Dubai: Decree No. 8 of 2010 concerning Emcredit, which was issued by His Highness Shaikh Mohammad Bin Rashid Al Maktoum, Vice-President and Prime Minister of the UAE and Ruler of Dubai, is now published in the Dubai government's Official Gazette No. 348.
This announcement was made yesterday by Emcredit, Dubai's official credit information services company.
The decree, which was issued on May 3 , aims to establish a robust and secure credit reporting infrastructure that will lend stability to the financial services industry and provide lenders with the necessary information to support sound lending decisions.
It assigns Emcredit as the official entity responsible for providing credit reporting services by collecting, storing, analysing and disseminating credit information in Dubai.
The decree also regulates the operations of Emcredit and information sharing in the emirate pursuant to the criteria and instructions stipulated by the Dubai Department of Economic Development (DED) and to the instructions and guidelines issued by the UAE Central Bank.
Standards
The decree mandates all data providers, including banks, financial institutions, government departments, operating in Dubai, to provide Emcredit with the required credit information. The decree stipulates the criteria and standards for compliance, as well as set penalties for non-compliance or withholding information from Emcredit.
"The decree is a landmark event in creating a conducive environment for credit information sharing as well as strengthening the financial infrastructure of the emirate," said Ali Ebrahim, Managing Director of Emcredit.
"The decree has brought greater confidence to all stakeholders of the credit reporting industry, and since its announcement in early May 2010, Emcredit has engaged with several banking and financial institutions to initiate the data-sharing process. The publication of this decree in the Official Gazette will add further impetus to the process."
