The 12th of December 1981 witnessed the establishment of the Kuwaiti Banks Committee by virtue of an agreement signed by chairman of local banks, for the aim of enhancing cooperation amongst them and fostering coordination in handling affairs of common interest.

One of the Objective of the Committee was also to help local banks cope with the constant development of banking system.

The Committees memorandum of association provided that the committee would meet periodically and whenever needed, and that the meetings are to be attended by banks chairman or their designates.
In a new stage of development, specifically on 16 May 2001, the Kuwaiti Banks Association was officially declared pursuant to the Ministerial Resolution NO.82 of year 2001.

The Objective of the Union concentrated on three main areas, namely:
1.
Achievement of the common objectives and interests of local banks.
2.
Supporting the local banking system towards attaining the purposes for which it was founded
3.
Enhancing areas of cooperation and coordination among members of the banking system in Kuwait, and between it and similar systems in other countries, particularly in the Arab world, with GCC banks at the forefront.

 

Functions And Responsibilities
In the light of the three main objectives of the Unions, its functions and responsibilities were defined as follow:
1.
Strengthening the relationships among member banks, and coordinating their activities in a manner leading to the attainment of banks common goals and interests vis-à-vis other parties.
2.
Monitoring and following-up local banking activity, defining common issues related to various aspects of this activity and proposing appropriate solutions therefore.
3.
Serious coordination and fruitful cooperation with Central bank of Kuwait wait for implementing its monetary and banking policy; raising the proposals deemed appropriate by member banks in this regard.
4
Monitoring local, regional and international banking developments and monitory policies, analyzing them and indicating their effects and reflections on local banking activity; preparation of periodic reports that summarize the results of those development and their effects on Kuwaiti banks.
   
 
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