Standard Chartered Bank officials jailed....!

[TrueEye]

but then you are living in pakistan too

[wik_a]

^ Why big banks are coming towards Pakistan? Why do we see huge increase in number of cars so suddenly?

Mere bhai here people ARE taking loans. They number of consumers may not be comparable with those in developed economies but still people are taking out cars on lease, houses on mortgage, various small things on credit cards installments like hell.

[fastoriel]

ya fraud maro ya halal kama k khush raho ...

loan aint good ... ...

[TrueEye]

well the thing is that in developed countries, all the sectors go abreast, means an increase in the number of cars is accompanied by better roads and infrastructure etc. But in pakistan, they just focus on one sector and forget about the others, which in the long run creates problems for them. They are infact lingering in between.

financial stimulation through loans is not a bad thing, provided it is planned in an appropriate fashion.

[fastoriel]

trueeyes ... in pakistan economic growth comes at a cost which is coruption if they avoid coruption n invest with true hearts n encourage people to work awl things will go good ...

real income is falling n money income is increasing ...

rich is getting rich in pakistan making money from money is very easy but poor is getting poor ...

they shoud equalise the distribution of wealth but pakistani people i have nothing to say ...

[TrueEye]

guys vote for me and see how the economy grows in no time(H)

[fastoriel]

trueyes ... i remember in A levels class we used to disscuss about economy of pakistan ... for economics students n economists ... n also stock exchanger the golden era was mushrafs era ...jisme economics perhne ka buhat maza ata tha ab sub baqwas lagti hai no economic activity now ... its kinda boring thats why i often neglect the economic disscussions coz ab maza nai ata ...

[saidhi]

[awan_rulez]

agreed wid autophile

i also received not a single call in last three years from bank bcz i m paying on time.

[hash4u]

my dad worked his whole life as a banker and he always tell me
1) never take a bank loan
2) never use credit cards

the dumb @ss using links to punish bankers forgot he is getting insulted more making it public through media (N)

[wik_a]

well the thing is that in developed countries, all the sectors go abreast, means an increase in the number of cars is accompanied by better roads and infrastructure etc. But in pakistan, they just focus on one sector and forget about the others, which in the long run creates problems for them. They are infact lingering in between.

Although you're quite right yet its something different.

financial stimulation through loans is not a bad thing, provided it is planned in an appropriate fashion.

I really don't have any disagreement with this as far as we are talking about capitalism only but when we drag in Haram/Halal then surely this system is flawed and will lead to catastrophe in future.

[fastoriel]

^^ agreed...

[wik_a]

@TrueEye

But in pakistan, you might have noticed that the financial crisis didnt have that much toll, the reason is people just do not buy on loans.

Sorry I overlooked your this comment so now bringing it up.

The reason why Pakistan didn't have much toll of global financial crisis is not that people don't buy on loans. The reason is that Pakistan's financial institutions had no exposure in CDOs (junk bonds) that caused the catestrophic liquidity crunch around the globe. Pakistan has its own problems lol. People withdrew billions of rupees from their accounts that initially caused the liquidity crunch in Pakistan but SBP lowered CRR & SLR that healed the banks.

If you are interested then PM me your email and I'll send you an analysis report on Banks of Pakistan prepared by Deutsche Bank (data analyzed up to 2006). That will give you a good insight of banking industry of Pakistan. The report starts with "Pakistan: The most profitable banking market of Asia". (H)

[fastoriel]

^^ agreed with bold letters ...

[wik_a]

^ lol ... baqi se disagreement hei kiya? :P:D

[fastoriel]

woi na credit crunch se bus paki banks bachay huway hai ... awl over the world they closed bank branches n economies went in crises but in pakistan ... banks are growing ... even they have opned hsbc branch in model town hehe ...

ham ja ker america n china walo se pehay mang mang k nai thakte jesay he credit crunch aya zardari went to china saudia to beg for money i m sowie to say ...

[saqib505]

The only crime these bank officers committed was violation of FDCPA (Fair Debt Collection Practices Act). According to this act no recovery officer can visit the residence or place of work of the debtor. To enlighten yourself from this law please visit

http://www.expertlaw.com/library/consumer/fair_debt_collection.html

[bali27]

Our policy makers are to held liable for letting the banks to launch unabaitedly consumer lending for all that foreign exchange Pakistan received after 9/11. Those resources should have been spent on building dams. Instead, in order to show a fake economic rise, banks were given a free hand to offer personal loans, car leasing etc resulting in the buying of expensive mobile phones and cars. Today if we look back, there is nothing to be proud of for us Pakistanis....useless use of mobile phones and new cars on easy terms have already pushed this country on the brink of liquidation only next in line to Iceland.

[ARS]

Hash,
What your father said is a golden advise for financial freedom.
I am sure he is aware of where Pakistan is heading with all those IMF loans.

[riz_]

I have a question related to this topic: Why do we call financing leasing in Pakistan? These are two very different financial instruments. Is it to make interest based loan more palatable for locals?