Conference on 'financial services and consumers' held

Consumer Association of Pakistan (CAP) has organised a one-day conference over the title of "Financial Services and Consumer" here on Tuesday, where Economic experts demanded government regulatory authorities and financial services provider to ensure financial consumer protection.
The conference chaired by S.M. Muneer, renowned industrialist and President of Federation of India Pakistan Chambers of Commerce. While, the other speakers, Mirza Ikhtiyar Baig, Advisor to PM, Professor Dr Abdul Wahab (Sitara-e-Imtiaz), President of Muhammad Ali Jinnah University (MAJU), Dr Shahid Hasan Siddique, Chairman and Chief Executive, Research Institute of Islamic Banking and Finance, Renowned Islamic Scholar Mufti Muneeb-ur-Rehman, Faysal Abdullah, CEO Halal Tamweel.com, Farooq Hasan, SEVP Commercial and Retail Banking Group National Bank of Pakistan, S.Khalid Tawab, Vice-President Federation of Pakistan Chambers of Commerce and Industry have shared their views on the topic.
Addressing to the conference, speakers highlighted the problems faced by the consumer in stock market, insurance and banking sector and appreciated consumers' role in building economics of the country. The main benefit is availed by the banking sector but banks discouraged depositors by giving lesser profits, they further said. Dr Shahid Hasan Siddique told the conference that various governors of central bank acknowledged this particular banking issue but failed to provide consumer financial protection.
He had even filed the petition against banks in Shariah Court in 2006 but the case last trial ended up last year in April over the consensus that depositors deprived of their due profits due to loan write-off of many influential people. Religious scholar Mufti Munib-ur-Rehman while speaking on the occasion said: "Islamic banking is being popular in the country because as a Muslim every consumer wants Riba free system and there is a hefty need of awareness to give consumers thus they stay protected from Interest in banking sphere."
Professor Dr Abdul Wahab appreciated CAP Chairman Kaukab Iqbal and his team for the acknowledgement of such issues on behalf of the consumer. He stressed over the necessity to educate new generation regarding consumer protection rights. "The forum not only highlighted the issue of consumer but also forced to service providers to ensure better services," he added.
Mirza Ikhtiyar Baig also talked about the deceptive activities of banks and insurance companies which do not provide proper details to the consumer and later on consumers have to face problems. Addressing the conference, CAP Chairman Kaukab Iqbal has criticised State Bank of Pakistan (SBP) and said that SBP's Consumer Protection department is not playing its due role in solving consumer problems and If SBP makes rigid monetary policy so the consumer problems can be minimised.
Faysal Abdullah, CEO Halal Tamweel.com, said that Media can play its vital role in providing financial awareness to the consumer and for this matter print and electronic media should come forward. S.M. Muneer speaking on the occasion said, financial service providers should develop their trust on consumer and should solve their problems and after receiving premium money from consumer they should provide the claim money otherwise CAP is there to take action against them.
The resolution also passed in the conference in which according to the agreement between Economic Co-operation and Development Organisation and G20, Financial Services Monitoring Committee demanded by the Government of Pakistan and asked to give authority to CAP so it can fight for the cause of consumer financial protection. In conference, an appeal also made to Sindh Governor Dr Ishrat-ul-Ibad to issue earliest an ordinance for building consumer protection courts in Sindh.-PR