Kuwait Court of Cassation principle number 3181

A commercial bank. Its nature. An institution whose principal and customary business is accepting deposits for investment in banking operations. - The Credit and Savings Bank is not a commercial bank and is not treated as one of the banking institutions intended by Law 32 - 621 - Loan of 1968 establishing the Central Bank. The reason thereof. It was not originally established to accept deposits for investment, and these operations are not considered among its ordinary principal operations, even though it undertakes some of them. The effect thereof. It is not included among the banks to which Decree 32 of 1992 concerning the treatment of the conditions of the banking and financial sector and Law 41 of 1993 concerning the State's purchase of certain debts and the method of collecting them apply. - Beneficiaries of real-estate and commercial loans granted by the Credit and Savings Bank before 2/8/1990. Their exemption from paying instalments due from them on these loans after that date. Article One of Decree-Law 20 of 1992 concerning exemption from Credit and Savings Bank loans. The Ministry of Finance takes their place in settling those loans. - The judgment's treatment of the Credit and Savings Bank as one of the banks subject to Law 41 of 1993 whose debts receivable were purchased by the State. An error in applying the law requiring its cassation. An example.