MUSCAT, NOV 20Sharakah, an agency dedicated to supporting small and medium enterprises (SMEs), signed on Wednesday a Membership Agreement with the Oman Credit and Financial Information Centre (OCFIC). The agreement was signed by Said al Sahib, Vice Chairman of the Board of Directors at Fund for Development of Youth Projects SAOC (Sharakah) with Aadil Khalifa al Saadi, Managing Director of Oman Credit and Financial Information Centre. The agreement is part of OCFIC’s Phase 1 project, which is to establish a new Credit Bureau System and add SME lending institutes. Sharakah is now included among banks and other finance and lease companies to benefit from the services provided by OCFIC.
OCFIC is an independent legal entity established by Royal Decree 38/2019, carved out from Central Bank of Oman (CBO). The objective of OCFIC is to establish a central database of credit and financial information to determine the credit worthiness of businesses and individuals approaching local lenders for commercial credit. This will help member institutions make credit decisions related to their clients which will include whether or not the client has defaulted on a loan.
“A robust Credit Information System is a prerequisite for a well-established and sustainable credit market in any economy. This initiation by OCFIC to establish a robust, transparent and comprehensive credit and financial information network will greatly aid Sharakah in our decision-making process in supporting the right SMEs and the SME sector in general which is the backbone of our economy,” Said al Sahib, Vice Chairman of the Board of Directors at Sharakah, said.
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