Kuwait Finance House “KFH” continues efforts to support “Diraya” financial and banking awareness campaign launched by the Central Bank of Kuwait and Kuwait Banking Association for the second year in a row. The campaign aims to shed light on customers rights, rules and regulations of dealing with banks, information safety and security against intrusion, combating fraud transactions in addition to other warnings and regulations. This campaign comes as part of the bank obligation to keep the customers informed about their rights and duties towards banking and financial transactions and their cyber security.
The campaign discusses finance types, banking cards, awareness of customers with special needs, tips on cyber security and protection of bank accounts. Also, it provides the mechanism to lodge complaints, protect customers rights and identify the banking sector duties and its role in enhancing and developing national economy.
KFH contribution in the campaign comprises the dispatch of various messages on different topics related to the main components of the campaign. These messages are sent to all types of customers to suite the culture and nature of each tier. Also, messages are sent on continuous basis to employees who are considered as the second main component in the awareness triangle (customers – employees – public) who are either potential or targeted customers, thus aiming to achieve the targets of the campaign. The main targets of the campaign comprise awareness, identification of and warning against any possible risks of failing to follow safety and security instructions upon using modern technology means. Regulations include refraining from extending any information about accounts and personal transactions to any unknown parties or reply to messages from unknown sources as this would be a violation to data privacy and banking protection regulations.
KFH is keen on spreading financial education, saving and investment knowledge and customer’s awareness of the bank’s products and services. KFH appreciates the efforts extended by the Central Bank of Kuwait and Kuwait Banking Association in organizing the Be Aware “Diraya” campaign to spread awareness in society regarding banking and financial transactions and e-banking services. Technology has opened vast business opportunities. However, several risks and challenges were also detected considering the several attempts, most of which failed, to hack customers accounts and cause system damage. Accordingly, this situation has called for a comprehensive awareness plan and enhancement of the cyber security systems, anti-money laundering systems and prevention of other legally incriminated and suspicious activities.
KFH messages highlight the clear and defined policies placed by the Central Bank of Kuwait to supervise the lending and finance operations at banks. These policies provide that the customer shall be provided with the loan details, value and No. of instalments, settlement dates, instalment/ net salary ratio and default penalties. The customer is given at least 2 days grace period to review the contract fully before signing. Once signed, a draft copy of the contract shall be given to the customer including type of loan, payment term, instalment value and profit. There are two types of loans offered to customers, consumer loan and residential loan.
According to the CBK instructions, the bank is required to provide financial advice and all information concerning the finance contract and explain all details related to the finance transaction including rate of return/ finance amount, No. of installments to be paid by customer and components of each instalment before signing the contract with the customer. Customer shall be given two days period to review the contract and read the terms and conditions carefully and be aware of his rights and obligations before signing the contract.