With the departure of Farid Raphael, Lebanon loses one of its distinguished faces and personalities that have left a positive impact on the national and economic fronts for many decades.
His Excellency Farid Raphael was a statesman, whether in political practices through the executive authority or in his practices in the economic field through the management of the private banking institutions as well as financial affairs and public economy.
Late President Elias Sarkis resorted to this successful man after the two year war to be part of the team responsible for rebuilding the country following a painful and devastating war.
Farid Raphael’s efforts were fruitful by achieving the ratification of legislative decree number 130/1977 which aimed at settling the bad debts of merchants, which contributed in solving many problems and helped this vital economic segment to overcome tough circumstances caused by the war and its negative ramifications.
However the interest of Farid Raphael in the vital commercial sector in our country did not prevent him from paying undivided attention to the productive sector. This attention he gave stems from his strong belief in the role of industry in general and, in particular, its role in Lebanon in the development of national economy.
Farid Raphael was blessed with vision and far sightedness, as he encouraged industrial loans and was a pioneer in granting this sector banking facilities with high risk factors but secure and non-reckless.
One of Farid Raphael's main characteristics was his ability to foretell the future and was meticulous with a sharp analytic mind.
He gave great attention to details. He was always keen to examine the legislative and organizational texts in order to understand their meanings and dimensions, and to articulate every text with great attention, given the importance of the word to him, as he measured it the way a "jeweler" measures on his scale.
Farid Raphael the banker was not only an experienced and perceptive person, but he was also a fair banker, whose main concern was to look after the interest of both the depositor and borrower in an equal manner.
With his departure today, the Lebanese banking family bids farewell to a man with unique qualities.
Farid Raphael embodied three characters in his long career: a statesman with unique qualities, who upheld the interest of the country above any interest, a businessman who firmly believed that the sustainability of the private sector cannot last unless there was a sound economy, and last a banking man(*) who always balanced between the monetary stability and moderate lending.
Our dear colleague, we mourn you today with a bouquet of love…God bless your soul.
The President of the Association of Banks in Lebanon
François Bassil
(*) HE Mr. Farid Raphael was elected President of the Association of Banks for two consecutive mandates. His term of office was from November 15th, 1997 till November 26th, 2001.