The Central Bank of Kuwait (CBK) has issued a directive instructing all local banks to suspend upcoming prize draws linked to customer accounts until further notice. This decision comes as part of an ongoing evaluation process aimed at ensuring transparency and compliance with banking regulations.

In an official circular, the CBK emphasized its role in regulating the banking sector, ensuring fair operations, and protecting consumer interests. Citing Article (71) of Law No. 32 of 1968, which governs currency and banking regulations, the central bank stated that the review is essential to maintain clarity and proper governance.

The directive highlights the need for reassessing prize-linked banking products to determine their effectiveness, transparency, and compliance with financial regulations. Banks have been instructed to immediately halt all related draws until the CBK concludes its assessment.

This move reflects the CBK’s commitment to enhancing governance standards and ensuring that all banking products operate within a fair and well-regulated framework. The central bank will assess the findings of the evaluation before making further decisions on the future of prize-linked banking incentives.

While the suspension may temporarily affect customers who participate in bank prize schemes, it aims to strengthen banking integrity and build consumer trust. The CBK’s decision reinforces its stance on prioritizing financial transparency and ensuring that banking incentives align with best practices.