28/09/2024
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28/09/2024
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KUWAIT CITY, Sept 28: Al Ahli Bank of Kuwait (ABK) reaffirms its continued participation in the ‘Let's Be Aware’ banking awareness campaign, in collaboration with the Central Bank of Kuwait and the Kuwait Banking Association. This initiative underscores ABK's commitment to promoting financial inclusion and raising banking awareness across all segments of society.
As part of the campaign, ABK highlights the risks associated with loan refinancing, a practice that some customers resort to by seeking unlicensed intermediaries. These individuals often provide cash at exorbitant interest rates, allowing clients to repay existing loans while incurring new debt. ABK stresses the importance of understanding loan terms and requirements, with dedicated employees offering tailored advice based on individual financial situations and credit statuses. The goal is to prevent customers from becoming burdened by obligations beyond their means.
ABK categorizes loan refinancing as a suspicious practice that can lead to significant financial instability. It emphasizes that such actions may violate regulations set forth by the Central Bank of Kuwait, and customers engaging in refinancing may risk their financial future and face potential fraud. ABK strives to consistently release educational videos on its social media platforms to shed a light on the associated dangers and how to deal with the situation.
To further support its customers, ABK provides a two-day review period for clients seeking consumer and housing loans, enabling them to fully understand their loan contract terms before signing. The Bank is committed to transparency, outlining the potential impacts of any changes in customers' financial situations, such as job relocations.
Additionally, ABK is actively engaging with the community through various events, reaching all age groups, and providing education on banking rights and responsibilities. By promoting its diverse range of banking services and solutions, ABK caters to all customer segments in the local market.
ABK remains dedicated to achieving the goals of the ‘Let's Be Aware’ campaign, one of the largest initiatives of its kind in the Gulf Cooperation Council, ensuring that every customer is equipped with the knowledge needed to make informed financial decisions.
