Kuwait Finance House (KFH) initiative to pay off the debts of a number of defaulting debtors, against whom court rulings were issued, with exact and summoning judgments, has received a large societal acclaim, as the amount of repayment exceeded 20 million Kuwaiti dinars, from which about ten thousand defaulting debtors benefit.
The mechanism for selecting beneficiaries
Deputy General Manager of the Legal Group at KFH, Fawaz Al-Enezi, explained that the selection of the beneficiaries of the program is done automatically without human intervention through the automated systems at the Ministry of Justice who meet the conditions for the beneficiaries. He pointed out that one of the most important of these conditions is that the defaulting debtor in the repayment is a normal person, he must be a Kuwaiti citizen and that the debt owed by him is judged in civil cases and not in criminal cases for committing any of the crimes. Priority in payment is given to the elderly and women.
Al-Enezi pointed out that the implementation of the project is carried out through the Civil Execution Department at the Ministry of Justice with high confidentiality, transparency and professionalism, and without interference from KFH or the ministry to choose the beneficiaries to pay their debts.
A societal responsibility
He added that KFH was keen to expand the scope of social responsibility due to the conditions that the country is going through due to the Covid-19 pandemic and its economic repercussions, which led to the defaulting of some citizens and their inability to pay their debts. This initiative confirmed KFH's leadership in social responsibility and the pursuit of sustainability in its development concept, with keenness on the strategic partnership with the country’s institutions, which reflects the vision of Kuwait’s leadership and people in humanitarian work. This indicates that the initiative contributes to releasing the debtors so that they can return to society and practice their normal life.
Al-Enezi pointed out that the payment of the debtors' debts was made after obtaining the legitimate approvals from the competent authority at KFH.
KFH has made various contributions to support Kuwait’s efforts to combat the Coronavirus crisis, while being the largest contributor to the KD 10 Million CBK fund to support the government’s efforts. KFH made an additional contribution to the fund and placed it at the disposal of the Council of Ministers to support the government’s efforts, needs and urgent measures to combat Coronavirus impacts.
KFH has a proven track record in supporting the initiatives of the Kuwait Red Crescent Society, as well as supporting the United Nations High Commissioner for its social and humanitarian efforts, in addition to community initiatives in various fields such as health, education, environment, people with special needs, youth activities and so on. This confirms KFH's leadership in responsibility, as it reflects the success of its initiatives that were appreciated by prominent global and local bodies, and that laid the pillars of leadership, excellence and sustainability.