Oman signs bilateral agreement for exchange of credit information

Oman Tuesday 26/September/2023 18:32 PM
By: Times News Service
Oman signs bilateral agreement for exchange of credit information

Muscat: The Oman Credit and Financial Information Centre (Mala’a) has entered into a bilateral Agreement for the Exchange of Credit Information with its counterpart the Kuwait Credit Information Network Company (Ci-Net).

The general objective of the agreement is to promote the facilitation of the exchange of credit-related information among Gulf Arab nations, aligning with the decision of the Gulf Cooperation Council's Supreme Council, as declared during its 37th session in 2016. Under the terms of this agreement, both parties will share data and credit information to assist financial institutions in both countries in making well-informed credit decisions.

Bassam Al-Jamali, the General Manager of Mala'a, highlighted the significance of this agreement, stating: "We warmly welcome the signing of this agreement, as it will streamline the exchange of credit information between Oman and Kuwait. It will strengthen cooperation between the two nations, bolster the banking sector, and enhance the framework for managing credit and financial risks."

Aalya Bader Al-Humaidhi, Chairperson of the Board of Directors of Ci Net, echoed the positive impact of the agreement, saying, "We highly appreciate the support of the Central Bank of Kuwait, the Central Bank of Oman, and the Secretariat General of the Gulf Cooperation Council with regards to this exchange of credit information initiative and laying the regulatory framework that facilitated this agreement between Mala’a and Ci Net."

It's important to note that this agreement will play a pivotal role in fostering cooperation among Gulf countries in sharing credit information, supporting the banking sector at the council level, and refining the framework for credit and financial risk management. It will also lay the foundation for achieving shared objectives by enhancing the credit information industry across all Gulf Arab countries