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.