Noor Islamic to get access to clients' credit history

Dubai: Noor Islamic Bank yesterday announced it has entered into a membership agreement with Emcredit, the UAE's first private credit information services company.

As a full member of Emcredit, Noor will gain access to detailed and comprehensive credit information and cheque-honouring reports. This will enable the bank to make informed lending decisions and customise products and services based on customers' credit history.

"In a dynamic credit market as the UAE, gaining insight into the financial background and repayment capabilities of existing and potential customers will support our growth strategy. Partnering with Emcredit places us in an advantageous position to gain a clearer perspective about our customers to better serve their financing needs," said Fatma Mansour, head of consumer banking, Noor Islamic.

As a member of Emcredit, Noor will have real-time access to credit records via a fully secure online system. The credit reports are generated based on data from private and public sources, including relevant information from government departments.

Ali Ebrahim, managing director of Emcredit, said: "Noor Islamic Bank is a fine example of an early adopter of industry best practices, and we are very happy to support their assessment processes with comprehensive credit information services."

"For developed economies, credit bureaus are essential for financial sector stability and for banks around the world, credit reporting has become a strong foundation for their credit and risk management decisions. They are also applying credit information analytics into new product development, such as customising solutions for those with exceptional credit histories," he said.