The decision to allow women to drive will result in increased car sales requiring bank loans, and it is expected that banks will see a growing demand on this kind of loan; therefore, Saudi banks are getting ready to offer services to these women, a bank source said.
Talat Hafiz, secretary-general of the media and banking awareness committee of the Saudi banks, said that banks are ready to finance women wanting to buy cars directly and indirectly through payments to car dealerships, pointing out that this decision will have beneficial economic impacts such as facilitating the work of women and expanding their economic roles.
He pointed out “one of the main problems impeding women’s work is transportation. The money women spend on taxis is considered a big waste. Therefore, families will be able to save a lot now.”
“Car sales in the Kingdom reach 600,000 thousand annually. However, this number will increase by 50 percent in the coming period, which will have many positive impacts on the country’s economy, including the GDP,” he added.
As for the banks’ position regarding this decision, he said that banks make no distinction between women and men, whether it is a consumer, mortgage or investment loan. However, banks expect to receive more female applicants in the coming period, which will have a positive impact on the overall economy.
He said that banks are ready to support this decision, noting that there will be new job opportunities for women in the transportation sector, such as with transportation companies Uber and Kareem, which might hire female drivers, giving more privacy to women who would prefer a female driver instead of a male one.
Source:Arabnews
GMT 16:45 2017 Tuesday ,19 December
Sukuk Al-Salam issue 200 fully subscribedGMT 16:46 2017 Thursday ,14 December
CBB raises key interest rateGMT 12:35 2017 Thursday ,14 December
South Korea bans its banks from dealing in BitcoinGMT 16:21 2017 Tuesday ,12 December
Sukuk Al-Ijara issue 148 fully subscribedGMT 12:53 2017 Monday ,11 December
Bahraini bank evolves as fintech leaderGMT 08:22 2017 Sunday ,10 December
Bahrain issues ETFs regulationsGMT 12:03 2017 Friday ,08 December
No VAT on loans, ATM services, says Saudi tax authorityGMT 11:48 2017 Thursday ,07 December
India's central bank holds rates at seven-year lowMaintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©
Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2023 ©