Kuwait resumes bank prize draw licenses after Central Bank sets new controls
New framework ensures transparency
The Ministry of Commerce and Industry has announced the resumption of licensing for prize draws linked to bank accounts and banking products, following the completion of a comprehensive governance roadmap by the Central Bank of Kuwait (CBK).
The Ministry clarified that its role is limited to issuing licenses, while full responsibility for conducting the draws and announcing their results lies with the licensed entity, in accordance with the regulations set by the competent supervisory authorities.
According to the Ministry, joint efforts by regulatory bodies — most notably the CBK and the Kuwait Banking Association — have led to the establishment of a unified governance and auditing framework designed to ensure the highest standards of integrity and fairness in prize distribution.
The Central Bank has introduced new technical requirements that banks must comply with when conducting draws.
Officials emphasized that Kuwaiti law grants the Central Bank authority to oversee the banking system and set binding rules and supervisory guidelines, including inspection powers covering prize draws conducted by banks.
Acting Undersecretary of the Ministry of Commerce, Marwa Al-Jaidan, said the decision to resume licensing was based on the Central Bank’s recommendations and its assessment of banks’ readiness to restart such activities.
She explained that licensing has been reopened exclusively for banking entities, provided they submit an official approval letter from the CBK as a prerequisite for obtaining the Ministry’s permit.
Regarding prize draws organized by non-bank entities, Al-Jaidan noted that the Ministry is conducting a comprehensive legal review of all regulations governing such activities.
She stressed that the Ministry is working to adopt a new regulatory mechanism in coordination with relevant supervisory authorities, each within its jurisdiction, to ensure consumer protection and guarantee the integrity, transparency and safety of draw procedures.
The Ministry reaffirmed that the move aims to strengthen oversight, clarify responsibilities among regulators, and enhance confidence in promotional prize campaigns across the banking sector.
