Business | Banking
Emcredit highlights greater cooperation for more transparency
Emcredit, the UAE's first private credit information company, yesterday called for greater cooperation from private and public sector entities in addressing financial risk and adopting international standards and data-sharing processes in order to boost transparency in the country.
- Staff Report
- Published: 00:02 October 5, 2008
Dubai: Emcredit, the UAE's first private credit information company, yesterday called for greater cooperation from private and public sector entities in addressing financial risk and adopting international standards and data-sharing processes in order to boost transparency in the country.
A senior official of the company highlighted that information-driven tools are crucial for the long-term growth of the UAE, in particular for the financial and real estate sectors.
Emcredit's statement comes in the wake of recent reports on high consumer borrowing levels in the UAE.
Ali Ebrahim, Managing Director of Emcredit, said that financial institutions need to gain a better perspective on their customers in order to maintain a sustainable lending environment in the future.
"Credit is the powerhouse of any economy. It injects energy that is required to drive business growth and empowers consumers' livelihood. With comprehensive insight into the financial character of existing and prospective customers, lenders can ensure healthier growth of their lending activities while minimising the risk of payment defaults. This can be achieved through close working of public and private sectors and data-sharing efforts from banks and financial institutions.
Early adoption
"The UAE has always been an early adopter of new initiatives and practices in business and technology, yet it lags behind in embracing information-driven decision making - a trend that has been well established in most developed markets around the world," he said
Ebrahim said that the leadership of the country has repeatedly stressed the need for more cohesive efforts by public and private sector organisations in order to drive greater economic efficiency.
Mortgage law
"We have witnessed tremendous support from the government departments including Dubai Police, Dubai Public Prosecution, Dubai e-Government, Dubai Land Department and the UAE Ministry of Interior, who have all become early participants in the information sharing drive. These departments have set a high benchmark for private sector firms."
Ebrahim added that the new mortgage law will positively impact the real estate industry in Dubai and lead to greater transparency in the sector. Emcredit recently collaborated with Dubai Land Department's Real Estate Regulatory Agency to develop a Property Profile solution, which provides details on title deed information, real estate exposures and property evaluation to enhance transparency in property transactions.
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