The sources said the banks were deliberating the idea of exploiting the limited financial capabilities of their new clients who, according to the terms and conditions of Hafiz, should open bank accounts in order to receive their monthly payments.
Custodian of the Two Holy Mosques King Abdullah gave an order that all unemployed Saudi men and women should be paid SR2,000 monthly for a year while they try to find jobs in the government or private sectors.
The sources expected the banks to build strategic relationships with their new clients by giving them ATM or credit cards to use to buy goods or make financial transfers from their accounts to other banking accounts.
Hamad Al-Anzi, a banker, said the young men and women benefiting from Hafiz program would soon be productive employees and urged the banks to treat them as possible future customers, especially when they get jobs at establishments accredited by the banks.
He said the banks could sell some of their short-term products such as credit cards with a monthly limit of SR1,000 (representing 50 percent of the Hafiz monthly payments) to unemployed Saudis for six months.
Osama Osman, a professor of finance and economy at King Fahd University of Petroleum and Minerals, said the banks would increase their financial reserves when they open accounts for the Hafiz beneficiaries to receive their monthly payments. "The banks will then be able to expand their financial operations," he said.
He said though the program was only temporary and would end as soon as its beneficiaries were employed, the banks could benefit from their new clients even if they find work.
Osman said the government provided the banks with promising investment opportunities when it asked the Hafiz beneficiaries to open accounts in order to receive their payments.
Economic analyst Nasser Al-Qatawi asked the banks to demonstrate their social responsibilities toward all men and women who would benefit from Hafiz program.
He said the banks would benefit from opening accounts for the 1.5 million men and women Hafiz beneficiaries, including financial transfers, payment of bills and use of ATM cards. "The banks will get fees for all these services," he added.
He asked the banks to present new services and products that would enable them to attract the Hafiz beneficiaries.
