November 25, 2019

Oman Development Bank Signs a Membership Agreement with Mala’a

Oman Development Bank has signed a membership agreement with Oman Credit & Financial Information Centre to be part of Mala’a Members System that aims at providing better credit bureau services in Oman.

The membership agreement states that Mala’a 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.

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.  

Oman Development Bank is the extension of Oman Bank for Development which was established in 1977 and Oman Agricultural Bank. The Bank provides loans for the different development sectors in the Sultanate such as agriculture, fisheries, animals, industry, tourism, education, health and IT.