NBK set to implement IBAN

06/12/2010 00:00 AST

National Bank of Kuwait (NBK), the leading bank in Kuwait and the highest rated in the Middle East, is well set to introduce International Bank Account Number (IBAN) to all local and international incoming payments as well as outgoing payments to other IBAN-compliant countries. IBAN is simply a customer's existing account number in a format/structure that makes it internationally recognizable, NBK stated in a press release on Sunday. The implementation of the IBAN, which will come into effect on Jan. 1, 2011, is in compliance with a directive by the Central Bank of Kuwait (CBK).

Commenting on IBAN, Deputy General Manager of Operations Group at NBK, Abdulla Abu Al-Hous said that IBAN is a simple, standard way to identify account details and helps to speed up the clearance of payments. This will be to the benefit of all retail and corporate customers who make or receive payments.

"Under the new system, no outgoing payments will be made to IBAN compliant countries such as Lebanon, Saudi Arabia, Mauritius, Turkey and Europe amongst others, as these payments will be immediately rejected by NBK if it does not have an IBAN. This will eliminate these payments being rejected by the beneficiary bank resulting in delays for the customer," he said.

Abu Al-Hous indicated that IBAN, which will become compulsory in Kuwait from Jan. 1, 2011, will apply to several types of payments i.e. payments made or received from another local bank, international payments and standing orders to other IBAN compliant countries as well as new local standing orders established after Jan. 1, 2011. Customers who are receiving their salaries through telex transfers from abroad will have to ensure that their employers include their IBANs.

Al Watan
National Bank of Kuwait - NBK
2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | News Archive
Most Viewed Companies
Ticker Price Volume
EEC 17.5 230,257
BRES 32.8 171,728
RIBL 9.8 517,620
NBAD 8.6 683,073
DIB 5.26 3,257,711
Recent News

Real estate, industrials stocks push QSE below the 10,400 mark
Real estate and industrials stocks drove the Qatar Stock Exchange below the 10,400 mark. Foreign and Gulf institutions’ net selling pressure was visible as the 20-stock Qatar Index fell for the sixt

Dollar strength symbolises Fed rate hike and allied impact on other cu
The US dollar hovered near a roughly nine-month high against a basket of major currencies on growing expectations of a Federal Reserve interest rate increase in December.

The dollar index, w

Al Meera Group’s Q3 gross profit up 6.2% to QR313.9mn
Al Meera Group gross profit has increased from QR295.5mn to QR313.9mn in the third quarter of 2016, up 6.2% or QR18.4mn over the same period last year, it was announced in a statement.


QEWC reports 8% increase in y-o-y net profit to QR1.23bn
Qatar Electricity and Water Company has reported an 8% increase in its year-on-year net profit to QR1.23bn, translating into earnings-per-share of QR11.21 on sales of QR2.33bn in the first nine month

UAE Exchange to acquire Indian online remittance business
UAE Exchange, the global remittance, foreign exchange and payment solutions brand, on Wednesday said that it has reached a deal to acquire the online remittance business ‘Remit2India’ from TimesofMon

GulfBase GCC Index
Search By
  • Company Symbol
  • Company Name
  • Mutual Fund Name
  • News Content
Send this page to a friend


Looking ahead, what change you are more likely to make in investing in your domestic stock market?