Quotes: US MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi- Experts question role of banks in development  Join our daily free Newsletter

MENAFN - Arab News - 20/04/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) Prominent economy experts have lamented a recent statement made by deputy crown prince muqrin accusing local banks of failing to play a role in aiding social development.

prince muqrin who was attending a charity function in riyadh told local media that banks need to do more.

'banks have made no contribution to charitable or educational projects despite recording an astronomical annual profit of sr38 billion and a 13-percent growth rate in this year's first quarter" he said. 'i call them a saw; they chew when they go in and chew when they go out."

economist mohammad al-qahtani described saudi banks as the 'spoiled child" of the saudi arabian monetary agency (sama).

'banks achieve annual profits that exceed sr10 billion and yet continue to fail to contribute to social services" he said.

al-qahtani accused saudi banks of being responsible for the low standard of living in the kingdom.

'banks are supported by the state" he said. 'these banks would collapse and lose the trust of investors and clients if they lose state support."

he called on banks to support limited income sectors and contribute to the health and education domains.

'banks must establish companies to facilitate health insurance for citizens and contribute to the education sector helping in the establishment of new schools" he said.

economic writer mohammad al-bishri said the prince's description of saudi banks echoes reality.

'it is no secret that saudi banks manipulate market forces and enjoy one of the largest shares of the middle east cake" he said. 'banks were able to achieve sizable annual profits thanks to the country's stable sociopolitical climate."

'banks bear no social responsibility despite huge profits" he said. 'we have not heard of a single educational or charitable project that is financed by these institutions."

abdulwahhab al-mijthil a member of the shoura council also condemned saudi banks saying that the sector has been wreaking havoc for forty years while make zero contribution to national development.

'banks exploit citizens and earn commission while giving nothing in return" he said. 'banks play on emotion by boasting enormous annual profits."

'a social responsibility program similar to the one implemented by the central bank of a neighboring gcc country should be circulated among national banks" he said.

turki fadaaq head of research at al-bilad investment however has said that several saudi banks do have social responsibility programs that vary from bank to bank but that there is no mechanism for measuring the volume of donations made to these programs.

'banks achieve their profits through a stable economy" he said. 'banks nevertheless are shareholding companies that are subject to the country's laws."


 






  MENA News Headlines
 Jul 30 2014 - Films help Lebanese come to terms with dark pastAFP
(MENAFN - AFP) Lebanon's civil war ended a quarter of a century ago but its filmmakers remain fixated on this dark period, seeing their movies as a kind of catharsis to help heal collective ...

 Jul 29 2014 - New additions to Local Harvest brand of datesKhaleej Times
(MENAFN - Khaleej Times) E dates come from farmers who have contracts with ADFSC and therefore practise date palm farming according to the centres standards.For the next three weeks the Abu Dhabi ...

 Jul 29 2014 - PayTabs to launch online solutions in Bahrain, SaudiMENAFN
(MENAFN) PayTabs, a payment processing solution company co-owned by Saudi Aramco, is set to launch its online payment processing solutions in Bahrain and Saudi Arabia, Gulf Daily News reported.The ...

 Jul 29 2014 - Mobily signs LTE-4G roaming deal with BatelcoMENAFN
(MENAFN) Mobily telecom has signed an LTE-4G roaming deal with Bahrini Batelco to provide customers with advanced Internet services, Arab News reported.This agreement coincides with Eid Al-Fitr ...

 Jul 29 2014 - MoHC invites bid for construction of $250mn Oman Cultural ComplexMuscat Daily
(MENAFN - Muscat Daily) After announcing the appointment of the UK-based international consultancy and construction company, Mace as project manager for the Oman Cultural Complex (OCC), the Ministry ...

 Jul 29 2014 - Moon sighting expected on Monday eveningMuscat Daily
(MENAFN - Muscat Daily) The crescent of the new moon is expected to be visible on Monday evening across all governorates in the sultanate, marking the beginning of the month of Shawwal, according to ...

 Jul 29 2014 - Pakistan's film industry becomes alive againArab News
(MENAFN - Arab News) HORE: A breed of brand new independent filmmakers is successfully filling the void left by an obsolete industry known as Lollywood.In many ways 2013 was an era-defining year for ...

 Jul 29 2014 - Pak-British singer faces death threats over Gaza supportArab News
(MENAFN - Arab News) NDON: Zayn Malik probably wasn't expecting the barrage of abuse he received from followers after he pledged his support for the #FreePalestine social media campaign The ...

 Jul 29 2014 - Working in India was 'a good experience'Arab News
(MENAFN - Arab News) MBAI: Pakistani actor Fawad Khan's experience of working in India was very good and he credits his Indian co-star Sonam Kapoor for it reported Oneindia Entertainment.'She is a ...

 Jul 29 2014 - 'Lucy' tops 'Hercules' with 44m at box officeArab News
(MENAFN - Arab News) S ANGELES: Luc Besson's 'Lucy" proved mind can overpower muscle topping a remake of 'Hercules" by director Brett Ratner at the box office on the weekend.The Universal ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

IPO News
Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

US Markets Details

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Investment Game
Economic Calendar
Financial Glossary

My MENAFN
Portfolio Tracker

Voting

Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2000 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help