'We take great pride in our ability to translate our strategic vision into tangible operational achievements that demonstrate the strong collaboration and alignment of roles across all components of our capital market. Boursa Kuwait remains committed to working closely with our partners at the Central Bank of Kuwait, the Capital Markets Authority, Kuwait Clearing Company and all stakeholders in the financial sector to further enhance market readiness, attract greater domestic and foreign capital and solidify Kuwait's position as a leading financial center in the region.' The launch of MD 3.2 marks a significant step in strengthening Kuwait's capital market and reinforcing its position as a leading financial hub regionally and internationally. It builds on a comprehensive reform journey aimed at broadening the range of investment products, improving the efficiency of the operational infrastructure and applying the highest standards of governance and transparency to meet investor expectations and enhance the appeal of the Kuwaiti capital market. This milestone reflects the successful realization of a strategic vision to build a resilient, secure and transparent capital market that enables issuers to access diverse financing tools and provides investors with more stable and varied opportunities. The capital market apparatus remains committed to advancing infrastructure development and enhancing the investment environment, contributing to the national economy, advancing the UN's sustainable development goals and solidifying Kuwait's position as a pioneering financial center in the region and a destination of choice for capital from across the globe.
Kuwait Times
09-07-2025
- Business
- Kuwait Times
Gulf Bank warns against using open wi-fi networks at some airports, hotels
KUWAIT: As part of its ongoing commitment to enhancing financial literacy across all segments of society, Gulf Bank continues its support for the 'Diraya' banking awareness campaign. The bank actively shares educational and awareness materials through its social media platforms, website and other media channels. As the travel season continues, Gulf Bank urges travelers to be cautious when connecting to public Wi-Fi networks in airports and hotels. These unsecured networks can put your personal and banking information at risk of hacking or cyber theft. Gulf Bank emphasized the importance of using secure networks or relying on personal data plans when conducting any banking transactions or logging into banking applications, in order to ensure the safe use of bank cards. Travelers are also advised not to share their PIN or One-Time Password (OTP) with anyone, and to carefully read the details of any OTP message – such as the merchant name and payment amount – before using it to complete a transaction. Launched in 2021 by the Central Bank of Kuwait in collaboration with the Kuwait Banking Association, the 'Diraya' campaign aims to raise public awareness about essential banking services, promote secure transaction practices, and support financial inclusion and economic stability. The campaign also educates customers about their rights and responsibilities, the advantages of digital banking, and how to stay safe from related risks – reinforcing the importance of cybersecurity.
Zawya
26-06-2025
- Business
- Zawya
NBK warns against purchasing airline and concert tickets from unverified websites
National Bank of Kuwait continues its effective participation in the 'Let's Be Aware' campaign launched by the Central Bank of Kuwait in collaboration with local banks and Kuwait Banking Association, with the aim to enhance banking culture and financial awareness and literacy in society. To that end, NBK has been utilizing all its efforts to raise public awareness about fraudulent actions and ways to avoid them by publishing thro educational content such as videos, text messages, and pieces of advice through its social media platforms and other channels. Through its published material, NBK sheds light on the different ways and various tactics through which scammers steal customers' personal information and money via fake airline or concert bookings from tempting social media ads. NBK warns against falling for such tempting offers and fake ads, which typically come from suspicious or unverified accounts or pages, emphasizing the need to first confirm the reliability of any company, website, or agent handling the reservation process before paying any money to avoid fraud. Moreover, NBK believes in the importance of enhancing financial literacy among all segments of society and raising awareness about the best ways to benefit from its diverse services through its branches and digital channels, which have the highest number of followers among all banks in Kuwait. NBK's efforts to educate its customers are a fundamental pillar of its strategy, as it consistently emphasizes the need for customers to adhere to general instructions and guidelines to avoid digital fraud, as well as the importance of regularly changing bank card PINs and not sharing them with fraudsters claiming to be from the bank. The "Let's Be Aware" campaign is the largest in the region, aiming to raise banking and financial literacy among bank customers. It also addresses critical awareness topics, including the necessary steps to avoid fraud, the threats of high-risk investments, the best ways to benefit from banking services, and it promotes a culture of savings and investment along with other relevant topics. It is worth mentioning that NBK is a key supporter and partner in all CBK's initiatives and campaigns aiming to raise financial awareness and spread banking culture among all segments of society. As a leading financial institution in Kuwait and across the region, NBK frequently organizes various activities that contribute to raising awareness about all topics related to the banking sector. It also organizes various activities and training courses on combating fraud and financial crimes.
