Lack of courage to make personal finance reliable and on scientific system.

Byline: Khalil Ahmed

Keep innovating is the only option of banking sector survival

Interview with Mr Hamad Rasool Bhullar - a freelance consultant in Business and Financial Advisory

PAGE: Tell me something about yourself and your organization, please:

Hamad Rasool Bhullar: I am a freelance consultant in Business and Financial Advisory with special reference to ethical and Islamic financial system, for almost 20 years, both in public and private sectors in addition to being a passionate trainer on management and motivation to change the lives of the youth.

I have a strong belief that we can shape our Pakistani community into a very efficient and productive community just through the right mix of training and motivation, while preserving the natural ethics and morality in our society. I am running my own institution named as DOMES Consulting as its Chief Executive Officer (CEO).

PAGE: Could you tell us about the personal finance options for consumers?

Hamad Rasool Bhullar: Personal finance is a tricky matter and varies from person to person which is seriously uncommon in our society. We in Pakistani society have two-fold barriers in it. Firstly we are shy to discuss our personal finance with anyone for advice even and secondly there is a shortage of professional learning and advisory in this area with ethics and care for the common citizens. This causes huge shocks in the form of trust and social behaviors leading to effective economic efficiency. Our society has not yet got that level of maturity which could bring a reliable and scientific system of personal finance.

In the advanced nations, they have established scientifically calculated credit scoring system for every individual, through which they are able to assess the personal financial strength or weakness while making credit and financing contracts.

Although State Bank of Pakistan has established an Electronic Credit Information Bureau (eCIB) database used for credit assessment, credit scoring and credit risk management is in limited use and costly only available to limited number of institutions and banks. Although some private level credit database have also been established and used by their respective institutions.

PAGE: Do you think the boom in credit would affect the economy owing to unprecedented levels of consumer credit?

Hamad Rasool Bhullar: Sure, as it is very important to have a transparent reliable and cheaper credit system for consumers is very important which can boost...