New India Assurance inks pact with Oman Credit & Financial Information Centre

Business Wednesday 06/November/2019 15:13 PM
By: Times News Service
New India Assurance inks pact with Oman Credit & Financial Information Centre

Muscat: The New India Assurance Company has signed the membership agreement with Oman Credit & Financial Information Centre on November 5 in a ceremonial function held at New India head office at Hamriya, Muscat.
Oman Credit & Financial Information Centre is an affiliated Centre of the Central Bank of Oman established according to the Royal Decree No. 38/2019. New India is the first insurance company in Oman to sign the agreement with Oman Credit & Financial Information Centre for developing and providing international standard credit and financial reporting system to assist the regulation of the financial industry in Oman. The agreement was executed by Aadil Al Saadi, managing director, Oman Credit & Financial Information Centre and V. V. Raghavan, Chief Operating Officer, The New India Assurance Co. Ltd., Oman.
The function was held in the presence of specially invited dignitaries; Malik Al Mahrooqi, Vice President, Central Bank of Oman and Naser Ahmed Al Salhi, Director, Evaluation & Risk Management Dept., Capital Market Authority.
Raghavan appreciated the efforts of the Capital Market Authority and Central Bank of Oman for their initiatives to make a centralised body for credit ratings like Oman Credit and Information Financial Centre. He further informed that the Centre provides, a central database of credit and financial information at the national level to assist members in making credit and/or business-related decisions through the assessment of solvency of their customers leading to reduced credit and financial risks and extension of financial inclusion in the Sultanate of Oman. He also expressed that since Oman market is a credit market, the credit and financial information provided through a centralised agency will help make financial decisions by various organisations and the new system can prevent various financial misconducts effectively.
Aadil Al Saadi expressed his gratitude in executing its first agreement with New India and hope that the association can make a new experience to a credit market like Oman for analysing the financial defaulters. He explained the importance of executing the agreement that the member who is executing the agreement is desirous of obtaining credit and financial information on current or potential customers who are applying for credit or to establish potential business relations with those customers. And such information may be used to determine their creditworthiness or financial insolvency following the Royal Decree.