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November 12, 2023

Mala’a and Saudi Credit Bureau (SIMAH) Sign a Bilateral Agreement for the Exchange of Credit Information

Oman Credit and Financial Information Center (Mala’a) has officially signed a bilateral agreement to exchange credit information with the Saudi Credit Bureau (SIMAH). This agreement aligns with the Gulf Cooperation Council’s (GCC) vision to bolster the banking system, support credit service providers, enhance risk management practices, and facilitate informed credit decisions across member countries.

The exchange of credit information among GCC countries has become crucial to aid financial institutions in making informed credit decisions. Bassam bin Tarik Al Jamali, the General Manager of Mala’a, emphasized the importance of cooperation among credit bureaus across GCC countries. He stated, “Mala’a is actively pursuing agreements to exchange credit information with its counterparts in other GCC countries. The latest agreement signed with the Saudi Credit Bureau (SIMAH) will strengthen cooperation between the two institutions, establish communication channels, and facilitate the exchange of expertise. This collaboration will significantly benefit the banking sector across GCC countries by improving credit risk management frameworks.

On his part, Suwaid Al Zahrani, the CEO of SIMAH, expressed his delight in signing the agreement with Mala’a, which serves the common objectives of enhancing the credit information industry for all Gulf Cooperation Council (GCC) countries. This agreement opens avenues for collaboration between SIMAH and its counterparts in GCC countries. It serves the financial sector to elevate its efficiency, achieve stability, foster growth, and support the Gulf’s economic aspirations. He further emphasized SIMAH’s commitment to continuous market research, addressing emerging challenges, and capitalizing on favorable opportunities to maximize the benefits of the credit information industry in achieving the desired growth.

It’s worth mentioning that Mala’a was established in 2019 by Royal Decree No. 38/2019, to create a centralized national credit and financial information database providing information to its members to facilitate credit decision-making, evaluate the financial soundness of clients, enhance loan quality, and mitigate credit and financial risks.

July 3, 2024

Oman Investment Bank Joins Mala’a Membership Network

Oman Investment Bank (OIB) has entered into a membership agreement with Oman Credit & Financial Information Centre (Mala’a), to become a banking sector member. The agreement involves providing Mala’a members with a comprehensive credit and financial information database. This database will facilitate informed credit decision-making, financial capability assessments for clients, and evaluation of potential financial […]

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July 3, 2024

Global Financial Solution (OmPay) Joins Mala’a Membership

Global Financial Technology LLC (OmPay) has entered into a membership agreement with the Oman Credit and Financial Information Center (Mala’a). The membership agreement includes access to Mala’a’s Electronic Know Your Customer (E-KYC) service, known as Huwiya, that is designed to streamline electronic customer identity verification and enhance credit information accuracy. The agreement, signed by Bassam […]

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May 28, 2024

Oman Credit and Financial Information Center (Mala’a) Wins Excellence Award in Credit Information Services

Oman Credit and Financial Information Center (Mala’a) has been awarded the Excellence in Credit Information Services Award by OER Magazine during the “New Age Banking ” summit. This award recognizes the quality of services provided by the center to its members and service providers. Commenting on this achievement, Bassam Al Jamali, General Manager of Mala’a, […]

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