Banks are rob­bing peo­ple: Saudi scholar

The Pak Banker - - Company& -

REIYADH: Saudi Ara­bia's top Mus­lim scholar has launched a vir­u­lent at­tack on banks and in­vest­ment com­pa­nies, ac­cus­ing them of rob­bing peo­ple through non-ex­is­tent projects, news­pa­pers in the Gulf king­dom re­ported on Sun­day.

Sheikh Ab­dul Aziz Al Shaikh, the mufti ( re­li­gious chief) of Saudi Ara­bia made the at­tack at Fri­day's open prayers in Makkah, Is­lam's holi­est shrine, they said.

"Are you hon­est in what you are sell­ing," Al Shaikh asked, ad­dress­ing banks, in­vest­ment firms and eq­uity deal­ers in the world's top oil ex­porter. "Are you far from fraud, de­cep­tion and treach­ery…sev­eral banks and in­vest­ment com­pa­nies have sought to de­ceive peo­ple and ma­nip­u­late their funds…they have pre­sented imag­i­nary and non-ex­is­tent projects and used the money raised from these projects in what God the Almighty has for­bid­den."

The news­pa­pers did not say what made Al Shaikh launch that un­prece­dented at­tack on banks and other in­vest­ment firms but there have been re­ports of large losses by Saudi deal­ers in the coun­try's stock mar­ket. Hun­dreds of thou­sands of Saudis are also in­debted to banks while oth­ers have suf­fered from losses be­cause of fail­ure of some projects funded by those banks.

" The stocks traders are trap­ping and ma­nip­u­lat­ing peo­ple…in the end, the Saudi cit­i­zen is the only vic­tim, who is swal­lowed by those pow­er­ful com­pa­nies through their fraud op­er­a­tions, bad ma­nip­u­la­tion, treach­eries, and lack of fair­ness….. I am won­der­ing whether you ( banks and in­vest­ment firms) have car­ried out your real duty and I am now ask­ing you to fear God and pun­ish your­self," he said. -PB News

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