Dubai Islamic Bank signs up with Emcredit for credit information services
Emcredit, the UAE’s first private credit information services company, announced today that it will provide credit information and risk assessment services to Dubai Islamic Bank (DIB).
Under the terms of the agreement, Emcredit will initially offer reporting solutions in the area of cheque payment defaults by individuals and companies in the UAE.
Established in 1975, DIB is the world’s first bank to incorporate Sharia principles into all of its practices. It is one of the largest banks in the UAE in terms of total assets under management, and recorded a net profit of AED 2.5 billion in 2007.
Ali Ibrahim, Managing Director of Emcredit, said: “Dubai Islamic Bank is amongst the first Islamic banks to sign up for Emcredit’s services, and we are delighted to announce this agreement. This relationship will enable us to work with one of the foremost innovators in the area of Islamic finance. Our risk assessment services and credit information are not only for conventionally structured financial institutions, but can be of great service to Islamic financial institutions as well. The fact that one of the leading Islamic banks in the region and the world has decided to align with us reflects a belief on the part of the leaders of Islamic finance that our services can be of great benefit.”
Fahad Bin Fahad, Executive Vice President and Chief Risk Officer of DIB, said: “This partnership will be invaluable in providing us a clearer picture of our customers’ needs, and enabling us to serve them better. Our agreement with Emcredit empowers us to have access to the tools necessary to maintain our position as the leading Islamic financial institution in this ever-more sophisticated marketplace.”
DIB is the latest in a series of well-known banks that have recently signed agreements with Emcredit for credit services and risk assessment, including Citibank and Dubai Bank. Emcredit has also signed agreements with several government departments to enrich its database. These include Dubai e-Government, Dubai Police, Dubai Public Prosecution, and an exclusive agreement with Dubai Land Department’s Real Estate Regulatory Authority. Emcredit also welcomed into its fold, Amlak Finance and Better Homes.
Emcredit’s fast-expanding partner network demonstrates the growing importance of understanding the financial behaviour of borrowers.
Emcredit is headquartered in the Dubai International Financial Centre and was created to support financial institutions working in the UAE with risk management. Emcredit is governed by the DIFC’s Data Protection Law, which demands complete confidentiality and security of Emcredit’s credit information database.
© 2008 Al Bawaba (www.albawaba.com)
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