Kuwait Court of Cassation principle number 3205

The Board of Directors of the Central Bank. Its competence to establish rules regulating banking operations that banks may undertake, including granting loans to their customers, in respect of both 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 before their issuance. Consequence: loan instalments falling due after issuance of these decisions remain subject to the decisions under which they were concluded.