(MENAFN- The Peninsula) By Satish Kanady / The Peninsula
The Qatar Credit Bureau that operates under the supervision of Qatar Central Bank (QCB) is set to expand its activities. The Credit Bureau is planning to add more members and services.
'We are adding new services to our bureau. The credit score models exclusively for commercial and SME customers are under process. We are collecting more details from commercial credit side for developing new product, finding trustable resources and high quality data will be the main challenge', QCB said in its latest ‘Financial Stability Report.
By definition, a credit bureau is a system that benefits customers, lenders and economy by increasing credit access to all eligible customers, reducing credit losses by supporting lenders and increasing country's banking stability by monitoring risks. The QCB established the Credit Bureau in 2008 and it became operational in March 2011 with 21 members. Currently, its total number of members is 23. The Bureau's activities include collecting and maintaining credit information. It shares it with banks and financial institutions in order to assist them in undertaking credit evaluations and credit risk worthiness assessment.
It also provides the banking sector with analytical data to support the implementation of advanced techniques in risk management. Qatar Credit Bureau collects and maintains credit information from its member institutions.
Citing the Credit Bureau data, Qatar Central Bank said Consumer Credit has increased from QR215,157m in December 2015 to QR219,814m as in December 2016. Commercial Credit increased from QR730,762m as in December 2015 to QR815,679m as in December 2016.
Qatar Credit Bureau issued a total of 365,545 credit reports to individuals and 25,748 reports to various firms in 2016.
The QCB document noted that Qatar's real GDP for 2017 is expected to rise, supported by growth in the oil sector, with the Barzan field to be fully operational in 2017. New refinery will also enter the production phase by late 2017 to increase the volume of oil production for 2017 and 2018.
Jet fuel and gas oil for domestic consumption and other products such as diesel will be exported to Asian markets.
The QCB report added that the rise in oil prices expected in 2017 and 2018 will support export growth. The demand for imports may be partially offset by reduced project requirements for capital equipment, but it is supported by demand for raw materials and increased consumer demand.
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