November 5, 2019

New India Assurance Sings a Membership Agreement with Mala’a

The New India Assurance Company has signed the Membership Agreement with Oman Credit & Financial Information Centre on Tuesday, the 5th November, 2019 in a ceremonial function held at New India Head Office at Hamrya, Muscat. Oman Credit & Financial Information Centre is an affiliated Centre of the Central Bank of Oman established pursuant 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 Mr.Aadil Al Saadi, Managing Director, Oman Credit & Financial Information Centre and Mr. V.V. Raghavan, Chief Operating Officer, The New India Assurance Co. Ltd., Oman. The proud and august function was held in the presence of specially invited dignitaries; Mr.Malik Al Mahrooqi, Vice President, Central Bank of Oman and Mr.Naser Ahmed Al Salhi, Director, Evaluation & Risk Management Dept., Capital Market Authority.

In his inaugural speech Mr. V.V. Raghavan, Chief Operating Officer Oman Operations appreciated the efforts of Capital Market Authority and Central Bank of Oman for their initiate to make a centralized body for credit rating 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 with the purpose of assisting members in making credit and/or business relation 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 centralized agency will be helpful for taking financial decisions by various organizations and the new system can prevent various financial misconducts effectively.

In the speech, Mr.Aadil Al Saadi, Managing Director, Oman Credit & Financial Information Centre has expressed his gratitude in executing its first agreement with New India and hope that the association can make new experience to a credit market like Oman for analyzing 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 for the purposes of establishing potential business relations with those customers. And such information may be used for the purpose of determining their creditworthiness or financial insolvency in accordance with the Royal Decree.

Mr. V.V. Raghavan, Chief Operating Officer in his speech expressed his gratitude to His Majesty Sultan Qaboos Bin Said and the people of Oman for accepting NIA as the preferred insurer of Oman and allowing to grown as the largest Foreign General Insurance company operating in the country. He reiterated the company’s commitment to provide customer service beyond the industry standards to cater all insurance needs of Omani citizen and expats.

August 9, 2021

Mala’a offers Credit Score to assist Credit Risk Management in the Financial sector

MUSCAT, July 1: Oman Credit and Financial Information Centre (Mala’a) offers Credit Bureau services to enhance the creditworthiness of the individuals and corporates in the Sultanate in line with Oman Vision 2040, said Mala’a’s Managing Director Mr. Aadil Al Saadi. This supports financial inclusion by ensuring responsible financing in addition to improved credit risk management. […]

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August 9, 2021

Mala’a received 740,000 Credit Report applications received in 2020, and 37 Membership Agreements signed so far

Muscat- June  Oman Credit and Financial Information Center (Mala’) was established in 2019 by Royal decree 38\2019 as the first pillar of the Central Bank of Oman’s 2019-2021 Strategy to enhance the business environment towards implementing Oman 2040 Vision. The center offers credit and financial reports and scores for individuals and corporates and aims to be Oman’s national […]

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November 29, 2020

Oman Credit and Information Centre Signs an MoU with Jusoor Foundation

Muscat\ Oman Credit and Financial Information Center (Mala’a) signed a Memorandum of Understanding with Jusoor Foundation on November 29th 2020 that states providing credit and financial information about Jusoor Foundation’s service providers, individuals and supplying or project executing corporates. The information will be used to assess the clients’ solvency and creditworthiness as stipulated in the […]

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