Judicial principle — Kuwait Court of Cassation

Kuwait Court of Cassation principle number 696

State of Kuwait · Commercial and Labour — Volume 9 · Ministry of Justice — Court of Cassation — Technical Office

English translation of the principle

Prohibition on exchange companies practicing banking activities. - A bank deposit as a banking operation. Its meaning. Its effect. The bank acquires ownership of the deposited money and has the right to dispose of it and utilize it for the needs of its own activity, and then is obliged to return its value to the depositor. Its difference from a deposit designated for a specific task to enable the depositary to perform another task.
Arabic original
حظر ممارسة شركات الصرافة أعمال المهنة المصرفية. - الوديعة المصرفية كعمل من عمليات البنوك. المقصود بها. أثرها. تملك البنك النقود المودعة ويكون له حق التصرف فيها واستغلالها لحاجات نشاطه الخاص ثم التزامه برد قيمتها للمودع. اختلافها عن الوديعة المخصصة لعمل معين لتمكين المودع لديه من تنفيذ عمل آخر.
Original Arabic judgment citations

(الطعن ٤٩/١٩٩٠ تجاري جلسة ١٠/٦/١٩٩٠ مج القسم الثاني - المجلد الثالث ص ٧٥)

Source: Court of Cassation legal principles collection — Commercial and Labour — Volume 9 — Ministry of Justice — Court of Cassation — Technical Office. Printed page 134. PDF pages: 134.

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