JEDDAH, 19 April 2008 — A new electronic transfer banking system will be in place soon to help expatriate Pakistanis remit their money to their families across Pakistan, said Khalid Bin Shaheen, vice president of Habib Bank and head of Global Home Remittance here.
The new system would enable them check the details of their account online, said Shaheen.
With the cooperation of Tahweel Al-Rajhi, the largest financial institution in Saudi Arabia, Habib Bank launched this project with a view toward encouraging Pakistanis to remit their money through legal channels, Shaheen said adding that thousands of people took advantage of this scheme.
“Remitting money through legal channels will not only discourage hawala (alternative remittance) but also boost Pakistan’s economy,” said Shaheen.
Earlier, the amount of money remitted to Pakistan was $100 million, which has now increased to $800 million, he said. The spur in development activities in Saudi Arabia and demand for manpower will increase the foreign exchange flow to Pakistan.
Tariq Mateen, executive vice president of Habib Bank, urged Pakistanis to provide correct details of their account so that their money can be transferred promptly.
People can remit their money through Bank Albilad and Injaz without extra charge, added Mateen.
Khursheed Bukhari, a representative of Habib Bank in Jeddah, said that figures for the current financial year showed improvement in remittances from Pakistanis who have so far sent $98.17 million from Saudi Arabia alone.
A new scheme from Click Cash is being planned so that Pakistanis can remit their money to other countries, too.