The UAE government plans to set up a Federal Credit Bureau to provide credit information, in a move that will ensure transparency in financial policy making, the Ministry of Finance said on Sunday.

The ministry has initiated a study to create a Federal Credit Bureau that will be a center for individual and corporate credit information services at the level of the government, a statement from the ministry said.

“A federal corporation is being envisaged to provide comprehensive services and solutions related to credit information. It will be tasked with helping the financial institutions take appropriate lending decisions,” it said.

Younis Haji Al Khoori, Director General of Ministry of Finance, said that the bureau will be a huge support for lenders, borrowers and the macroeconomic stability of the UAE. Financial and legal experts have welcomed the move, calling it a long ‘overdue’ step.

What others are saying (0)

Subscribe to this comment's feed