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Burgan Bank Wins the Visa “Best-in-Class Premium Active ‎Cards Growth in Kuwait”2024 Award

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KUWAIT CITY, Apr 12: Following years of fruitful collaboration and strategic partnership, Burgan Bank announced ‎winning the 2024 Visa award for “Best-in-Class Premium Active Cards Growth in Kuwait”, ‎recognizing its continued efforts to promote innovation and deliver an exceptional banking ‎experience for distinguished customers. This prestigious award is a testament to the outstanding ‎collaboration between Burgan’s Retail Banking and Private Banking departments, where their ‎combined expertise has been instrumental in elevating the Bank’s offerings. It also reflects ‎Burgan’s unwavering commitment to delivering card-based payment solutions that push the ‎boundaries of convenience and added-value, underscoring its ability to achieve notable growth in ‎the premium cards sector and further cementing Burgan’s position as one of the leading financial ‎institutions in Kuwait.‎

‎“We are honored to receive this prestigious award from our valued partners at Visa and to be ‎recognized for the first time as the best in Kuwait for growth in active premium cards, which ‎emphasizes Burgan’scommitted forward-looking vision for developing a comprehensive suite of ‎advanced and smart payment solutions that are in tune with our customers’ modern lifestyles ‎and evolving aspirations,” commented Mr. Manaf Al-Menaifi, Acting General Manager – Retail ‎Banking at Burgan Bank.“This achievement wouldn’t have been possible without the ‎synchronized and harmonious efforts exerted by the Retail Banking and Private Banking teams ‎including consistently researching the market and gathering timely insights, keeping abreast of ‎the latest in fintech trends, fortifying our banking experience with robust security measures, and ‎of course continuing to lead with innovation.”‎

Al-Menaifi added that the continuous expansion of Burgan’s competitive portfolio of debit, credit, ‎and prepaid cards and their prominence as a top-of-wallet market choice stems from the broad ‎spectrum of payment solutions that the cards facilitate, whether through the physical use of the ‎cards or their integration with mobile payment solutions, fast remittance and transfer ‎applications, as well as online banking. In addition, the Bank continues to center the development ‎of its card on segment-specific needs, guaranteeing that each card offers its target audience a ‎holistically bespoke and premium experience

On his part, Mr. Meshari Abduljalil Shehab, General Manager – Private Banking and Wealth ‎Management at Burgan Bank, said: “On top of the given convenience and banking excellence ‎that Burgan Bank delivers to allofits customers, our Private Banking experience further ‎incorporates uncompromising status and luxury into its DNA. In an effort to provide our ‎esteemed customers with a card that reflects their fine taste and elevated choice, we are proud ‎to develop a dedicated suite of banking cards for our Elite and Premium segments, featuring a ‎wide range of benefits and promotions in partnership with leading and premium service ‎providers.”‎

It serves to note that,over the course of their partnership, Burgan Bank and Visa have ‎collaborated on launching a wide range of innovative bank cards that meet customers’ ever-‎changing needs and offer countless benefits, specifically designed to meet the different ‎segments’ varying aspirations. The loyalty programs offered to Burgan Visa cardholders include a ‎spectrum of benefits ranging from exclusive discounts and offers to redeemable reward points ‎for airline miles, allowing customers to enjoy a world of luxury and comfort, outstanding ‎experiences, and world-class services.‎

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Second phase of merging Kuwait oil companies underway

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KUWAIT CITY, June 30: In preparation for the second phase of merging the subsidiaries of the Kuwait Petroleum Corporation (KPC), informed sources revealed that the executive phase of merging Gulf Oil Company with Kuwait Oil Company (KOC) has begun through the transfer of the corporation’s shares in the capital of the Gulf Oil Company to KOC. They highlighted a meeting held recently between the two companies’ CEOs to start making administrative decisions regarding this matter. The sources explained that the second phase, following the initial merger of KIPIC with the Kuwait National Petroleum Company, is part of KPC’s strategy to restructure the oil sector. This phase commenced with a meeting between KOC’s CEO Ahmed Al-Eidan, acting CEO of Gulf Oil Company Bader Al-Munaifi, and representatives from the oil sector’s leadership and workforce. The meeting also discussed the implications of Decision No. 60/2024, issued on May 5, 2024, concerning the transfer of KPC’s ownership of shares. ‘

Al-Eidan affirmed the importance of job stability and preserving all benefits of Gulf Oil employees. It was decided that the legal and administrative status of Gulf Oil Company will remain unchanged at this stage, including the company’s name, logo, and operational sites at its headquarters and joint operations in Khafji and Al-Wafra. The sources clarified that Al-Eidan indicated the change is limited solely to the transfer of share ownership, with KOC becoming the owning entity instead of KPC. Consequently, the highest authority will be the Board of Directors of KOC, without affecting daily operations or the current institutional structure.

