Dr. Massouma Al Mubarak, first female member of the Kuwaiti Parliament, has confirmed that there is a movement to postpone voting for the Financial Stability Law until the next parliament assembly, after the summer.
The postponement would allow the Parliament’s Finance and Economy Committee to prepare an amended draft of the Financial Stability Law, aimed at closing the current loopholes in the law.
In an interview with CNBC Arabiya, Dr. Massouma Al Mubarak said that the Financial Stability Law is critical to maintaining the consistency of the financial sector, and acts as a protection shield against declination of businesses.
 
However, the law in its current state still includes ambiguous articles which require further clarification. Al Mubarak added that the Parliament’s Finance and Economy Committee is currently preparing the amendments to the law aimed at obliterating loopholes.
Al Mubarak also emphasised the need for the government to submit a development strategy that conforms to the public budgets, and a commitment to implement the plan in order to achieve objectives.
In the interview, Al Mubarak noted that the existing political conflicts between the two authorities – the government and the parliament – has led to dissipated opportunities and cancelled projects.
Al Mubarak also highlighted the need for more active participation from controlling bodies such as the tender committee and the accounting council to eradicate the element of fraud and profitability. Al Mubarak underscored that questioning of ministers is a constitutional tool but must be used righteously without lurking and waiting for ministers to commit mistakes or abuse this privilege.
With regards to winning the first seat in her electoral district in the last parliament elections, Al Mubarak said that Kuwaiti voters have expressed their explicit interest in bringing change and managed to overcome the hesitance associated with male electors. This insured four female candidates with seats in the parliament, in accordance with the leadership of His Highness Sheikh Sabah Al Ahmad Al Sabah, ruler of Kuwait, who called the people to choose public interest when voting.

Related posts:

  1. Workshop: Finance for non financial managers
  2. Emotion-led investments delaying next bull market, says financial expert
  3. EDC launches the Islamic Financial Services Mission
  4. Financial Crime Risk Management technology market projected to hit USD 3.75 billion by 2012
  5. State Bank of India to give financial services to Export Development Corporation