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ABK Sheds Light on the Risk of Loan Encashment as Part of ‘Let’s Be Aware’ Campaign

3 Oct 2022

ABK Sheds Light on the Risk of Loan Encashment as Part of Let’s Be Aware Campaign

Al Ahli Bank of Kuwait (ABK) continues its support for the nationwide awareness campaign – ‘Let’s Be Aware’, launched by the Central Bank of Kuwait (CBK) and Kuwait Banking Association (KBA). The campaign aims to raise awareness about customers’ rights and responsibilities regarding banking products and services.

The ‘Let’s Be Aware’ campaign is geared towards educating consumers about the best use of banking products and services. Enhancing customers’ knowledge of the precautions they must take to preserve their funds is a key priority. The campaign also helps users avoid any misuse of banking products and services, breaching their responsibilities, and utilizing banking facilities to manage their savings. ‘Diraya’ also provides tips on cyber safety and security, familiarizing people with special needs with their rights and services, in addition to clarifying the process for raising complaints about banking services and products.

The campaign spotlights banks and their role in providing banking services and highlights clear and specific policies related to the borrowing process; types of bank cards and tips for using them; products and services related to investing and saving; and personal finance. The campaign also aims to increase financial inclusion awareness to stimulate monetary and economic stability.

‘Let’s Be Aware’ also highlights the risks accompanying loan encashment and the consequences associated with it such as imprisonment due to presenting forged documents, countersigning data, or the inability to pay liabilities. Therefore, CBK regulates financial institutions in Kuwait to provide consumers with a tailored consultation to assess their liabilities, permitting them to avail banking products within their means.

Ms. Johair Marafi, Acting General Manager of Retail Banking at ABK said, “At ABK we work hard to ensure our customers are well informed about their rights and privileges while cautioning them against making any incorrect choices that would lead to serious legal retribution or are considered a violation of transparency and accountability. We are grateful that through the ‘Let’s Be Aware’ campaign we can further educate the public and continue to share tips that help them enjoy a safe banking experience.”

Individuals need to contact their financial institutions to discuss personal liabilities and current financial conditions during tough times. Additionally, consumers are encouraged to reconsider activities that cause financial distress, and legal jeopardy and adversely impact the national economy.

‘Let’s Be Aware’ has witnessed a collaboration between various authorities and entities, including the Ministry of Information, the Ministry of Interior, the Capital Markets Authority (CMA) as well as local banks, recording great success for the second consecutive year, reaching a broad segment of society to raise awareness on many financial topics.

For more information, please follow the campaign’s Instagram and Twitter accounts at @dirayakw and visit the campaign’s official website at www.dirayakw.com.