Politics
Local banks in Kuwait have begun tightening their lending criteria for foreigners amid growing concerns over employee job security plans and the increasing risk of expatriate employment contracts being terminated
Local banks in Kuwait have begun tightening their lending criteria for foreigners amid growing concerns over employee job security plans and the increasing risk of expatriate employment contracts being terminated. According to foreign media reports, the move does not amount to a complete suspension of loans for expatriates. Rather, banks are now issuing loans to customers with stable employment, higher salaries and sufficient guarantees only after exercising greater caution and conducting thorough scrutiny.
According to reports, banks are still willing to provide loans to foreigners working in professions considered relatively secure. These include doctors, engineers, healthcare professionals, technicians, employees working in technology and artificial intelligence, as well as teachers whose professions are not considered to be at significant risk from Kuwaitization in the medium term. Long-term employment and affiliation with a reputable organization are being viewed positively. Employees with around 10 years or more of service are considered lower-risk customers because they have accumulated substantial end-of-service benefits. Recently hired employees and those with lower educational qualifications are facing stricter scrutiny, while their loan limits have also been set lower.
Recently hired employees and individuals with lower educational qualifications are facing stricter scrutiny, and lower loan limits have also been set for them.
