The UAE is ready to open its first credit bureau in an effort to make the country’s consumer banking sector more responsible.

The new Al-Etihad Credit Bureau is now ‘operationally ready’ and will provide credit reports and other financial information on UAE consumers based on information provided by the UAE banking sector. A total of 23 lending institutions which control 96 per cent of the retail credit market have submitted credit data to the office.

The bureau will be welcomed by the banking sector, which is keen to have access to better credit information on potential customers to help inform their lending decisions.

The opening of the bureau follows news that Qatar is also looking to set up a credit bureau in an effort to improve lending practices within its banking sector.