credit profiles in 6 months
Last Updated : GMT 13:03:42
Arab Today, arab today
Arab Today, arab today

Credit profiles in 6 months

Arab Today, arab today

Arab Today, arab today Credit profiles in 6 months

Dubai - Arabstoday

Credit profiles for individuals and companies will be made available to creditors within six months, the Federal National Council was told on Tuesday. Obaid Humaid Al Tayer, Minister of State for Financial Affairs, provided an update on the Dh200 million project after FNC members\' concerns about a lack of credit information in the banking sector. \"[It will] be launched in less than six months and it will be liable for organising, collecting, keeping and classifying credit information,\" he said. Procedures The move, aimed at bringing more transparency to the UAE market, will help banks and financial institutions to assess credit risks while approving loans and extending credit facilities to individuals and corporations. But Al Tayer also stressed that the process involved a great deal of work and should not be pushed through too quickly. \"We hope that the bureau is formed in less than (the six month) period,\" said the minister, adding that the \"establishment requires many procedures including electronic systems\" to kick-start. He pointed out that its board was only appointed last Sunday. \"We should not rush things as this entity is very important for the country,\" he said. FNC member Ali Al Nuaimi said the lack of credit information will badly affect the economy and the banking sector and that the government should act promptly. In the absence of a credit information system, lenders remain uncertain of the companies and individuals\' credit exposure and their ability to repay. Excessive exposure to credit resulted in a number of consumers being jailed when the financial crisis hit in 2008. Hammam Shamma, a consultant at Al Fajr Securities, welcomed the news yesterday. \"Such a company should have been established two years ago but now the many defaults of clients made it necessary to compile and classify information about bank clients,\" he said. Shamma said the establishment of the credit body would prevent customers with debts taking multiple loans. \"Clients [sometimes] approach more than one bank to get loans and in some cases their payment capabilities are not enough for the loan amount, which leads to defaults,\" he said. Licences Speaking on the specifics of the bureau yesterday, Al Tayer said it will be established with a capital of Dh200 million divided into two million shares with a nominal value of Dh100 per share and the paid-up capital will be Dh120 million. \"The ministry had also taken the necessary measures to issue licences from the Security and Commodities Authority and the Department of Economic Development in Abu Dhabi to establish the entity,\" he said. In reply to a question on the auditing process and structure, Al Tayer said: \"Since auditing is very important, we have prepared decentralised auditing methodologies and updated them.\"

arabstoday
arabstoday

GMT 01:56 2017 Wednesday ,22 November

AED51.4b approved for 2018 Federal Budget

GMT 23:41 2017 Tuesday ,21 November

DFM welcomes delegation from Indonesian Stock Exchange

GMT 23:05 2017 Tuesday ,21 November

We must preserve our national gains

GMT 15:25 2017 Tuesday ,21 November

Ratings boost for Saudi reform program

GMT 11:46 2017 Tuesday ,21 November

S&P affirms Saudi Arabia credit ratings

GMT 23:37 2017 Monday ,20 November

Midfield Terminal Building is 86% complete

GMT 22:55 2017 Monday ,20 November

GCC pavilion to showcase at Expo 2020 Dubai
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

credit profiles in 6 months credit profiles in 6 months

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

credit profiles in 6 months credit profiles in 6 months

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today The Big Apple bike boom

GMT 10:47 2017 Wednesday ,22 November

The Big Apple bike boom
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Leaders of Russia, Iran, Turkey meet

GMT 10:12 2017 Wednesday ,22 November

Leaders of Russia, Iran, Turkey meet
Arab Today, arab today 'Advanced' cyber attack targets Saudi Arabia

GMT 10:18 2017 Wednesday ,22 November

'Advanced' cyber attack targets Saudi Arabia
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today VW says will invest over 34bn euros

GMT 07:19 2017 Tuesday ,21 November

VW says will invest over 34bn euros
Arab Today, arab today Singer Jahda Wahba has unlimited ambitions

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 09:23 2017 Saturday ,18 November

Fedra happy for “Between Two Worlds” success

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 13:41 2017 Tuesday ,21 November

French choke up over proposal

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday