Monday, October 17, 2011
TH averted crisis of confidence
Big Dog was given the scoop on the meaasures by Saudi Arabian Monetary Authority (SAMA) to cap cash withdrawal by Tabung Haji (TH) with it's Saudi banker.
This has inevitably affected the amount to be withdrawn by pilgrims and raising concern of confidence in Medinah.
Despite TH pilgrims not needing money to pay for their food, accomodation and ziarah tr, pilgrims performing the Haji Tamattuk (umrah before Haj) seriously need to ready about SR 350 to pay for the dam.
Pilgrims followed TH advise to not keep much cash but deposit in TH account and withdrawn in Medinah and/or Mekah.
Cash is also needed to pay for postages to Pos Malysia who are providing services to send parcels home. TH had advised pilgrims visiting Medina before Mekah to maintain luggage as light as possible and post home their gifts for family and friends.
In a conversation with the TH Vice Counsell for Medinah, Tuan Haji Shahrul Najmi after Isya, he explained the security motivated precautionary ruling by SAMA did not affect payment by cheques.
This has enabled TH to assist cash strapped pilgrims by making payments to Pos Malaysia and TH for postages, dam and korban by deducting from their passbook accounts.
The choice to limit daily withdrawal to SR 500 per person is reasonable enough for pilgrim's spending.
There is no more worry of insufficient withdrawal amount to cover for their immediate financial needs to pay dam, postages and korban.
Pilgrims is not prevented from withdrawing again the next day. Cumbersome as it is, the measure was necessary for TH to meet the new SAMA ruling and fulfill their obligation to provide financial services to pilgrim.
Such measure to limit withdrawal by Bank could lead to a crisis of confidence leading to a run on the Bank. However, there is nothing for the TH depositers to worry. Things should be back to normality.
For pilgrims about to leave for Haj, if it is really necessary, it would be advisable for precautionary measures to arrange remittance and deposit services with other Banks with network in Saudi Arabia like Al Rajhi Bank.
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