The alleged multi-billion-dollar fraud at Stocks and Securities Limited (SSL), coupled with the recent arrests of employees at some of Jamaica’s more prominent banks, is a source of concern for some churches, but with not many other options available for savings and investments, members of the clergy are going by faith in their dealings with financial institutions.
JAMAICA COUNCIL OF CHURCHES
President of the Jamaica Council of Churches (JCC), Reverend Kenneth Richards, noted that even before these recent cases of fraud were brought to national attention, there were always activities that affected client trust and spoke to the need for more transparency within the financial sector.
“We have always heard on the ground, the dissatisfaction of persons with respect to operations and customer service, and with respect to banks, there is always this outcry with respect to these surprise fees that persons encounter,” he told the Freedom Come Rain Newspaper.
Still, churches continue to invest the money entrusted to them by congregants and through their financial undertakings.
“We don’t keep it under our beds. We have to put it into an institution,” said the senior clergyman, who is Archbishop of Kingston.
The JCC issued a statement recently bemoaning the deleterious impact the alleged improprieties at local financial institutions may be having on the morale of the nation, “brand Jamaica,” and on the lives of vulnerable persons.
“Indeed, we are certain that there is no lack of policies and guidelines regarding the conduct of financial responsibility. We have noted, however, the emergence of a culture of disregard and insensitivity in many aspects of the operations of the financial sector,” the JCC said in the statement.
COMMISSION OF ENQUIRY
The JCC also said it supports the call for a Commission of Enquiry into the financial sector, “to determine the true nature of its operations, motivations, and the extent to which corruption may have derailed its effectiveness as a contributor to nation-building.”
The financial sector has been thrust into the spotlight with the unravelling of the current fraud at the SSL, which is now under investigation. The ongoing probe has attracted international attention because one of the clients affected is eight-time Olympic gold medal sprinter Usain Bolt, whose US $12 million account has been reduced to US $12,000.
Reverend Richards said the credit union is one of the alternatives churches have been using over the years. Credit unions are regulated by the Department of Co-operatives and Friendly Societies on behalf of the Government of Jamaica.
NEW TESTAMENT CHURCH OF GOD
National secretary and treasurer for the New Testament Church of God in Jamaica, Rev Orville Plummer pointed to financial fraud as another form of corruption that is occurring in the general society.
“There is this series of tricking, and the principle of hard work for earning is somewhat eroded and people feel that they can pick a number or roll a dice and cheat somebody,” said Rev Plummer who feels that the church has a part to play in inculcating positive values, such as honesty, in the wider society.
He acknowledged that even professed Christians have been implicated in corruption cases, but he argues that this does not negate the work of the church to continue to reinforce positive values as the society becomes more materialistic.
ULTIMATELY TRUST IN GOD
As investors, the church exercises due diligence in deciding where to place its funds, but it places its ultimate trust in God.
“We make investments as a church in what we call “tried and proven” – no pun intended – financial houses, and we also have financial advisors and God has blessed our church also with persons who are very experienced and knowledgeable about financial markets and about financial management, and so we engage the services of those persons,“ said the pastor.
“In spite of whatever human arrangements, banking and otherwise that we depend upon or rely on, we cannot negate and we cannot move away from the fact that we are guided by faith and guided by the blessings of the Lord and the direction of the Lord,” he told the Freedom Come Rain Newspaper.
Apart from teaching Christian values such as honesty and integrity, Rev. Plummer is of the view that teachings about money management and financial literacy should be taught within the church setting.
SEVENTH DAY ADVENTIST CHURCH
This is something the Director of Communications for the Seventh Day Adventist Church in Jamaica, Nigel Coke, said the church has been doing over the years. Members are educated about financial matters, including investment opportunities, pension plans, and indemnity plans.
“Even as we do that, the decision is left with each member as to what they do with their finances and where they place their funds,” he assured.
He is of the view that the financial sector is secure, but he feels that given the fact that people are always seeking ways to get rich, financial literacy is important.
“We are living in a society where a lot of greed is evident and the greed is not only with those who are employed in organisations such as SSL, but also persons in the society who are scammers, who are drug dealers, and I will go as far as to say those who play lottery.”
