In many of the third world countries, owning a business and running it profitably requires much investment and continuous monitoring. Since market trends are changing by the hour, leading business houses need to change with the times. Often, very few businessmen could start a business on their own money without depending upon any other financing agency.
In scores of third world countries, if a businessman or a lay person is approaching a bank or financing institution, then there is a particular process to be followed to sanction a loan. For loans above a particular ceiling, the bank manager has the freedom to sanction the loan. For loans of higher amounts the zonal or the head office has the freedom to say yes or no. But for loans of higher amounts most often the national government will have a major say.
Consider the liberalized approach of the banks and financing agencies in the UAE. If you want to purchase a
house for sale in the emirate, then you can approach the financing institution for the necessary finance. If you are having your own business, then you need to show the annual financial statement. If you are working in a prominent firm and getting a high salary, then the present salary slip and the surety from the company in which you are employed at present is enough to walk into the dream home of your choice. Since the rules governing ownership of property has been significantly liberalized, it is now possible for people with good financial background to own houses and other living spaces.
