KSA’s banking system ‘safest in Arab world’

June 20, 2013

KSA_BankingJeddah, Jun 20: Saudi banking experts here say that the Kingdom has the safest banking system in the Arab world. This comes in response to CNBC Arabia reporting earlier this week that the Kingdom recorded 5,000 fraud cases out of 1.3 million ATM cash withdrawals recently.

The experts say that the security of the Saudi banking system and its top ranking in the Arab world has been confirmed by the Financial Sector Assessment Program (FSAP), the International Monetary Fund and World Bank’s assessment of a country’s financial system.

The banking experts also expressed concerns about a proposal to launch a single Gulf Cooperation Council (GCC) banking system because of the alleged poor security standards of many banks in other GCC countries.

Talat Hafiz, secretary general of the media and banking awareness committee of Saudi banks, confirmed that Saudi Arabia ranked number one in the region, particularly for its ability to fight money laundering. “Saudi Arabia’s banking system is considered the safest in the Arab world.” He said that Saudi banks still insist on customers updating their information in person rather than on the phone or online. “Saudi banks are applying the most well known international system to protect information and their databases,” he said.

“Despite the huge annual transactions in Saudi Arabia, there are very few complaints in terms of credit cards, visa cards, online payments, or ATM cash withdrawals.”

According to Hafiz, there have been less than 2,000 cases of fraud involving ATMs, despite the many machines across the country. He said most fraud cases have involved women involved in online shopping.

“We often advise women customers, who are involved in online shopping, to make sure they are doing transactions with genuine operators. We’ve noticed that most fraud cases have come from online shopping,” he said.

Hafiz said most Saudi banks offer integrated services including Internet banking, ATM and telephone-based services.

“Since more clients want to transact electronically, customers in Saudi Arabia are now moving into electronic banking, but the move is gradual. A lot of customers, especially elderly people, need to be aware of the electronic process.”

He said, however, that more awareness campaigns are needed to educate people about safe banking behavior.

Fadhul Albuainain, a banker and economics writer, said that money laundering and fraud cases would increase if the Kingdom joins other GCC banks in a single system.

He claimed that banking security in other countries such as Qatar and Kuwait is not strict, which has resulted in problems in those countries.

“Since we have a large number of expats, many ATMs and a huge number of transactions, it is dangerous to integrate with other banking systems in the GCC or other Arab countries,” he said.

“We have succeeded in fighting money laundering and financial fraud cases, unlike in the GCC and Arab countries.”

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News Network
March 23,2020

Dubai, Mar 23: The United Arab Emirates announced on Monday it will temporarily suspend all passenger and transit flights amid the novel coronavirus outbreak.

The Emirati authorities "have decided to suspend all inbound and outbound passenger flights and the transit of airline passengers in the UAE for two weeks as part of the precautionary measures taken to curb the spread of the COVID-19", reported the official state news agency, WAM.

It said the decision -- which is subject to review in two weeks -- will take effect in 48 hours, adding: "Cargo and emergency evacuation flights would be exempt."

The UAE, whose international airports in Abu Dhabi and Dubai are major hubs, announced on Friday its first two deaths from the COVID-19 disease, having reported more than 150 cases so far.

Monday's announcement came hours after Dubai carrier Emirates announced it would suspend all passenger flights by March 25.

But the aviation giant then reversed its decision, saying it "received requests from governments and customers to support the repatriation of travellers" and will continue to operate passenger flights to 13 destinations.

Emirates had said it will continue to fly to the United Kingdom, Switzerland, Hong Kong, Thailand, Malaysia, the Philippines, Japan, Singapore, South Korea, Australia, South Africa, the United States and Canada.

"We continue to watch the situation closely, and as soon as things allow, we will reinstate our services," said the airline's chairman and CEO, Sheikh Ahmed bin Saeed Al-Maktoum.

Gulf countries have imposed various restrictions to combat the spread of the novel coronavirus pandemic, particularly in the air transport sector.

The UAE has stopped granting visas on arrival and forbidden foreigners who are legal residents but are outside the country from returning.

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News Network
March 24,2020

Mar 24: Saudi Arabia has recorded its first death from the coronavirus in a 51-year-old Afghani resident, Health Ministry spokesman Mohammed Abdelali told a televised news conference on Tuesday.

The man's health deteriorated quickly after reporting to a hospital emergency room in the city of Medina and he died on Monday night, Abdelali said.

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News Network
April 26,2020

Abu Dhabi, Apr 26: Indian Ambassador to the UAE Pavan Kapoor says he is appalled after the bodies of three Indians flown back to India were returned to Abu Dhabi on Friday.

The three deceased Indian nationals had died of non-coronavirus causes and were flown to Delhi on Thursday but were promptly returned by authorities there.

“We are appalled at what has happened,” Kapoor told Gulf News. “We do not know if the bodies were returned because of coronavirus-related restrictions, but we are obviously not sending the remains of people [who have passed away from COVID-19],” he added.

“[As we understand], it happened because of new protocols at the airport and we are trying to sort it out,” he said.

Sent back a few hours later

“The remains were not offloaded from the plane, and were sent back a few hours later,” Kapoor explained.

The deceased were Kamlesh Bhatt, who passed away on April 17, and Sanjeev Kumar and Jagsir Singh who both died on April 13.

According to reports in Indian media, Kamlesh Bhat was 23 years old, and hailed from Tehri Garhwal district. He allegedly died of cardiac arrest. Along with the remains Kumar and Singh, Bhatt’s body was initially repatriated on an Etihad Airways flight, then sent back, even though his relatives had been on their way to collect them.

Kapoor explained the procedure through which remains are normally returned to family members back home, saying that the worker’s employer typically makes arrangements with cargo companies to repatriate bodies on cargo aircraft.

The employer applies for a No Objection Certificate from the Indian Embassy, which is granted once the Embassy ensures that all local formalities have been completed. The cargo company then applies for airport clearance, and the airline obtains approvals from the receiving airport.

“If airport protocols have changed, it means cargo companies have to be more careful about the clearance they’re getting,” Kapoor advised.

Additional costs
The ambassador added there may eventually be additional costs to repatriate the bodies but that it is first necessary to sort out the concerns.

The global coronavirus outbreak has spawned difficulties in repatriating mortal remains as a result of the travel restrictions imposed by countries. Remains of people dying from COVID-19 are not being sent back, but the caution surrounding the handling of bodies often affects the repatriation of those who succumb to other causes.

As Gulf News reported, Kerala chief minister Pinarayi Vijayan reached out to Indian Prime Minister Narendra Modi on Friday for intervention in bringing back the bodies of Keralites who have died in the Gulf from non-COVID-19 causes.

“I would like to draw your attention to the grievances received from Non-resident Keralites Associations (NRKs) in the Gulf Cooperation Council (GCC) countries on the delay caused in bringing home the mortal remains of NRKs who had expired due to reasons other than the COVID-19 infection,” read the letter by the CM.

“It is learnt that a ‘clearance certificate’ from the Indian Embassies is required to process the application of bringing home the mortal remains of the dead. The Embassies are [further] insisting on the production of a no-objection certificate from the Ministry of Home Affairs (MHA), New Delhi. To enable to bring back the bodies of the NRIs whose deaths occurred due to reasons other than COVID-19 infection, without necessary procedural hassles, I request your kind intervention,” Vijayan has requested.

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