Terms & Conditions

Following are the terms and conditions that apply to the Alfouz Draw Account:

1. Alfouz Draw account is a non-interest bearing savings account that is available in Kuwaiti Dinars currency only, where no cheque book or salary is permitted in this account. The draw account holds four types of draws: weekly, monthly, quarterly and annually.
2. Alfouz account is opened to individuals customers (for minors by a parents or the guardian)
3. Alfouz closed accounts as well as ABK employees and first/second degree relatives (spouse - husband or wife, parents, siblings and children), are not eligible to enter the draw inclusive of company accounts. If a staff or relatives of the mentioned above wins in the draw, they shall be obliged to return the draw prize whereby the prize will be given to the subsequent standby winner of the draw.
4. Draw & Prize scheme:
   • Weekly Draws (ten Thousand Kuwaiti Dinars): There will be 36 draws throughout the year, each winner will receive a cash prize amount of KD10,000 (There will be no weekly draws in the week there is a monthly, quarterly or annual draw).
   • Monthly Draws (Twenty Thousand Kuwaiti Dinars): There will be 8 monthly draws throughout the year, each winner will receive a cash prize amount of KD 20,000 (There will be no monthly draws in the week there is quarterly or annual draw).
   • Quarterly Draw (One Hundred Thousand Kuwaiti Dinars): There will be 3 quarterly draws throughout the year, each winner will receive a cash prize amount of KD 100,000 (There will be no quarterly draws in the week there is an annual draw).
   • Annual Draw (Six Hundred Thousand Kuwaiti Dinars): There will be 1 annual draw throughout the year, where 1 winner will receive a cash prize amount of KD 600,000, and paid out on monthly basis of KD 5,000 for a period of 120 months.
   • All draws are set to take place accordance to the banks set schedule.
5. To be eligible to enter the draw, a minimum account balance of KD 100 (One hundred Kuwaiti dinars) is required, and for every KD 10 (Ten Kuwaiti Dinars) deposited in the account shall provide the customer 1 draw entry with a maximum of 100,000 (one hundred thousand) chances. Coupon chances are calculated based on the average months balance maintained in the preceding month for the weekly, monthly and quarterly draws. As for the annual draw, entries are based on the accumulative average months balance within the year of the draw schedule.
6. A minimum balance charge of KD2 shall be deducted if balance falls below KD100/- during the month.
7. The winner must have a valid residency in the State of Kuwait when conducting the draw, or the prize will be given to the next winner whose name was pulled during the draw, and/or in the event of the winner passed away before the weekly, monthly and/or quarterly draws taking place, the Bank has the right to distribute the cash prize to the winner’s legal heirs or whomever represents the winner’s legally, provided that the customer has a valid residency upon his/her death. As for the annual draw, in which the prize value is paid in installments over 10 years, and if the winner’s residency is no longer valid in the State of Kuwait during the prize period payment, the Bank reserves the right to pay the remaining amount in one bulk sum to the winner or the individual(s) listed in their heirs , or whomever represents the winner legally, or the bank shall have the right to continue the payment of the prize value on monthly basis as deemed appropriate by the bank at that time.
8. The Bank reserves the right to cancel or adjust any of the terms and conditions pertaining to the account and the draws.
9. The Bank reserves the right to close the account at any time.
10. The Bank reserves the right to publish/release the names and photographs of the winners in any media channel and for marketing & advertising its products and services.
11. All draws are conducted under the supervision of a representative from the Ministry of Commerce & Industry.
12. The Arabic version of these Terms & Conditions is to be considered as the official reference in the event of any discrepancies between the Arabic and the English.

I have received a copy of terms and conditions of the account and I am aware of the contents thereof. I have read and understood them. Therefore, I comply with all contents thereof.