Knowledge Center

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All about applying for a bank loan in Kuwait including loan types, requirements, loan application, etc.


Money makes the world go round. It also makes interesting and insightful round table discussions on its values, purchasing power, exchanges, and whatnot, both among regular citizens and government policymakers.


One of the most important life skills we miss out in schools is to have financial literacy. After all, most of our small decisions on a day-to-day basis and some big ones in life are financial in nature.


Savings refer to saving part of your money for later use, and investments refer to allocating an amount of money and investing it in a product or service with the purpose of obtaining profits. Kuwaiti banks provide various products and services for safe investment that help manage your investments and increase your returns.


The banking sector is aware of the particular needs of people with special needs and keen to accommodate to them by providing special financial and banking products and services.


Personal finance is provided by banks to individuals to meet their personal needs.


Credit Cards are cards that allow customers to buy goods/services online, pay through POSs, and withdraw cash from ATMs inside and outside Kuwait on credit (i.e. a debt on the customer to be repaid in installments).


If a customer (individual) has a complaint against the bank he/she deals with (or any other entity subject to the supervision of the Central Bank of Kuwait, e.g. exchange companies, investment companies, and financing companies), he/she should follow a well-defined mechanism/process to submit his/her complaint.


We always strive to help customers protect their banking information and avoid falling victim to any fraudulent activity.


Banks are defined as "institutions whose primary function is to accept deposits for use in banking operations, such as providing loans and advances, issuing and collecting cheques, trading in foreign currencies and precious metals, and the other credit operations".


Life is unpredictable. There are times when you will find yourself in situations you never thought you will be in. Some of these unplanned situations can also impact you financially, increasing your expenses and digging into your savings. This could happen in any sphere: your child’s education, your health, or even home-related expenses.
In these situations, your first instinct might be to ask someone for help, like your friends and family. Although those aren’t bad short-term solutions, they won’t give you the full support you need in life’s ups and downs. That’s where personal loans come in to play.
Why should you get a personal loan?
In its simplest definition, a personal loan is money that you borrow from a bank to cover your current expenses. This money must be paid back to the bank in equal installments over a period of time, which can be in months or years. This borrowed money can help you solve your current financial difficulty without blowing up all your savings or troubling friends and family.
Like with any type of financial product, personal loans come in many shapes.
What are the different types of personal loans?
There are 3 types of personal loans that are popular here in Kuwait. Each one has been specifically designed to cater to various financial needs and situations.
- Consumer Loan: This is arguably the most useful and popular loan. A consumer loan covers a wide range of necessities, from your children’s school fees to your groceries. It can also be utilized to make various electronic purchases too. You can take consumer loans of up to KD 25,000 over a period of 5 years.
- Housing Loan: We all have a dream house in our minds. But unfortunately, we usually don’t have the immediate money that is required. With a house loan, you can borrow from the bank to purchase your dream house. It can also be used to renovate or repair an existing property. In Kuwait, housing loans up to KD 70,000 over a period of 15 years are available.
- Expat Loan: These go beyond the regular personal loans. Expat loans are specifically for those who are relocating to Kuwait for employment purposes, etc. These are mainly used to cover accommodation and travel expenses when someone is moving into the country. The maximum loan available is 150% of your accumulated indemnity.
What is the interest rate for personal loans in Kuwait?
That’s quite simple to answer: All personal loans incur an interest rate of 6% per annum in Kuwait.
Now that you know the different types of personal loans, let’s look at what you need to apply for one.
What documents do you require for a consumer loan?
- A copy of your Civil ID
- A Kuwait Military ID is required for MOI, MOD and National Guards
- Your salary certificate
- A salary transfer continuation certificate
What documents do you require for a housing and expat loan?
- A copy of your Civil ID
- Your salary certificate
- A salary transfer continuation certificate
- A copy of your passport (for expats)
Once you have provided the required documents, you will be eligible to obtain the required personal loan. You just need to choose the right kind of personal loan for your situation, and discuss the details with your bank’s representative.


