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
QNBK 141 109,746
SABIC 82.24 4,514,661
NAJRANCEM 13.32 345,126
NBAD 9.59 1,656,285
STC 65.02 236,848
RIBL 11 345,788
JULPHAR 2.21 4,680
Recent News

STARWOOD HOTELS & RESORTS CELEBRATE IFTAR WITH CAB DRIVERS IN
Yesterday, Starwood Hotels & Resorts celebrated Iftar with taxi drivers across Saudi Arabia – Al Khobar as a part of its seventh annual ‘Iftar for Cabs’ and its ongoing commitment to the Holy Month o

MDO to catalyse investment into Oman’s mining sector
Minerals Development Oman (MDO), the newly established executive arm of the Public Authority for Mining (PAM), envisions a major role for itself in attracting international investment and technical k

62 student companies in Oman unveil innovative ideas
Student Companies’ exhibition 2016, which is being organised by Injaz Oman, commenced last week at the Shangri-la Resort and will end this week. The events on June 23 and 24 will begin at 8:00pm a

Oman share index ends marginally higher
The MSM30 Index had marginal gains of 0.07 per cent to close at 5,788.38 points. The MSM Sharia Index closed at 882.72 points, down 0.16 per cent. HSBC Bank was the most active in terms of volume and

QEWC capex set to jump to QR7.6bn in 2016-18: Moody’s
Qatar Electricity and Water Company’s (QEWC) capital expenditure (capex) is slated to increase substantially to QR7.6bn in 2016-18 against a total QR1.6bn spend during 2012-14, according to Moody’s,

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

Poll

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