Mala’a signs credit information exchange pact with Saudi’s SIMAH
Published: 02:11 PM,Nov 13,2023 | EDITED : 06:11 PM,Nov 13,2023
BUSINESS REPORTER
MUSCAT: The Oman Credit and Financial Information Center (Mala’a) signed a credit information exchange agreement with the Saudi Credit Information Company (SIMAH) on Sunday, November 12, 2023.
The agreement was signed in implementation of the decision of the Supreme Council of the Cooperation Council for the Arab States of the Gulf issued at the Council meeting in its thirty-seventh session in 2016, approving the exchange of credit information between the GCC countries in accordance with the (short-term) action plan and the comprehensive framework for the mechanism of facilitating the exchange of credit information between the GCC countries, in an effort to support the banking system in the GCC countries and assist credit service providers, provide banking facilities to improve risk management, and support the credit decision-making process.
Bassam bin Tariq al Jamali, Director General of the Oman Center for Credit and Financial Information, stressed the importance of cooperation between the credit and financial information centers in the GCC countries, saying: “The Center begins concluding bilateral agreements to exchange credit information with its counterparts in the GCC countries by signing the credit information exchange agreement between Mala’a and SIMAH, which will enhance cooperation between the two sides and establishing communication links and exchanging experiences between the center and its counterparts in the GCC countries, in addition to supporting the banking sector at the level of the GCC countries and improving credit risk management frameworks.”
For his part, the CEO of SIMAH, Suwaid al Zahrani, expressed his happiness at completing the agreement with the Oman Credit Information Center (Mala’a), through which the common goals of strengthening the credit information industry for all Arab Gulf countries are achieved, and opens horizons for aspects of cooperation between SIMAH and its counterparts in those countries. In order to serve the financial sector and improve its efficiency to achieve stability and growth and serve the Gulf economic aspirations. The CEO also stressed that SIMAH will continue to study the credit market, the challenges surrounding it, and the opportunities to maximize the benefit of the credit information industry in achieving the desired growth.
Mala’a was established in the year 2019 pursuant to Royal Decree 38/2019 with the aim of establishing a central database for credit and financial information at the national level, and providing it to its members to make credit decisions and assess the sound financial solvency of the clients they deal with, including: It leads to better loan quality, reducing credit and financial risks and the default rate.
MUSCAT: The Oman Credit and Financial Information Center (Mala’a) signed a credit information exchange agreement with the Saudi Credit Information Company (SIMAH) on Sunday, November 12, 2023.
The agreement was signed in implementation of the decision of the Supreme Council of the Cooperation Council for the Arab States of the Gulf issued at the Council meeting in its thirty-seventh session in 2016, approving the exchange of credit information between the GCC countries in accordance with the (short-term) action plan and the comprehensive framework for the mechanism of facilitating the exchange of credit information between the GCC countries, in an effort to support the banking system in the GCC countries and assist credit service providers, provide banking facilities to improve risk management, and support the credit decision-making process.
Bassam bin Tariq al Jamali, Director General of the Oman Center for Credit and Financial Information, stressed the importance of cooperation between the credit and financial information centers in the GCC countries, saying: “The Center begins concluding bilateral agreements to exchange credit information with its counterparts in the GCC countries by signing the credit information exchange agreement between Mala’a and SIMAH, which will enhance cooperation between the two sides and establishing communication links and exchanging experiences between the center and its counterparts in the GCC countries, in addition to supporting the banking sector at the level of the GCC countries and improving credit risk management frameworks.”
For his part, the CEO of SIMAH, Suwaid al Zahrani, expressed his happiness at completing the agreement with the Oman Credit Information Center (Mala’a), through which the common goals of strengthening the credit information industry for all Arab Gulf countries are achieved, and opens horizons for aspects of cooperation between SIMAH and its counterparts in those countries. In order to serve the financial sector and improve its efficiency to achieve stability and growth and serve the Gulf economic aspirations. The CEO also stressed that SIMAH will continue to study the credit market, the challenges surrounding it, and the opportunities to maximize the benefit of the credit information industry in achieving the desired growth.
Mala’a was established in the year 2019 pursuant to Royal Decree 38/2019 with the aim of establishing a central database for credit and financial information at the national level, and providing it to its members to make credit decisions and assess the sound financial solvency of the clients they deal with, including: It leads to better loan quality, reducing credit and financial risks and the default rate.