At some point in your life, owning a car becomes a necessity. However, you may not have the necessary finances to make the purchase with a full down payment. Luckily for you, there is a solution: auto loans.
Here, let’s take a look at the 5 essential things you need to know about auto finance in Kuwait.
1. What is an auto loan?
A typical auto loan is when a bank uses its money to purchase a car on your behalf, and you have to pay back the loan amount over a certain period of time. This applies to new and used cars, as well motorcycles and other recreational vehicles.
2. What are the different types of auto loans?
There are predominantly 3 types.
Finance Lease
In a finance lease, a bank will purchase the car and then lease it to the motorist (you). This allows you to immediately use the car with little to no capital expense upfront.
Usually, finance leases are provided to businesses, where the car is used for mainly business purposes.
In this type of loan, you will pay a fixed monthly payment and you are financially responsible for both the maintenance and trade-in residual risk of the car.
When the lease period ends, you can refinance, sell, return or buy the car by putting up the remaining amount.
Operating Lease
Here, there is an agreement between the bank and the motorist.
The bank purchases the vehicle and rents it to you, the motorist. However, you have no risks associated whatsoever with ownership, including the residual amount at the end of the period.
At the end of the term, you have the option to buy the car, continue to rent it or change to another car.
Standard Loan
This is easily the most popular type in Kuwait. In this case, you take bank loan to purchase a car. Although it’s the simplest kind, make sure you are financially stable before opting for this.
In Kuwait, you can avail up to KD 25,000 over a maximum repayment period of 5 years. You need to show a minimum salary of KD 400 per month.
The interest rate on the loan is 6% per annum.
Here, the car is the security for the loan, so it will have to be fully insured. In the event of the owner’s death, the insurance company settles the outstanding amount.
You are only required to pay the monthly premium, which depends on your loan amount.
3. How do you apply for an auto loan?
It’s simple. Just apply online on the bank’s official website with your full name, nationality, date of birth, email and civil ID. The bank’s representative will contact you, after which you will have to go there with the documents mentioned below.
4. What documents do you require to get an auto loan?
These are the mandatory documents you will need:
- A copy of your Civil ID
- A Kuwait Military ID (for MOI, MOD and National Guards)
- A salary certificate
- For expatriates, a copy of your passport copy is required
5. What are the benefits of an auto loan?
There are multiple benefits of taking an auto loan here in Kuwait. Here are the main ones:
- Quick loan approvals
- Salary transfer is not required
- You can avail a free bank account with no minimum balance
- The funds will be directly transferred to the car dealership’s account
With all the benefits mentioned above, taking an auto loan today has never been faster, easier and safer. So, what are you waiting for? Go ahead and get that dream car today!


