Business | Economy

SCCI seeks to bolster banking sector

Though it is said that the banking sector in Sharjah was not affected by the current temporary liquidity shortage, the Sharjah Chamber of Commerce and Industry (SCCI) will work towards building consumer confidence in the market.

  • By Nadia Saleem, Staff Reporter
  • Published: 23:19 January 21, 2009
  • Gulf News

Dubai: Though it is said that the banking sector in Sharjah was not affected by the current temporary liquidity shortage, the Sharjah Chamber of Commerce and Industry (SCCI) will work towards building consumer confidence in the market.

"The banks in Sharjah are in good shape as the liquidity here was managed well. But the sector worldwide is facing challenges and banks aspire for positivity. It's just a matter of consumer confidence and that's what we need to work on," Hussein Al Mahmoudi, director-general of SCCI said.

A meeting among government officials and business representatives from the private sector took place at the chamber's headquarters to raise issues facing the banking sector.

"People are scared, they are keeping their money in safes at home and don't invest. Trust needs to be built in the market," said a spokesperson from Bank Masri.

Officials also spoke of how the government can help facilitate businesses for the sector.

Syed Aqeel Ahmad, assisstant manager, Credit and Marketing at ORIX, a subsidiary of Majid Al Futtaim Ventures, said, "We have good access to SCCI, that's a good meeting point. We can seek their help, advice and convey our difficulties in terms of writing business."

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