KUWAIT CITY, Aug 20: In a bid to increase market share and attract more customers, credit policymakers are exploring innovative strategies to draw individual clients and enhance their competitiveness in the loan sector.

Banking sources revealed to Al-Rai that the growing competition among banks is leading to the introduction of diverse and unconventional offers. One such offer includes interest-free loans to cover wedding hall expenses for soon-to-be-married couples. This package allows customers to finance the cost of their wedding venue without paying additional fees, provided they transfer their salary to the bank and maintain the salary account for at least two years.

Additionally, sources noted that some banks are enhancing their competitive edge by offering interest-free financing packages for car purchases. These packages are available for up to five years and are aimed at qualified customers who are not currently on the bank’s client list, with the condition of salary transfer.

Other banks have introduced cash gifts for new account holders and additional perks such as credit cards and cashback on purchases, with some banks offering up to 10 percent cashback rates. These initiatives are part of the banks' broader efforts to attract and retain customers.