Bank prize draws stalled amid Central Bank–Commerce Ministry dispute

After more than five months of suspension, bank prize draws remain in limbo despite a Central Bank directive allowing their resumption under strict conditions.

The key requirement — that banks obtain a license from the Ministry of Commerce and Industry — has triggered a jurisdictional dispute, as Minister Khalifa Al-Ajeel insists the Ministry has no authority over such procedures.

This disagreement has effectively frozen prize draws until further notice, pending a legal and regulatory consensus.

Banking sources revealed that several banks approached the Ministry of Commerce immediately after the Central Bank’s circular, seeking licenses to resume their draws, but were turned away on grounds of lack of jurisdiction.

The Central Bank’s conditions for resuming draws include:

• Appointment of an independent external auditor to oversee the draws and prize distribution.
• Designation of a technical advisor to unify draw criteria.
• Continuous oversight by banks’ internal audit units.
• Publication of winners’ names across all communication platforms.

Al-Ajeel defended his stance, stressing that banking secrecy prevents the Ministry of Commerce from accessing customer accounts.

He underlined that only the Central Bank has full legal authority to inspect banks, regulate their activities, and ensure compliance with laws governing credit, monetary policy, and consumer protection.

Meanwhile, a pressing question hangs over account holders: what happens to the draws postponed since March 25? Banking officials confirmed that options under study include consolidating all deferred draws into a single large event — or spreading them across several days — provided transparency and credibility are safeguarded.

The balances in prize accounts are estimated at nearly 3 billion dinars, distributed among Kuwaiti banks depending on their market share and expansion strategy.

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