November 17, 2019

Ministry of Commerce and Industry Signs an Agreement with Mala’a as a Data Provider

The Ministry of Commerce and Industry has signed an agreement with Oman Credit & Financial Information Centre to to be a data provider for Mala’a in order to provide accurate and timely information for Mala’a members and therefore reduce credit and financial risks.

The agreement states the ministry will provide Mala’a with the needed information to generate credit and financial solvency reports that Mala’a members can use to assess the customers’ solvency and therefore take informed lending decisions.

Mala’a was established by Royal Decree 38/2019 by his late Majesty Sultan Qaboos-May Allah Rest his Soul in Peace- issued on May 8th 2019. The Center includes members from the banking, financial, insurance, and telecom sectors, as well as SMEs funds. The center also includes several government and private registries as Data providers. As per the Royal Decree, Mala’a provides a database of credit and financial information on a national level, to aid its members and beneficiaries to assess their clients’ solvency, and therefore reduce credit risks, improve loans quality, and reinforce financial inclusion in the Sultanate, relaying on a state-of-art technologies and global standards.