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19 March 2024

UAE credit bureau delayed by lack of data

UAE dirhams (EB FILE)

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By Staff

The launch of Al Etihad Credit Bureau has been delayed due to lack of data supply from the local banks and other financial institutions.

The Bureau on Wednesday urged financial institutions operating in the UAE to furnish data about their customers in its push to commence operations.

The Bureau had earlier announced its readiness in January this year to start operations in the first quarter of 2014.

The Governing Council of Al Etihad Credit Bureau pointed out that in spite of cooperation of banks to provide credit information of their customers, many of them did not provide full credit data. So far only one bank – National Bank of Fujairah (NBF) – has furnished the full data to Al Etihad Credit Bureau, it said in a media statement.

The Bureau meeting was chaired by its Chairman Obaid Humaid Al Tayer, Minister of State for Financial Affairs.

The Board of Directors thanked National Bank of Fujairah for its support and coordination, and for its readiness and being the only bank that has provided detailed credit information of its customers covering a period of 24 months. The Board of Directors urged other banks to follow the example of this and work to provide credit data as soon as possible.

The Board of Directors also confirmed the readiness of the company to start full operations after the publication of regulations in the Official Gazette.

Al Etihad Credit Bureau has asked all banks and financial institutions in the UAE to ensure the use of Emirates ID card of their customers in all transactions in order to ensure consistency of information.