Saudi Arabia Credit Cards
The Saudi Arabia is also sometimes known as the Kingdom of Saudi Arabia. It has population of around 27 thousand that is at 14th in the world population. Talking about the banking sector of the Saudi Arabia, the number of credit cards in Saudi Arabia increased to 104% between 2003 and 2008, says ArabianBusiness.com.
Although the Saudi Arabia has seen a dramatic increase in the number of Saudi Arabia credit cards but it still needs to go a long way. The country is not very immune to the economic crises and some reports shows that the credit cards holders in Saudi Arabia are spending less on credit cards because of the economic crises in the country.
The Saudi Arabia has a very strong Islamic law, which is termed as the Shariah. According to the Shariah, taking interests on loans is prohibited in Islam. And hence many people feel controversial about using the credit cards in Saudi Arabia. But due to the introduction of Saudi Arabia credit cards that are designed according to the Shariah, it has helped to increase the number of credit cards.
Like many nations, people actually prefer to pay from their credit cards for their groceries. The people of the Saudi Arabia are also adopting the trend of using Saudi Arabia credit cards.
Out of Credit
It is true that the banks of Saudi Arabia are almost out of credit and banks such as the Saudi Alinma is planning to work in the market of Hungry with initially 15 branches. The Saudi Alinma is not the first foreign bank in the Hungry market but there are also other banks such as the National Bank of Kuwait and several other foreign banks.
The chief economist at the HSBC Saudi believes that the Saudi market is a very competitive market and the Saudi Arabia credit card penetration is at 51%.
Credit Crime Problems
The Saudi Arabia is new to cyber crimes because there are a small number of Internet users as compare to the other parts of the world. And the credit card industry in Saudi Arabia is dramatically increasing and it is facing many problems.
The credit card fraud is increasing and the banking sector is taking certain measures and security checks such as checking identification. But such measures can be a problem in the Arabian society. According to ArabNews.com, the clerks that are all male stated that they would never ask any women to provide their identity.
It is also true the Saudi Arabia has weak online security system and online crimes are costing the country millions of dollars. And it is also stated by the officials that the hackers will be charged with one year of jail and fine of 500,00 Saudi riyals.