By Najeh Bilal
Al-Seyassah/Arab Times Staff 

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Kuwait enhances laws to combat money laundering and terror funding

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Kuwait enhances laws to combat money laundering and terror funding

The Kuwait government approves tougher measures to tackle financial crimes.

KUWAIT CITY, June 30: Kuwait is intensifying efforts to combat money laundering and terrorist financing by enhancing its legislative framework, announced Minister of Finance and Minister of State for Economic Affairs and Investment Noura Al-Fassam on Monday.

The minister spoke in a statement issued by the Ministry of Finance following the publication of Decree Law No. (76) of 2025 in the official gazette, Kuwait Today. This decree introduces important amendments to Law No. (106) of 2013, reflecting Kuwait’s integrated government efforts to strengthen measures against financial crimes.

During the Cabinet meeting on June 17, the draft of the amended decree law was approved, underlining Kuwait’s commitment to raising the effectiveness of the national response to money laundering and terrorism financing. The amendments align with the requirements of the Financial Action Task Force (FATF) and relevant international standards.

The new decree law includes two significant amendments:

  • Article One replaces Article (25) of Law No. (106) of 2013, empowering the Council of Ministers, upon the recommendation of the Minister of Foreign Affairs, to issue necessary decisions to implement United Nations Security Council resolutions related to terrorism, terrorism financing, and the proliferation of weapons of mass destruction under Chapter VII of the UN Charter. These decisions will take effect immediately upon issuance, consistent with Security Council Resolution No. 1373 of 2001. The executive regulations will define the rules for publishing these decisions, appealing them, authorizing the release of frozen funds for essential living expenses, and managing such assets.n
  • Article Two adds a new Article (33 bis) to Law No. (106) of 2013, stating that any violation of decisions issued under Article (25) will result in fines ranging from 10,000 to 500,000 Kuwaiti dinars per violation. This penalty complements any additional sanctions imposed by regulatory authorities on financial institutions or designated non-financial businesses.n

The Ministry emphasized that these amendments support the National Committee for Combating Money Laundering and Terrorism Financing by broadening its powers to apply targeted financial sanctions in compliance with FATF standards. This includes the mandatory freezing of assets belonging to individuals and entities listed locally as terrorists, effective immediately upon decision issuance.

Furthermore, the amendments enable the Committee to impose fines on violators and require publishing the national list of designated terrorists on the Committee’s official website, enhancing transparency and meeting international obligations.

Minister Al-Fassam concluded that the updated legislative measures reaffirm Kuwait’s strong commitment to fighting financial crimes, safeguarding national security and stability, and fulfilling its global responsibilities.

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Kuwait updates regulations for public properties and service fees

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Kuwait updates regulations for public properties and service fees

Updated regulations aim to boost fair use and revenue from state properties.

KUWAIT CITY, June 30: The Ministry of Finance announced on Sunday the issuance of a new ministerial decision amending the regulations governing the use of state-owned real estate and service fees, in a move aimed at achieving a fair balance between public interest and the needs of individuals and institutions.

In a press statement, the Ministry said the decision comes as part of its broader efforts to regulate the use of government-owned properties and protect national resources. Ministerial Resolution No. 54 of 2025 introduces amendments to the regulations first outlined in Resolution No. 40 of 2016.

Minister of Finance and Minister of State for Economic Affairs and Investment, Eng. Noura Al-Fassam, stated that the amendments are intended to ensure fairness, clarify procedures, and improve transparency in the utilization of state assets.

“These changes aim to establish a fair balance in how state-owned properties are used by citizens and entities, while safeguarding public interests,” Al-Fassam said.

She added that the updated regulations were the result of a comprehensive pricing study comparing Gulf and international markets. The amended prices remain below average rates in Gulf Cooperation Council (GCC) countries, and were developed with Kuwait’s economic and social conditions in mind. The goal, Al-Fassam noted, is to promote equal opportunities and secure sustainable revenue streams for the state.

The amendments cover a wide range of activities involving the use of state-owned property, including chalets, rest houses, commercial complexes, cooperative societies, banks, and warehouses. They also apply to educational institutions, sports clubs, and hospitals.

In support of national food security and the promotion of local production, the Ministry also announced the stabilization of agricultural coupon prices under the new regulations.

The revised framework reflects Kuwait’s continued efforts to modernize its public asset management policies while maintaining a strong emphasis on economic fairness, efficiency, and sustainability.

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