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Law No. 10 of 1998
on the Establishment of a Financial Portfolio at the Industrial Bank of Kuwait to Support the Financing of Craft Activities and Small Enterprises for Kuwaitis

Article 1

The Government is hereby authorised to establish a financial portfolio in the amount of fifty million dinars at the Industrial Bank of Kuwait to support craft activities and small enterprises for Kuwaitis.
The establishment of this portfolio shall be for a period of twenty years.
* Last paragraph replaced by Law No. 2 of 2017 (Kuwait Al-Youm, Issue No. 1336, 16 April 2017).

Article 1 bis

The financial portfolio referred to in Article (1) of this Law shall continue to operate for a new period of twenty years, with its value increased to one hundred and fifty million dinars.
The Competent Minister shall submit a semi-annual report to the National Assembly setting out the number of projects that the portfolio has contributed to financing, the type of activity financed, the current status of the projects at the time of the report, the financial position of each of the projects supported by the portfolio, and all related activities of the portfolio.
* Added by Law No. 2 of 2017 (Kuwait Al-Youm, Issue No. 1336, 16 April 2017).
* Law No. 2 of 2014 (Kuwait Al-Youm, Issue No. 1169, 2 February 2014) had provided for the repeal of this Law upon the expiry of the portfolio’s term; Article (3) of Law No. 2 of 2017 then provided for the continued application of this Law and of the portfolio established and regulated under it.

Article 2

The Kuwait Investment Authority shall, after coordination with the Public Authority for Industry, agree with the Industrial Bank of Kuwait on the terms and conditions for managing the portfolio in a manner consistent with the provisions of Islamic Sharia, and the Kuwait Investment Authority shall have the right to supervise the portfolio.

Article 3

The amount allocated to the portfolio shall be taken from the State General Reserve and shall be disbursed in instalments as determined by the Minister of Finance.

Article 4

The Industrial Bank of Kuwait shall notify the financing applicant by registered mail of its decision either accepting the application and setting its order of priority for disbursement, or rejecting it with the reasons therefor, within three months from the date on which the application is submitted.

Article 5

The Minister of Finance shall issue the decisions necessary to implement the provisions of this Law within one year.

Article 6

The Prime Minister and the Ministers, each within his competence, shall implement this Law.

Issued on 25 May 1998 and published in the Official Gazette Kuwait Al-Youm on 31 May 1998.