Between the trends of the state and the influence of the dominant families, the banking system in Tunisia does not help to advance the economy and support competition. Rather, it perpetuates a state of closure that the revolution was unable to change its rules.
In a report by its Tunisian correspondent Bonoit Delma, the French newspaper "le point" sheds light on the complexities of the banking scene in Tunisia and how it contributes to the complexity of the economic scene that has worsened due to the Corona crisis.
The writer quotes an expert on Tunisian affairs as saying that the country suffers from "corruption and regionalization," as it faces a real challenge to some international institutions that approve loans, grants and technical assistance every year.
According to the author, only 20 families dominate the joints of the Tunisian economy, in light of laws and regulations that institutionalize the culture of monopoly, and although Tunisia witnessed a revolution that toppled the regime of President Ben Ali in January 2011, the country did not witness an economic revolution, and the situation remained As it has been throughout the past years.
Effective control of the banking system remains in the hands of the dominant families that exchange profits (Reuters)
The banking system is a family matter
There are 23 banks in Tunisia, which is a large number in a country with a population of about 11 million people. The state controls a large part of the capital of these institutions, in addition to a limited number of influential families.
For example, the "Ben Yidder" family owns 61% of the Aman Bank, compared to 5.46% for the "Al-Harshani Finance" company, and Al-Mabrouk Group owns 39% of the capital of Tunis International Arab Bank, compared to 7% for Al-Harshani, which also owns 12 % Of the Housing Bank’s capital.
Although the Tunisian state owns the lion’s share in a number of banking institutions (71% of the Tunisian bank’s capital and 58% of the Housing Bank’s capital), effective control over the banking system remains - according to the author - in the hands of the dominant families that exchange earnings and loans and control The joints of the economy, while the state provides loans mainly to public institutions, which does not help much in advancing the economy.
The author believes that Tunisian capitalism is a mixture of bold and high-income businessmen who strive to stem any kind of economic competition.
During the reign of Habib Bourguiba, a generation of pioneers emerged who worked to build the Tunisian economy, but little by little the families were able to extend their influence and control the scene.
The best example of this is what the Tunis International Arab Bank has witnessed, as the bank was founded by Habib Bourguiba, son of former President Habib Bourguiba, and former Minister of Planning and Finance, Mansour Moali. Ben Ali, and the Al-Mabrouk family managed to control the International Arab Bank of Tunis, and reached its zenith after Marwan Al-Mabrouk became Ben Ali's son-in-law.
Get rid of competitors
The essence of a closed economy is based on getting rid of competitors, and in Tunisia if you do not belong to one of the families that dominate the economy, the solution is often to travel to Europe or Canada in order to implement your project, and those who can afford to travel to Paris and study in its high-end universities can Get very good jobs in France later.
The large number of banks in Tunisia is not evidence of the development of the economy and openness to competition, and this is what everyone who deals with these institutions realizes, as the banking system is considered a closed family system and is a factor that hinders free economic competition.