Central Bank of Kuwait tells local banks to Kuwaitize certain vital positions.
10 August 2022, 12:00 AM
31 August 2022, 12:00 AM
The Central Bank of Kuwait has informed banks that they must Kuwaitize the position of Director of the Anti-Money Laundering and Terrorism Financing Unit. It emphasized the importance of localizing sensitive banking jobs, including senior and middle management, and making the necessary efforts to achieve this, reports Al-Rai daily.
They explained that the Central Bank was initially pushing the banks to present plans to adjust their situation in this regard. However, it later allowed extending the deadline but it is not likely to extend beyond the year 2023.
The Central Bank indicated that the appointment of non-Kuwaitis in leadership positions in general for a limited period should be linked to qualifying Kuwaiti competencies to fill these jobs within the framework of career development plans and the required replacement. Some banks responded by affirming that they have already Kuwaitized such positions, while others responded that they are working on it.
The Central Bank’s moves to localize sensitive jobs include reviewing the banks’ plans individually to ensure they make the required job succession.
The Central Bank’s move in this direction is part of its strategic endeavor to enhance the presence of national competencies in the banking sector at all functional levels, and its constant interest in developing career opportunities for Kuwaiti cadres, while giving national cadres priority in filling leadership positions in technical and administrative fields, and taking measures to train and qualify them to fill those positions.