Over the past decade, one term that has been doing the rounds is ‘blockchain’. This revolutionary new technology has already started disrupting the way business is done in every field from the music industry to how we find counterfeit products, from how governments operate to even how accounts are maintained.
Amongst these, one sector that this technology is predicted to revolutionize is banking. This is because banks are still heavily dependent on paper and computer-based systems that are fast being considered outdated and in need of an update, particularly from a security and transparency point of view.
Most importantly, banks need a system embedded with reliable technology that can withstand frauds and address scalability and security issues. Many experts now believe blockchain can provide a solution.
What exactly is blockchain?
Blockchain technology as we know it was born in 2008. A ‘blockchain’ consists of a list of records of transactions called blocks. Each block contains a cryptographic code that contains the previous block’s complete record of transactions, including timestamps. Multiple such blocks form a chain – the ‘blockchain’.
Therefore, within a blockchain, any transaction can be efficiently traced in a trustworthy manner. Also, by its very design, blockchain doesn’t allow data to be altered, making it very, very secure.
So how can banks benefit from it?
Keeping financial records, particularly for the millions of transactions that are performed each day, is very challenging, and this is even more crucial for cross-border money transfers. There are security issues that malicious entities can exploit. Accounts can be hacked, transactions diverted and money stolen.
However, as we know, blockchain technology ensures the highest level of security for any transaction – including data and money transfers. This is why blockchain is increasingly being seen as a promising solution for the banking industry.
Banks can use blockchain technology to improve remittances. Furthermore, blockchain technology defies hacking, DDOS attacks, and other forms of fraud. It can also help banks quickly identify customers and trusted individuals or entities through a blockchain-enabled digital ID.
With less fraud, the overall cost of doing business decreases and presumably, the savings will benefit the customer. As of now, several major banks around the world are exploring ways to enable cross-border payments using blockchain technology.
How will this benefit customers?
If an expat in Kuwait wants to send money to their relatives back home, they have to visit an exchange, wait in line, pay in cash, and then pay a transfer fee to complete the transfer. The recipient might follow a similarly lengthy process.
However, with blockchain, this will no longer be necessary. Instead, both parties can complete an electronic transfer via a mobile phone – and it will cost much less too. This is because, with blockchain technology, activities that would have added cost, complexity, and delays can be easily automated and secured. Tools like smart Contracts can monitor when a buyer makes a payment, when a seller delivers and manage a variety of problems that may arise in-between. And this is just the beginning.
What the future holds
Like with every industry, the disruption of the banking sector was always inevitable. And one thing experts agree on is that blockchain has many advantages that the banking sector cannot afford to ignore, such as smart contracts and decentralized transactions.
As the technology grows, more and more banks are all set to implement blockchain in wider and wider spheres, making financial transactions completely safe, secure and trackable. It might take some time until we see the larger applications of blockchain within the financial sector, but we are slowly getting there.


Credit cards are often considered more convenient than other forms of payment. However, most people only prefer them for one reason: buy now, pay later. When you purchase using a credit card, the amount is only paid back at the end of the month or the beginning of the next month, depending on your plan.
But, today, credit cards are worth so much more than just that. If you use them wisely, they can do all the hard work for you, giving you innumerable benefits and also saving you a lot of money! Here’s how you can learn to do that.
Boosting Purchasing Power
Banks today offer you a wide range of features and benefits with every type of credit card (and there are many to choose from). If your main goal is increasing your purchasing power, credit cards will do the work for you. For instance, some banks give you up to 75% or even 100% of your available credit limit in advance as cash.
Also, most credit cards come with attractive discounts and offers covering lifestyle, entertainment, dining and more. Planning to watch a movie on the weekend? Your credit card can cover 1 ticket free for every ticket you purchase. Other offers could be on electronics, clothing, or even a free coffee or pizza.
Further, many credit cards also allow flexipay options: this means you can pay back what you spend over a longer time in small, easy instalments.
Going the Extra Mile
Credit cards are a huge advantage if you’re a frequent flyer. You get free travel insurance and airport lounge access at hundreds of locations, along with the best travel and lifestyle deals.
Further, every purchase also gets you Air Miles, which you can redeem for everything from booking a flight on nearly 800 airlines, reserving rooms across 150,000 hotels or even renting a car during your trip.
What’s more, whenever you are abroad, you don’t have to worry about exchanging currency – your credit card automatically pays in the currency of the country you are in.
Safety First
Another huge advantage is security: If your card is lost or stolen, nearly all card issuers have a zero-liability policy, meaning card owners are not responsible for unauthorized purchases.
Credit cards also come with fraud protection. If your details get hacked – which, unfortunately, can happen – money won’t come out of your bank account, and you don’t have to pay for fraudulent purchases.
Credit cards also come with purchase protection. So, if a merchant doesn’t come through, you’ll get your money back. This also extends to replacing your purchase if it’s damaged or stolen. So, using your credit card for everything automatically gives you purchase protection for everything you buy.
It Grows With You
Your credit card is like a piece of property in your pocket. The longer you have it, the more it works for you. Even when applying for a loan – whether it’s for a car or your dream house – a good credit card history will smoothen everything.
Further, as you grow, your card grows with you: you can upgrade to bigger and better packages, which come with even more awesome perks and advantages.
One important thing: Don’t forget to check with your bank about all the various offers and benefits you can avail! So, whether it’s a quick business or leisure trip, a shopping spree or a movie, a romantic dinner for two or a pizza party, it’s time to put your credit card to good use and make the most out of every opportunity.


