Business
KFH Assesses Community Engagement with Diraya Campaign
KUWAIT CITY, Apr 26: Kuwait Finance House (KFH) conducted a community banking experiment to assess public banking awareness and offer guidance on the risks, types, and avoidance of financial fraud. This initiative is part of the Diraya banking awareness campaign, launched by the Central Bank of Kuwait in collaboration with the Kuwait Banking Association and Kuwaiti banks, and aligns with KFH`s corporate social responsibility efforts.
Conducted during the Derasti exhibition at the Kuwait International Fairground in Mishref, the experiment focused on testing students` banking knowledge. Its aim was to enhance financial awareness and highlight fraudulent activities customers may encounter through various channels, such as SMS, email, phone call, and social media.
The experiment elicited a range of responses from the students. Meanwhile, a KFH representative reassured the participating students that the bank would never solicit personal details through email, SMS, or phone call. KFH stressed the critical need to disregard such communications, identifying them as deceptive schemes aimed at acquiring banking credentials and pilfering funds or data.
KFH urged customers to safeguard their banking information by never sharing OTP codes and exercising caution with electronic links, as clicking them could lead to the theft of confidential data. The bank also advised enhancing account security by avoiding the storage of sensitive information like card numbers and PINs on phones, keeping PINs secret and unwritten, and always logging out of banking apps or websites after use.
KFH successfully utilized all its e-channels on social media platforms and its website, mobile app to disseminate awareness content. These endeavors amassed a significant interaction with customers due to the distinctive and useful contents of KFH`s cutting- edge services and products.
In conjunction with the rollout of its new digital services, KFH has published several awareness pieces. These services include Kuwait`s first instant printing of credit and prepaid cards, WAMD instant payment in collaboration with KNET, transfers via the Western Union network, and the AFAQ instant transfer service. KFH`s awareness efforts also encompass explanatory videos on topics such as new user registration on the mobile app, cardless cash withdrawals, ATM services, and how to benefit from KFHOnline financial solutions. These videos and other awareness posts are available on KFH`s social media channels (@KFHgroup).
In line with the continued awareness efforts, KFH is committed to participating in initiatives and forums that focus on raising banking awareness. These include its participation in the 5th Gulf Conference and Exhibition for Cybersecurity Challenges titled “A Secure Digital Environment”. During its participation, KFH shed light on the concept of fraud in general, with a specific focus on cyber fraud, explaining the various types of fraud that pose a threat to both individuals and the community.
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.
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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