As part of the Visiting Wisdom session at our Dubai Campus, Suresh Lalwani (Head of Expatriate Segment - Business Banking, RAKBANK) addressed the SP Jain students on 7th February. He spoke about the banking system in UAE with special reference to Lending and how banks are transforming with changing market conditions.
It was an interactive session wherein Mr. Lalwani spoke about the business communities in UAE, important markets in the region, and the associated risks of doing business due to sanctions and money laundering.
His personal anecdote about the Commercial business banking in UAE was of particular interest to the students. Another topic that caught the students’ eye was the Islamic Banking (Sharia) and how it is different from the conventional/traditional forms of banking. The solid loan structure of Sharia banking is what sets it apart – no loan is ever given on speculation. This system of banking completely eradicates the chance of most failures as the loans are given only when the entire house value is determined, post which the keys are handed over to the bank.
Mr. Lalwani then highlighted the evolution of Fintech banking. Most banks have accepted the fact that Fintech is more agile and can quickly adapt to dynamic market conditions. This was a wonderful overview for the students looking to understand the world of banking in the Middle East.