Sunday, October 24, 2021 | Rabi' al-awwal 17, 1443 H
clear sky
weather
OMAN
28°C / 28°C
EDITOR IN CHIEF- ABDULLAH BIN SALIM AL SHUEILI

Mala’a receives 740,000 credit report applications in 2020

Strong appeal: Oman Credit and Financial Information Centre (Mala’a) plays a major role in improving the financial climate in the Sultanate and ease of doing business


BUSINESS REPORTER


MUSCAT, JUNE 19


Oman Credit and Financial Information Centre (Mala’a) has so far received 740,000 credit report applications in 2020 from individuals and corporates.


The facility was established in 2019 by Royal Decree 38/2019 as the first pillar of the Central Bank of Oman’s 2019-2021 strategy to enhance the business environment towards implementing Oman Vision 2040. The centre offers credit and financial reports and scores for individuals and corporates and aims to be Oman’s national databank.


Mala’a plays a major role in improving the financial environment of the Sultanate by enhancing financial inclusion, creating fertile environment for ease of doing business, and reducing credit risks by supporting various institutions in making informed financial decisions


Mala’a also contributes to Oman’s economic growth by improving the quality of loans without interfering with the financing decision-making process, and supports individuals and corporates to improve their creditworthiness which leads to a financially literate society that is capable of informed financial planning.


Aadil bin Khalifa al Saadi (pictured), Managing Director of Mala’a, said: “Oman Credit and Financial Information Centre known as Mala’a, has so far signed 37 Membership Agreements with credit providers from the Banking and Finance sector, Telecommunications sector, Small and Medium Enterprises Funds, and the Insurance Sector, in addition to Data Providers such as Royal Oman Police and the Ministry of Commerce and Industry and Investment Promotion. It has also signed several Memorandums of Understanding with government entities and non-profit organisations.”


Al Saadi said the agreements were a cornerstone of the infrastructure of the National Databank on which Mala’a continues to work on. The centre provides credit information services such as credit reports, credit classification, and credit score for individuals and institutions, in addition to financial technology solutions such as the Instant Decisions Module, the IFRS9 Module and Advisor Module. The beneficiaries of these services are banking, financial and telecommunications sectors, as well as funds supporting small and medium enterprises, and insurance companies. This is in addition to all sectors that require creditworthiness information.


With reference to the importance of Mala’a in credit reporting system, Aadil al Saadi said: “The Credit Bureau System is not new to the Sultanate of Oman. It has been here for more than ten years, which was previously represented by the Central Bank of Oman. The establishment of the Oman Credit and Financial Information Centre, Mala’a, in 2019 comes as a development of the credit bureau system in Oman to stay in line with the world’s information technology advancement. The Maláa credit reports encourage responsible financing to give creditors the ability to make informed financial decisions and reduce credit and default risks, by compiling financial information in individual and institutional reports.”


SHARE ARTICLE
Most Read
No Image
Oman reports 35 new cases, 1 death Five new integrated housing projects to create 4,800 homes Oman launches T20 World Cup in style Oman Air to focus on new routes, fuel-efficient aircraft
FOLLOW US
arrow up
home icon