Whenever there is talk of savings and bank accounts and how to handle finances properly, it’s usually assumed that only adults need to pay attention. But that’s not true. These topics are very important even for students, whether they’re in high school or college.
High school and college years are a time of great energy, exploration and big dreams. After studies and classes are done, it’s common to spend time hanging out with friends and having fun. But, whether dining out, catching a movie or sitting in a cafe, there are expenses to be considered.
While some may make some money through part-time jobs, many still depend on student allowances. This requires careful planning and handling to ensure you can have fun without going broke.
But don’t worry: you can enjoy more while paying less! Here’s how.
Keeping your allowance alive
During your late teens to early 20s, you are most likely dependent on an allowance. Making this last is arguably your biggest stress after academics. As a matter of fact, knowing how to budget yourself is a crucial life skill, and this is the perfect time to get started. Knowing how to save more is also beneficial.
However, these things are difficult to do if you don’t have a plan and a way to track and manage expenses. That’s where banks come into play. Today, there are numerous services aimed at children and students (aged between 15 and 23). These range from youth accounts to student packages, which offer many privileges and advantages.
Most importantly, these are not just for adults or people with fulltime jobs and salaries. If used cleverly, a youth bank account or student package can help any student track, account for and control their finances, thereby paying less and saving more.
How do youth accounts help?
Different bank accounts and packages come with different benefits and advantages. Some youth packages provide prepaid cards, giving you immediate access to your money. This means you can shop, pay bills, and recharge your credit with ease.
Some cards also feature a recharge-as-you-go plan, which allows for near-perfect financial control, making it easy to plan your monthly expenditure, stay within budget and spend sensibly.
Another perk of youth packages is that many come with exclusive discounts ranging from 5% off to as much as 50% at hundreds of POS (Point of Sale) locations locally and thousands more internationally and online. Whether it’s a cinema, gym membership or a place to eat, there will most likely be a discount or offer you can avail. Further, whenever you make a purchase, you will be notified through an instant SMS, allowing you to easily track your spending.
A whole new world
What’s more, these youth accounts will open up the worlds of online and mobile banking to you – all while you’re still a student. While you will have to get a bank account after graduating and getting a job, doing it when you’re still in college has massive advantages.
So, if you’re a student, it’s time to start researching the available youth bank packages around you and pick one that suits your requirements. Yes, you’ll have to do some planning and it’ll take some time to get used to it, but the benefits are huge.
And that’s how you can pay less and enjoy more – while you’re still a student!


Investing is not just for wealthy or middle-aged people with lots of savings. It is, in fact, a safe and easy way to grow your money no matter what your age. That’s why, even if you’re just starting out, you need to know how to invest, where to invest and how to do it wisely.
Thankfully, investing is easier than ever today. And the key taco a solid investment portfolio – as any financial advisor will tell you – is diversification. One definite target to have such a diversified portfolio is investing in foreign countries.
This is because, as a country’s economy grows, it can benefit companies and individuals who have invested in it. Each country has its own advantages, and, among the GCC countries, we’re going to take a look at Kuwait, which is quickly becoming a rising star.
Why Kuwait?
Kuwait is ranked the 3rd most tax-friendly country in the world and stands 2nd in gross national savings and has the 3rd best macroeconomic environment globally. Further, in recent years, the Kuwaiti government has focused on a massive business and infrastructure program, termed New Kuwait Vision 2035. This a strategic plan to move the Gulf state away from its reliance on the petrochemical industry and create a more mature and diversified economy.
How can you invest in Kuwait?
There are many ways you can invest in any foreign country. At each step, banks can provide you access to competitive investment opportunities as they manage and distribute them.
Here are 3 main ways to invest:
1- Money Market Fund:
This is a good starting point. A money market fund provides you a high level of liquidity by investing in diversified and high-quality money market instruments. This is also a type of mutual fund, characterized as a low-risk investment. A perfect place for a beginner investor to start due to the low-risk.
2- Equity funds:
Also known as stock funds, these invest mainly in stocks. Banks have various equity funds that provide good, long-term capital appreciation because they invest primarily in equities that are domiciled and listed in Kuwait. Your bank’s Investment Manager may also choose to invest in non-Kuwaiti stocks that they believe have significant exposure to the Kuwaiti economy.
Moreover, there are also open-ended debt funds incorporated in Kuwait, licensed and supervised by the country’s Capital Market Authority. These give you exposure to fixed-income securities either issued or guaranteed by governments, quasi-government entities or corporations registered in the MENA region.
3- Start a business:
A country’s growth provides significant opportunities for investors. So, starting a business is definitely another way of investing. If you’re looking to start a business offshore, Kuwait is ideal. In 2013, the Kuwait Direct Investment Promotion Authority (KDIPA) established a new commercial code allowing foreigners to own up to 100% of business entities. This attracts foreign investors who want to invest in Kuwait and take advantage of its flat CIT (Corporate Income Tax) of only 15%. Furthermore, banks provide ease of access to loans as well as various support for startups.
With this basic information at your fingertips, you are now in the right position to begin your deeper research into investing in Kuwait. Contact your preferred bank or financial advisor today and get started!


