The following are the management committees of the organization
- The Executive Credit Committee (ECC)
a.Consider, and if thought fit, review, approve, reject all Investment proposals and Financing applications within the delegated approval authorities vested in the Committee.
b.Consider, and if thought fit, approve cases of write-offs, waivers or refunds within the delegated approval authorities vested in the Committee.
c.Consider, and if thought fit, approve and/ or recommend legal action and any other action plan on problem financing and investment proposals, in terms of its delegated authority, as deemed necessary.
- The Classification & Provisions Committee (CPC)
a.Analyze and evaluate the outstanding exposure under approved financing facilities and investments, for the purpose of determining the provision, in accordance with the Central Bank of Kuwait requirements and International Accounting Standards 39 norms, prudent investment practices, and company’s policies and procedures.
b.The committee will review the Non Performing Financing Assets and Investments of the company and make recommendations to the Board or the Chairman for the required level of provision.
c.Review submissions from all departments, including IAS 39 provisioning templates, discussing each individual impaired exposure. Similarly, the Investment Division will prepare investment asset information report for review by the committee.
d.The committee will aggregate the specific loan and investment provisions and report the total provision to the Chairman for subsequent approval by the Board of the financial statements for the period.
- Retail Credit Committee (RCC)
The Retail Credit Committee has the authority to approve / reject / modify Retail credit applications submitted to it by Financing Services, and up to the limit of the delegated authority provided under the Retail credit policy (i.e. up to a maximum of KD.15,000/-) as amended from time to time.
The RCC has the authority to ask for further details, to reject or to suspend discussion on any retail credit application.