Image Credit: AFP
Dubai: Kuwait’s banking industry is grappling with a significant increase in loan defaults following the revocation of citizenship for a large number of individuals.
Banking sources disclosed that the total value of loans held by customers whose Kuwaiti citizenship has been revoked is nearing 12 million dinars (Dh143 million).
These loans include personal, consumer, and installment financing, with the total amount reflecting the varied market share of each bank involved in lending.
However, this figure does not include loans held by the latest group of 3,200 individuals, whose nationality was recently revoked. Industry experts warn that, as a result, the total loan value is likely to rise substantially in the near future.
Kuwaiti banks have been granted the right to freeze deposits and other assets of affected clients, with any remaining balances being withheld as part of ongoing efforts to block financial transactions tied to the revocation of nationality.
In a move aligned with directives from the Ministry of Interior, banks are now tasked with ensuring that accounts and transactions of these individuals remain restricted.
The classification of these clients varies between banks. Some are still categorized as “VIP” clients, while others are considered ordinary customers.
A large proportion of the affected individuals are salaried employees with limited assets. The lists also include a small number of divorced individuals and clients receiving bonuses from the Ministry of Social Affairs. These groups, however, represent less than 1 per cent of the affected borrowers.
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