Rupali Bank sale
Wednesday, 11 July 2007
Muhammad Ishaq
THE government or the Privatisation Commission should not any more pursue the Saudi prince for the sale of the state-owned Rupali Bank to him. The apparent ebb-tide in his interest in buying the bank, marked by the placement of a series of conditions on his behalf earlier by his agent, which the government here has fulfilled or pledged to fulfil, does not bode good about the future of the transaction. There might be contradictions in future between the standard policies in this country and the prince's preferred operational practices if he happens to ultimately take over the bank.
The sensitive religious connections between the majority people of this country and Saudi Arabia do not endorse that any kind of volatility should arise in future in the relations between the two countries as a result of any discord or misunderstanding involving the bank's operation.
The ownership of the Rupali Bank by a member of the Saudi royal family, if ensured from the prince's side, could have paved the way for closer economic co-operation between the petro-dollar rich Saudi Arabia and this country. It would have, however, required the two sides to diligently work out a fair rule of the game, consistent with the standard business practices.
The Privatisation Com-mission is said to have set July 15 at long last as the final date within which the matter of purchase of the bank by the prince is to be settled. The bank sale move reminds us about the proposal of Pakistan's late famed economist, Dr. Mahbubul Huq, for the petro-dollar rich Muslim Arab countries to invest in agriculture in Bangladesh, Pakistan and Sudan for food security of all Muslims. His wise suggestion was not taken seriously by any of them and it thinned out in the air. We Muslims are too foolish or whimsical. We are also seemingly too proud when we deal among ourselves.
THE government or the Privatisation Commission should not any more pursue the Saudi prince for the sale of the state-owned Rupali Bank to him. The apparent ebb-tide in his interest in buying the bank, marked by the placement of a series of conditions on his behalf earlier by his agent, which the government here has fulfilled or pledged to fulfil, does not bode good about the future of the transaction. There might be contradictions in future between the standard policies in this country and the prince's preferred operational practices if he happens to ultimately take over the bank.
The sensitive religious connections between the majority people of this country and Saudi Arabia do not endorse that any kind of volatility should arise in future in the relations between the two countries as a result of any discord or misunderstanding involving the bank's operation.
The ownership of the Rupali Bank by a member of the Saudi royal family, if ensured from the prince's side, could have paved the way for closer economic co-operation between the petro-dollar rich Saudi Arabia and this country. It would have, however, required the two sides to diligently work out a fair rule of the game, consistent with the standard business practices.
The Privatisation Com-mission is said to have set July 15 at long last as the final date within which the matter of purchase of the bank by the prince is to be settled. The bank sale move reminds us about the proposal of Pakistan's late famed economist, Dr. Mahbubul Huq, for the petro-dollar rich Muslim Arab countries to invest in agriculture in Bangladesh, Pakistan and Sudan for food security of all Muslims. His wise suggestion was not taken seriously by any of them and it thinned out in the air. We Muslims are too foolish or whimsical. We are also seemingly too proud when we deal among ourselves.