RIYADH: Shoura Council member Fatima Al-Qarni has said that middle class citizens cannot afford to meet their various needs and are forced to take bank loans, the burden of which is too much for them.
“The reality is that the middle class does not exist in Saudi society in terms of income. The true description of this class is the ‘installment class’, as almost all of them are obliged to pay monthly installments to banks,” she was quoted as saying by a local newspaper.
The current events in the Land Development Fund and the Ministry of Housing have led citizens to resort to bank loans, which are actually not interest-free, said Al-Qarni. “Banks think of many ways to deceive and manipulate religious authorities.”
The Shoura member cited the content of the fund’s report about loans which talked about delay by people to clear the loans because of weak financial ability. The recession in recent years will aggravate this problem, she argued.
Al-Qarni also called for steps to simplify the procedures of allotting housing units to citizens across the Kingdom.
“The reality is that the middle class does not exist in Saudi society in terms of income. The true description of this class is the ‘installment class’, as almost all of them are obliged to pay monthly installments to banks,” she was quoted as saying by a local newspaper.
The current events in the Land Development Fund and the Ministry of Housing have led citizens to resort to bank loans, which are actually not interest-free, said Al-Qarni. “Banks think of many ways to deceive and manipulate religious authorities.”
The Shoura member cited the content of the fund’s report about loans which talked about delay by people to clear the loans because of weak financial ability. The recession in recent years will aggravate this problem, she argued.
Al-Qarni also called for steps to simplify the procedures of allotting housing units to citizens across the Kingdom.
