MUSCAT: Oman Credit and Financial Information Centre (Mala’a) on Wednesday signed a Memorandum of Understanding (MoU) with the Ministry of Social Development to provide the Ministry with Mala’a Report and Mala’a Score for individuals and corporates.
The MoU aims at assisting the ministry to evaluate the creditworthiness of its consumers and beneficiaries, in order to help decision makers to take calculated decisions based on clear and reliable data.
The MoU was executed by Adil bin Khalifa al Saadi, Managing Director of Oman Credit and Financial Information Centre, and Al Mutasim bin Hilal al Hosani, Assistant Manager of Administrative and Financial Affairs in the Ministry of Social Development.
The MoU states that Mala’a will provide (Mala’a Report and Mala’a Score) for individuals and corporates after receiving the required documents, with a written consent from the authorised parties to extract the Mala’a Report.
This cooperation comes as one of Mala’a’s initiatives to raise credit awareness among the public, private and civil sectors, which in turn will contribute to the Sultanate’s economic and financial growth and help reinforce rational decision-making culture.
Oman Credit and Financial Information Centre includes members from the banking, financial, insurance and telecom sectors, as well as SMEs funds.
The centre also includes more than 17 government registries of information providers.
As per the Royal Decree No 38/2020, Mala’a is to provide a database of credit and financial information on a national level, to assist its members or beneficiaries evaluate their client’s solvency, and therefore reduce credit risks, improve loans quality, and reinforce financial inclusion in the Sultanate, according to state-of-art technologies and global standards. — ONA
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