Licenses for Bank Prize Draws Renewed in Kuwait

Kuwait’s Ministry of Commerce and Industry has announced the resumption of issuing licenses for prize draws linked to bank accounts and banking products, following the completion of the Central Bank of Kuwait’s governance roadmap for regulating such draws.

The move reopens the door for banks to offer prize-based promotions tied to savings accounts and other financial products, after a period of regulatory review aimed at strengthening oversight and transparency in how these draws are conducted.

Under the new framework, the ministry clarified that its role will be limited to issuing licenses. The licensed entity, typically a bank or financial institution, will carry full responsibility for the draw procedures and outcomes, in line with the decisions and guidelines set by the relevant regulatory authorities.

Officials said this approach is designed to clearly define accountability, ensuring that institutions running prize draws adhere to governance standards while maintaining consumer trust in promotional campaigns linked to banking services.

At the same time, authorities confirmed that work is underway to approve a new mechanism to regulate non-banking prize draws, in coordination with relevant regulatory bodies. This suggests a broader effort to standardise rules across sectors, covering promotions and raffles not tied to financial products.

The resumption of licensing is expected to revive popular bank-linked prize schemes in Kuwait, while the parallel regulatory work aims to create a more consistent and transparent environment for all types of prize draws in the country.