Kuwait Court of Cassation principle number 416

Commercial banks. Their nature: institutions whose principal business is accepting deposits for use in banking operations. Law 32 of 1968 concerning Currency, the Central Bank of Kuwait and the Banking Profession. - Practising the banking profession. The prerequisite for its permissibility. It must be undertaken by institutions in the form of joint-stock companies whose incorporation decree authorizes them to do so. Contravention of that. Its effect. Absolute nullity of every agreement contravening that. The reason for that and its connection with public policy. Example of sound reasoning.