Emcredit, the UAE's first private credit information services company, and Dubai Bank has signed a deal to provide payment and repayment records of its customers to Emcredit's data pool, a press statement said yesterday.
In turn, Dubai Bank will benefit from Emcredit's comprehensive credit information and risk assessment services, which are based on exclusive data compiled from a range of public and proprietary sources.
Dubai Bank is one of the leading Islamic banks operating in the UAE and a prominent player in the country's retail banking sector. The membership agreement will enable Dubai Bank to make more informed lending decisions.
"We are very pleased to announce this partnership with Dubai Bank, which highlights the confidence of both Islamic and conventional financial institutions in the power of credit information," said Ali Ibrahim, Vice-Chairman, Emcredit.
Ali Al Hashimi, Chief Operating Officer of Dubai Bank, said: "By having an accurate and comprehensive view of the credit habits of potential borrowers, we are better positioned to tailor our solutions for the benefit of customers by identifying and mitigating risk. At the same time, credit information is not only a risk assessment tool, but is also central to our growth and expansion strategy. Knowing our customers better will help us identify new products and service segments, thereby expanding our core business laterally."
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