Kuwait resumes licensing of bank prize draws after overhaul

Dubai: Kuwait has resumed issuing licences for prize draws linked to bank accounts and products after the Central Bank of Kuwait completed an updated governance framework for such promotions, the Ministry of Commerce and Industry said.

Marwa Al Jaidan, Acting Undersecretary of the Ministry, said the ministry’s role is limited to issuing licences, while licensed entities bear full responsibility for the procedures and outcomes of the draws, under the supervision of the relevant regulatory authorities.

In a statement to the Kuwait News Agency (KUNA), Al Jaidan said coordination among regulators, including the Central Bank of Kuwait and the Kuwait Banking Association, had resulted in a unified governance and auditing framework designed to ensure fairness, transparency and integrity in prize distributions.

She added that the updated framework provides clear oversight mechanisms for licensed draws, reinforcing confidence in the process and supporting regulatory compliance across the banking sector.