Keralites propose a bank of expatriates

Keralite expatriates in Saudi Arabia and other GCC states have called for the establishment of a Pravasi (Expat) Bank to mobilize funds to finance various investment projects and support the rehabilitation of Gulf returnees.
Alungal Mohammed, CMD of Al-Abeer Medical Group, presented the proposal during a seminar organized by Sign here on Friday, drawing applause from all political and cultural groups from the south Indian state.
“It’s a very feasible project,” Mohammed told Arab News, adding that all organizations have offered their support for the proposal. “We should go ahead with this project and put pressure on the government to approve it.”
The bank will require an initial capital of 1 billion rupees, he said, adding that it could be mobilized easily from the three million Keralites working in the Gulf. “The bank will follow the Reserve Bank of India’s regulations.”
Mohammed said a high-level committee would be formed, comprising community leaders from Riyadh, Jeddah and Dammam to discuss the project, which is an idea that was originally presented during a meeting of Sign in Qatar.
Siddeek Ahmed, CMD of Eram Group based in Alkhobar, welcomed the proposal, saying it would generate substantial improvements to the lives of expatriates, including Gulf returnees. “Such a bank is essential for the welfare of expats. The world is now controlled by banks and expats often find it difficult to get bank loans,” he told Arab News.
“If the proposed bank can give loans at low rates to Gulf returnees to start various enterprises it could bring big changes in their lives and save many families,” Ahmed said, adding that it would encourage commercial banks to reduce their interest rates.
V.P. Mohammed Ali, managing director of Jeddah National Hospital, extended his full support to Pravasi Bank and said all Keralites in the Gulf should be allowed to buy shares. “The bank can invest in real estate and other viable projects and it will be a good investment for expats,” he said. “We can also think of setting up such banks in the Gulf.”
V.K. Rauf, former president of Jeddah Keralites Forum, urged the Kerala government to support the bank, saying it would help solve many of the financial problems facing expats. “If we mobilize funds from all expatriates in the Gulf it would be a big achievement,” he said, adding that the bank should be managed by a group of professionals.