November 20, 2019

Sharakah Signs a Membership Agreement with Mala’a

Sharakah has signed a membership agreement with Oman Credit & Financial Information Centre to get accurate information to be part of Mala’a members system.

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.  

Sharakah is a Closed Joint Stock Company incorporated by a Royal Decree No. (76/98) in 1998 to show the on-going commitment and support of the Sultanate of Oman towards entrepreneurship development.