Kuwait Court of Cassation principle number 155

The Board of Directors of the Central Bank. Its competence to lay down rules regulating banking operations that banks may undertake, including granting loans to their customers, both as regards the maximum limit and the interest rate. Its decisions in this regard apply from their effective date and not to contracts concluded by banks with their customers at a time prior - 36 - Law to their issuance. The implication of this: loan instalments falling due after the issuance of these decisions remain subject to the decisions under which they were concluded.