Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

KSA, Kuwait and Bahrain to exchange credit data  Join our daily free Newsletter

MENAFN - Arab News - 13/01/2014
No. of Ratings : 0
Add to Mixx!



(MENAFN - Arab News) Saudi Arabia, Kuwait and Bahrain have expressed willingness to set up a joint credit information center, local media said quoting informed sources



The application of a credit information exchange program will minimize risks on the GCC financial system as certain firms and families have been heavily involved in huge debt with some GCC banks and financing agencies, said sources cited by Al-Sharq Al-Awsat



The sources said a recent gathering of credit information centers of the GCC countries adjourned a meeting in Riyadh after some representatives failed to attend the talks for lack of technical readiness



The sources, however, said that the application of the proposed credit information exchange program could possibly be started with two or three countries and expanded to cover the remaining GCC countries in few years

In this context, the Central Bank of Bahrain has stressed the importance of application of the credit information exchange program between the GCC countries to avert possible financial risks emerging from the absence of cooperation related to credit information



The Central Bank of Bahrain has studied the mechanism whereby the program could be achieved between the GCC countries with special emphasis on legal and technical obstacles which may face the joint project, the sources said



The credit information centers in the GCC countries are awaiting the decision of the concerned central banks, the sources said.



Some lapses exist that could be exploited by some GCC nationals and companies. This necessitates the exchange of credit information to protect creditors from undisciplined borrowers, they said



In Saudi Arabia, meanwhile, Saudi Credit Bureau (SIMAH) is providing credit reports of individuals or corporates. Normally, credit reports are generated by the Credit Bureau which aggregates, organizes, and maintains consumer credit information collected from its participating members (i.e. Saudi banks) and public records.



The aggregated information is then provided in standardized format to participating members who need to assess the creditworthiness of current or prospective borrowers



Generally, the SIMAH is targeting many sectors including government funds, insurance, agriculture, automobile, telecommunications, car rentals, real estate, banking, brokerage and financial corporate, and installment and investment sector



Commenting on the project, Fahad Al-Mishari, the economic and financial expert, said the project is extremely important on the GCC economy and, if applied, would avoid banking and funding agencies risks of providing services to financially-troubled individuals or firms

 


Arab News




  MENA News Headlines
 May 3 2015 - Pleasant weather forecast over next three daysJordan News Agency
(MENAFN - Jordan News Agency) The weather on Sunday is expected to be pleasant in the hilly areas and moderate in other parts of the Kingdom with northwesterly moderate winds.According to the Jordan ...

 May 3 2015 - Israeli forces destroy hundreds of acres in NablusJordan News Agency
(MENAFN - Jordan News Agency) Israeli forces destroyed hundreds of acres of cultivated lands on Sunday in the Khirbet Al-Tawil area east of Nablus in the West Bank.Member of the Popular Committee ...

 May 3 2015 - WHO pushes the health diplomacy agenda forward in a fourth high level seminar in CairoJordan News Agency
(MENAFN - Jordan News Agency) The World Health Organization Regional Office for the Eastern Mediterranean Saturday started the fourth seminar on health diplomacy in Cairo, Egypt.The seminar is ...

 May 3 2015 - Israeli occupation forces hold military maneuvers in West BankJordan News Agency
(MENAFN - Jordan News Agency) Israeli occupation forces on Sunday started large military training and maneuvers in the northern West Bank.Israeli Radio said that these maneuvers which will last until ...

 May 3 2015 - 650 trucks with goods, construction materials enter GazaJordan News Agency
(MENAFN - Jordan News Agency) Some 650 trucks loaded with commercial goods and construction materials entered the Gaza Strip on Sunday as the Israeli occupation authorities reopened the Karam Abu ...

 May 3 2015 - Muscat Municipality delegation concludes visitJordan News Agency
(MENAFN - Jordan News Agency) A delegation from Muscat Municipality concluded a visit to the Amman Greater Municipality (GAM), during which representatives discussed how they might cooperate and ...

 May 3 2015 - Officials call on Jordanian and Kazakh private sectors to increase cooperationJordan News Agency
(MENAFN - Jordan News Agency) Jordanian and Kazakh officials have called upon the private sectors in both countries to take advantage of investment opportunities, especially after political ...

 May 3 2015 - Results of poll of Ensour's government to be announced tomorrowJordan News Agency
(MENAFN - Jordan News Agency) The University of Jordan's Center for Strategic Studies will hold a press conference on Monday to announce the results of a poll regarding Prime Minister Abdullah ...

 May 3 2015 - Jordan adopts special strategy to counter terrorism, says interior ministerJordan News Agency
(MENAFN - Jordan News Agency) Interior Minister Hussein Majali said Jordan is making every effort to counter terrorism and extremism through developing a strategy involving civil society ...

 May 3 2015 - Iraq voices concern over US Congress billJordan News Agency
(MENAFN - Jordan News Agency) Iraqi Prime Minister Haider Al-Abadi received a telephone call from United States Vice President Joe Biden, in which al-Abadi discussed his concerns over a bill before ...

more...


 






Google

 
 

Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  
 

Middle East North Africa - Financial Network
Arabic MENAFN

Main News
News By Industry
News By Country

Islamic Finance News
Private Equity News

How-To Guides
Technology Section

Travel Section

Search News

Market Indices
Quotes & Charts

Global Indices
Arab Indices

Commodoties

Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks
 

Algeria 
Bahrain 
Egypt 
Iraq
Jordan 
Kuwait 
Lebanon
Morocco 
Oman 
Palestine
Qatar 
Saudi Arabia 
Syria
Tunisia 
UAE 
Yemen

Weather
Economic Calendar
Financial Glossary


Financial Calculators

RSS Feeds [XML]

Corporate Monitor

Events

Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters


 
© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help