UAE set for personal credit rating bureau next year

09 December 2010

Credit bureau to assess individuals’ credit worthiness to be launched within the next six months

The UAE finance ministry expects to launch a credit bureau to assess individuals’ credit worthiness within the next six months, Reuters has reported. The move would “provide complete transparency on the status of clients,” Federal National Council speaker Abdul Aziz al-Ghurair said. Al-Ghurair, who is also the CEO of Dubai-based Mashreq Bank, said. He added that the scheme will make the banking system in the country more conservative. “No doubt, more conservative in a positive way, it would be better for clients not to borrow more than they can afford and preserve the reputation of the banking sector,” he said.

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