Finance
Kuwait Is Set to Allow Banks to Offer Mortgages for the First Time
Traditionally, mortgages were neither allowed nor regulated, as policymakers feared the political repercussions of foreclosures on citizen-owned homes.
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Kuwait is preparing to allow banks to offer mortgages for the first time, a move that could reshape the oil-rich nation’s financial landscape.
The legislation is expected to be passed soon by the Council of Ministers, according to people familiar with the matter. The move would unlock a market that could eventually reach a value of $65 billion, implying a 40% expansion in lenders’ credit portfolios, according to the people, who declined to be identified as the information is private.