The Credit Bank was established (by Law 40/1960) to facilitate
land, agricultural and industrial credit loans for Kuwaiti
citizens, in addition to extending credit to State employees
against security of their salaries and bonuses.
The Credit Bank was later replaced with the Savings and
Loan Bank (by Law 30/1965), with some amendments to its
objectives and operational framework. The most prominent
of these amendment was it should undertake create awareness
among the public in order to encourage them to save; and
collect the people’ savings and invest them.
The Savings and Loan Bank is a public corporation of an
independent legal status operating under the supervision
of the Minister for Finance.
The Bank has a Board of Directors that plans the general policies
of the bank and supervises their execution. The members of the
Board are appointed by a resolution of the Minister for Finance.
They include seven skilled and experienced Kuwaitis and a Director
General. The Board of Directors determine, with the approval of
the Minister for Finance, the administrative and financial regulations
and systems as well as the regulations of the employees of the
bank.
