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The 12th of December 1981 witnessed the establishment of the Kuwaiti Banks Committee by virtue of an agreement signed by chairman of local banks, for the aim of enhancing cooperation amongst them and fostering coordination in handling affairs of common interest.
The Central Bank of Kuwait was established in 1969 with a mission to lay the foundations and maintain a flexible and stable monetary financial system in the State of Kuwait.
One of the Objective of the Committee was also to help local banks cope with the constant development of banking system. The Committees memorandum of association provided that the committee would meet periodically and whenever needed, and that the meetings are to be attended by banks chairman or their designates.
