Kuwait Court of Cassation principle number 341

Loans granted by banks. A commercial act by its nature, whether or not the borrower is a merchant and whether they are spent on commercial or civil activities; the bank is entitled to default interest on them whenever the grounds for entitlement are satisfied. - The balance becoming an ordinary debt due for payment upon closure of the current account. Effect: the banking interest rate that applied to its individual entries while it was operating no longer applies; rather, the rate the parties agree to apply upon closure of the account applies. The statutory interest rate is 7% in the absence of agreement. Basis thereof. - 407 - Procedure