http://www.arabnews.com/?page=9§ion=0&article=61401&d=1&m=4&y=2005
Friday, 1, April, 2005 (21, Safar, 1426)
Women's Rights - Taking a Stand
Mody Al-Khalaf, [EMAIL PROTECTED]
The stock market has become the rage these days. Every family has at
least one member playing the market. Especially men with families have shown
great enthusiasm for buying shares in the different companies. The reason is
that in the initial stages of the launching of any new company in the stock
market, and before any exchange actually starts, participants are allowed to
buy shares in their names and in the names of everyone on their family card.
Suddenly, everyone is adding forgotten children to their family cards and even
borrowing relatives' and friends' family cards. People are so desperate to make
as much money as possible that they are even using - illegally of course -
out-of-date family cards which bear the names of married daughters and former
wives.
I am sure that many people are familiar with the story that appeared in
several papers and magazines about the woman whose ex-husband used his old
family card to buy stocks in her name without her knowledge. Only when her
present husband wanted to do the same was the act discovered. The present
husband was naturally upset and is taking legal action.
The question here is not why her ex-husband was able to do what he did. I
will not address at present the shortcomings of a system that allows a woman's
name to be on two family cards at the same time. My question is: Why are either
of her husbands able to use her name to buy and sell stocks without her
knowledge or consent?
The incident so infuriated me that I asked several lawyers about the
legality of such a procedure. I was assured that according to both Islamic and
Saudi law, no man can use a woman's name in any transaction without her
presence or written authorization.
Which brings me to my second question: Why do banks allow men to buy and
sell stocks in women's names without any legal authorization from the women?
When I questioned several employees from different banks, I was told that
men are not allowed to open stock portfolios in their wives' names and are not
allowed to buy and sell stocks for them other than those that were distributed
during the initial public offering.
Still, I persisted. Even at that stage, shouldn't the woman's permission
be required? And if her name is used once, it cannot be used again so in the
end, no matter how you look it, women are being robbed by their legal guardians
- at least robbed of the chance to benefit personally. In reply to this, the
banks told me that it is the Capital Market Authority that allows the procedure
to go unchallenged.
Worse still, this privilege is being extremely abused by many men. Those
who are not interested in playing the stock market themselves often give - or
even rent - their family cards to other people who use them. A woman wanting to
buy shares may find that her name is being used by someone she does not know.
As sordid as this may sound, it is common; it happens all the time. This
procedure, I am told, is not legal. My question then is why does it happen so
often and so blatantly? How can my name be used by someone I do not even know -
and used without my knowledge, let alone my consent? If it is not legal, who or
what is allowing it to happen?
Perhaps the most important question is: What are we women going to do
about this situation? Discussing the matter with some friends, we came to the
following conclusion. We want our legal rights protected; we are not interested
in theories to be boastfully presented by those who defend Islam. We women know
that Islam has given us full financial rights but the fact is that we are not
receiving them within the system here in Saudi Arabia. The situation I have
written about above is just one glaring example of the wide gap between what
Islam directs and what human beings do.
We women have decided to take a stand. This article is a call to every
woman who has an account in any bank within the Kingdom and who wants her
financial rights protected. Any woman who doesn't want her name to be misused
can e-mail me at [EMAIL PROTECTED] The names collected will then be sent to
Saudi banks, to the Capital Market Authority and to different legal agencies
which have shown an interest in helping women get their rights. All these
institutions have a responsibility for protecting the rights of citizens - but
even more important, we women have the responsibility to make the first move.
Our point is clear: As participants in the sale of stocks and shares,
banks have a responsibility by law to protect our financial rights. Like a
mediator in any business transaction, they must demand and require the woman's
presence or legal written permission in any stock transaction. By not doing so,
they will be liable to be punished and will also be subjecting themselves - the
banks - to legal action.
Women of Saudi Arabia, remember that rights will not be given if we don't
take a stand. It is time to take that stand.
* * *
(Mody Al-Khalaf is a Saudi writer. She is based in Riyadh.)
[Non-text portions of this message have been removed]
------------------------ Yahoo! Groups Sponsor --------------------~-->
Give the gift of life to a sick child.
Support St. Jude Children's Research Hospital's 'Thanks & Giving.'
http://us.click.yahoo.com/lGEjbB/6WnJAA/E2hLAA/BRUplB/TM
--------------------------------------------------------------------~->
***************************************************************************
Berdikusi dg Santun & Elegan, dg Semangat Persahabatan. Menuju Indonesia yg
Lebih Baik, in Commonality & Shared Destiny. www.ppi-india.org
***************************************************************************
__________________________________________________________________________
Mohon Perhatian:
1. Harap tdk. memposting/reply yg menyinggung SARA (kecuali sbg otokritik)
2. Pesan yg akan direply harap dihapus, kecuali yg akan dikomentari.
3. Lihat arsip sebelumnya, www.ppi-india.da.ru;
4. Satu email perhari: [EMAIL PROTECTED]
5. No-email/web only: [EMAIL PROTECTED]
6. kembali menerima email: [EMAIL PROTECTED]
Yahoo! Groups Links
<*> To visit your group on the web, go to:
http://groups.yahoo.com/group/ppiindia/
<*> To unsubscribe from this group, send an email to:
[EMAIL PROTECTED]
<*> Your use of Yahoo! Groups is subject to:
http://docs.yahoo.com/info/terms/
