The Central Bank of Kuwait informed banks to cancel the billing requirement to obtain personal loans, after activating the role of the Credit Information Network Company (Cynet) in accordance with the law regulating the exchange of credit information and its implementing regulations.

Informed sources indicated that the Central Bank recently reported that it had decided to cancel the invoices section on the company’s system, whether for open or closed transactions for all banks and financing companies, explaining that the previously applied system put Blacklist to the customer who did not submit invoices for his loan on The “cy-net” network is no longer applicable, and therefore the customer has the right to request a new loan, without the need to present documents indicating the disbursement of his loan. The decision remains with the lending bank to verify the customer’s credit history through the network

Those who provide financing services, selling in installments and credit facilities, and service providers, such as telecommunications companies, leasing and others, will be included in the company’s scope of work, and customers’ credit history will become available to all subscribers to help them in making decisions and assessing risks.