The Credit Bank was established (by Law 40/1960) to facilitate land, agricultural and industrial credit loans for Kuwaiti citizens, in addition to extending credit to State employees against security of their salaries and bonuses.

The Credit Bank was later replaced with the Savings and Loan Bank (by Law 30/1965), with some amendments to its objectives and operational framework. The most prominent of these amendment was it should undertake create awareness among the public in order to encourage them to save; and collect the people’ savings and invest them.

The Savings and Loan Bank is a public corporation of an independent legal status operating under the supervision of the Minister for Finance.

The Bank has a Board of Directors that plans the general policies of the bank and supervises their execution. The members of the Board are appointed by a resolution of the Minister for Finance. They include seven skilled and experienced Kuwaitis and a Director General. The Board of Directors determine, with the approval of the Minister for Finance, the administrative and financial regulations and systems as well as the regulations of the employees of the bank.