KUWAIT: The ministry of commerce and industry announced on Sunday the resumption of issuing licenses for prize draws linked to bank accounts and banking products, following the completion of the Central Bank of Kuwait’s governance roadmap for such draws. Acting Undersecretary of the Ministry of Commerce and Industry Marwa Al-Juaidan said the ministry’s role is limited to issuing licenses, while the licensed entity bears full responsibility for the draw procedures and outcomes, in accordance with the decisions of relevant regulatory authorities.
She noted that cooperation among regulatory bodies, led by the Central Bank of Kuwait and the Kuwait Banking Association, resulted in the establishment of a unified governance and auditing framework aimed at ensuring the highest levels of integrity and fairness in prize distribution.
Al-Juaidan said the Central Bank of Kuwait has introduced new technical requirements that banks must comply with when conducting prize draws. She explained that Kuwaiti law grants the Central Bank of Kuwait authority to supervise the banking sector, including setting rules, guidelines and conducting inspections, covering prize draw operations carried out by banking entities.
Based on the Central Bank’s recommendations and the readiness of banks to resume draws, the ministry has reopened licensing for banking prize draws, provided that a written approval from the Central Bank of Kuwait is submitted as a prerequisite for obtaining a ministry of commerce permit.
Regarding non-banking prize draws, Al-Juaidan said the ministry, in its commitment to consumer protection and ensuring integrity, transparency and compliance with the law, has completed a comprehensive review of all decisions and legal provisions governing such draws. She added that work is currently underway to approve a new mechanism to regulate non-banking prize draws, in coordination with relevant regulatory bodies, each within its area of competence, to ensure clarity of roles and institutional integration. – KUNA
