Treating Customers Fairly in the Middle East
A conference was held for the same occasion at Adnan Kassar center under the patronage of Finance Minister Raya Hassan and in the presence of the minister of state Adnan Kassar, Tourism Minister Fadi Abboud and the president of the Lebanese consumers' association Zouhair Berro.
Titled "The relationship between consumers and financial institutions," the conference aimed at discussing ways of boosting the relationship between banks and consumers in a way that protects the interests of both parties.
Kassar underlined the importance of maintaining a strong relation between the consumer and financial institutions which will help in improving the economic development in the country in addition to satisfying the needs of the society.
He also called on the Lebanese consumers' association to work on improving the relationship between banks and consumers which serves as a protection against the negative repercussions of possible future global crises.
"Banks have showed on several occasions their commitment to the social, humanitarian, cultural, environmental and developmental causes all over the Lebanese territories," he said.
Kassar added that Lebanese banks play a great role in supporting the national economy through providing consumers with their financial needs which leads to an increase in the citizens' consuming activities. "This is one of the main components of a healthy GDP and a key driver of the development process in the country," he said.
He also considered that the role of banks will be further strengthened during the coming period as a result of the positive political climate prevailing in the country and the ongoing cooperation between the government and the Parliament.
From his side, Abboud called on the Lebanese banks and the banking control commission to benefit from the European standards in enhancing the financial services offered to consumers. "This will positively contribute to the economic development in the country and the citizen will be considered a partner in the banks' success," he said.
He added that banks should revise the quality of their services to consumers especially in the field of protecting consumers' rights. "The improvement in banks' services will be a key driver in the economic development and the creation of job opportunities in Lebanon," he said.
Abboud emphasized the importance of providing loans departments in banks with information regarding the problems that are faced by the Lebanese borrowers. "Awareness should also be raised when it comes to the promotions and offered by banks and presented in the media because they are not always accurate," he added.
He also underlined the importance of implementing the consumers' protection law which opens the way to a better relation between banks and consumers. "This also helps in modernizing the economy of the country," he said.
Moreover, Hassan said that the high performance of the Lebanese banks during the global financial crisis that hit the world does not mean that Lebanon should not work on improving the weaknesses prevailing in its financial system. "The relation between banks and consumers is a good starting point," she said.
She placed a great importance on the need to enhance the financial institutions' transparency. She criticized the harsh conditions imposed by banks on Lebanese borrowers. "Transparency should be improved in the contracts signed between banks and consumers in a way that protect the citizens' interests," she said.
Hassan advised consumers to deal with well known financial institutions in order to avoid the occurrence of any errors that would harm consumers' interests. "Consumers are advised to work with the financial institutions that work under the umbrella of the banking control commission," she said.
"Some people have lost their money in their dealings with unofficial lenders and investors."
On the other hand, Berro said that creating a balance between consumers and banks will be in the interest of citizens and the Lebanese economy. "The Lebanese economy is suffering from serious lack of balance due to the neglecting of the agriculture and manufacturing industries," he said. - The Daily Star
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