Even though we’ve gotten used to doing almost everything over the internet, many people are still wary of dealing with money online – particularly when it comes to banking. The most common fear seems to be that their account details will be hacked and their passwords and valuable stolen.
However, while cyber-attacks do happen, they’re nowhere near as common as people think. In fact, with some simple precautions and tips, online banking is not only safe, it is also much more than just using a computer to transfer funds.
Let’s look at the many reasons why online banking is a secure and a trustworthy option.
It’s Not Something New
Online banking has been around since the late 1980s, yet, surprisingly, a dark cloud still hangs around it. This is mainly due to some cyber-attacks that have taken place over the past decade that got a lot of mainstream press, making people think they’re very common. The opposite is actually true.
The main point to remember is twofold: one is that attacks are actually very rare, and two, banks have constantly been learning and updating their security measures continuously. Think about it this way: nearly every bank offers online banking as an option and they wouldn’t do so unless they can guarantee that it’s safe and trustworthy.
It’s Extremely Convenient
Just like with most other internet-based services, online banking makes a lot of activities extremely simple, saving you a lot of time and effort. Banking online saves you the hassle of going to a physical location to make payments, check balance, deposit money, control your investments – and many more services.
You Get Full Transparency
With online banking, your account history and transactions can be accessed from anywhere in the world. You can see if a transaction has cleared or what your balance is. With one click, you can see the complete and transparent status of all your banking activities.
You Will Always Stay Connected
Our world is more connected than ever and, with online banking, you can transfer money between various accounts with ease from anywhere as long as you have an internet connection. So, no more worrying about wasting time physically going to a branch – everything happens at your fingertips.
It’s Secure
Yes, dealing with your bank via online banking is much safer than using an email or handling physical paper documents. All banks have impressive security and anti-hacking measures in place, which are only growing stronger day by day. In fact, for 13 years in a row, NBK has ranked among the world’s top 50 safest banks.
Access From Anywhere
If you travel a lot, not finding a branch of your bank in the country you’re visiting can be frustrating. However, with online banking, your bank will always travel with you. This simplifies your traveling hassles and relieves you of mental stress as well.
It’s 24/7/365
In today’s fast-paced world, we are used to support and solutions to our problems anywhere, at any time. With online banking, that’s exactly what you get. While any physical location operates only during office hours, you can log in to your online banking account anywhere, at any time, and perform transactions with ease.
So, with all these reasons and more, it’s time to get with the program and say hello to online banking – and say goodbye to all your worries. Click here to know more


