Pakistani News

LIKE many other regulations, we have accepted this quietly.

Why are our bank accounts frozen when the iqama is near expiry?

There is no logical explanation.

The only understanding I get from this is that someone wants to tell us, the expatriate, that you, your identity and all your money is mine when you are on this soil.

It only boils down to one thing: harassment. It is also a serious violation of a person’s dignity and right over his/her hard-earned money.

Why don’t other countries have such laws?

You cannot leave the country if your iqama expires. You are required to pay fines. You still have to pay your bills and your rent. Your iqama may not be renewed for a number of reasons which may not be your fault. The sponsor may have passed away or may not be available. You may be too sick to give your iqama for renewal. There could be several reasons for the delay in renewal. To add to all of this, you do not even have access to your own money.

How does anyone, under Shariah law, have the right over someone else’s money?

I have raised this issue several times. I have given it much thought. I have spoken with bank managers about it. All they say is: These are the directives of the Saudi Arabian Monetary Agency.

I consider this a reason to declare that my money is unsafe in the Kingdom of Saudi Arabia. I consider it a reason to have no trust in the country’s financial institutions. And this is making me seriously consider not having a savings account in Saudi Arabia. I could just have a petty cash account for the usual expenditure.

THE practice of freezing people’s accounts upon the expiry of their iqama causes a lot of distress. People find themselves totally helpless when their iqama expires. They have no access to their money. They have to ask loans from friends. And, God forbid, if there is some delay, they can do nothing but beg the bank for their own money. How does this make any sense?

It’s a security measure, someone told me. Ridiculous! What security measure?! Open bank accounts based on information of people’s passports. Give them online access, credit cards and ATM cards. Transactions could be monitored by SAMA and that information could be shared with the Interior Ministry.

All financial transactions through banks are safe and legal otherwise they would not be happening through a bank. Yes, if a person walks into a bank with 10 million riyals and wants to make a deposit, he can be asked questions. Otherwise, all electronic transfers are recorded.

So, why freeze an account?

Even if someone chooses not to renew his iqama and wants to stay illegally, he should be able to access his funds. If such a person is wanted by the police, it will actually be easier to track him down as people are photographed at every ATM machine. It will, in fact, be a better security measure!

This freezing law seems to have come in response to a bad experience. But this is not how professionals and intelligent people respond. It simply looks bad.

What’s so wrong if an expat who worked here for 30 years was able to save SR500,000? What’s so wrong if he wants to invest it here? Why is that so shocking? It is his right. But such regulations make people do one thing: Take their money and leave.

It is a deliberate effort to discourage people from counting on Saudi Arabia for their personal and financial security.
http://saudilife.net/component/content/article/89-law/5862-how-safe-is-our-money-in-saudi-banks