Young and first-time investors seem to know that having a strong portfolio is good, but few have any idea of how to go about it. So let’s take a look at how a good, diversified and robust portfolio can be built by choosing the right asset allocation and taking the right decisions – just one step at a time.
For far too long, investing has had a reputation of being something very complicated and only feasible by a small portion of society. Today, that is very far from reality. With the advancement of technology and the vast amounts of information available on social media and online, there has never been an easier time to start investing than right now.
So here are a few points to remember.
Clean the Tank Before You Add Anything to It
Although investing has become easier than ever, that doesn’t mean you should blindly get into it. Like everything else, a certain amount of caution is advised.
Before you start investing, it’s very important to ensure all your debts are fully paid off and that you have a positive cash flow. Not doing this can get you in an uncomfortable financial situation that you could have easily avoided.
Remember: Your Investments Follow Your Savings
Once you have your debts and loans paid off, your main focus should be to put aside money especially for investment purposes. The goal here is to save an amount of money that you are comfortable investing – apart from your regular savings.
This means you are comfortable with the potential gains and losses you can make with the amount you have saved up for this one purpose. Also, always ensure you save an amount slightly higher than what you plan to invest. This way, you can withstand the odd bad investment, in case you ever make one.
Invest in What You Understand
Often, people tend to fall for quick money-making schemes and investments that promise fast – and unrealistic – returns. This is one of the downsides of the ease of access given by social media and the internet: there is also a lot of negative or false information out there. Rule of thumb: if it looks too good to be true, it probably is.
Instead, silence the noise and focus on what you understand. Rather than chasing quick returns, invest in companies you understand and whose products you are familiar with. As Warren Buffett said: “Never invest in a business you cannot understand.” When buying stocks, limit yourself to companies or businesses you comprehend. Diversifying your portfolio is recommended, but don’t spread yourself too thin either. Four or five stocks in different industries is more than enough. When in doubt, always consult an expert.
If you are not comfortable with stocks as investment vehicles, there are many other options you can consider. Click here to know more.
So, you see, investing is not as difficult as it’s portrayed to be. With simple steps and the right knowledge, you can start today and get right onto building a robust portfolio in no time.


Whenever we read about an emergency or natural disaster on the news, many of us wonder what we would do in such situations. And on the heels of that: “I better start saving now.”
In other words, the prevailing feeling tends to be that savings are always for a future emergency – the proverbial ‘rainy day’. But is thinking like this actually useful?
In reality, it’s just a common misconception that savings are only safety nets for future calamities. Here are 3 important reasons why we need to change the way we think of savings: not as an emergency fund, but an essential financial strategy with a host of benefits.
1. You Gain a More Positive Outlook
When you save only with the mindset of “What if X happens?”, you will always see money only as an instrument to help during an emergency. But saving can enable you to do so much more!
Instead, when you start saving with the mindset of “If I save this much every month, I can make Y investment, or go on a big vacation to ABC or finally buy that house,” you begin to see money as an instrument that, when backed by purpose and a proper plan, can elevate your position in life to something better instead of just preventing you from getting harmed.
2. You Will See More Opportunities (Even in a Down Market)
When the market is down, prices drop. Whether it’s shopping, travel, stocks or real estate, rates can sometimes even see a huge plunge.
Instead of being afraid, this is a fantastic opportunity for a savvy investor to buy assets at a discounted price that you can sell later on for a good return once the market has got back up.
So, if you have a strong strategy and proper planning, you can to take full advantage of such market scenarios would otherwise be seen as an unexpected emergency.
3. It Enables You to Be Better in Many Ways
By now, you should have understood that savings are more than just an umbrella. Once you start saving not just from a safety perspective but rather in a more strategic manner, you’ll be overwhelmed by all the different ways your financial horizon opens up.
It all starts with a change of mindset: from “I am saving X amount of money in case something goes wrong tomorrow” to “If I maintain my savings at Y% for the next 18 months, I can invest it in my dream plan” – whatever your dream is.
You will definitely see a lot more options opening up once you start thinking of savings in a new, dynamic way. So, rather than saving out of fear, always do so with a clear plan and concrete goal. You’ll then be able to execute a lot more than you can ever imagine.
You’ll become a lot more positive mentally and financially as you look forward to better days that will bring joy and success rather than calamities to fend from.
