The Board of Directors of Al Etihad Credit Bureau, a federal government company which provides credit reports on individuals and corporates in the UAE, held its 22nd meeting on Monday, April 21st .The meeting was led by HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs and Chairman of Al Etihad Credit Bureau to discuss the Bureau’s readiness to start operations following the publishing of its by-laws in the official gazette.
During the meeting, the Board of Directors discussed the latest developments of its system and confirmed the Bureau’s readiness to start operations once its by-laws published in the Official Gazette. The Board also discussed a number of important topics, which included a review of the internal auditors’ reports and approving the audited financial statements for 2013.
The Bureau’s Board of Directors stressed on the needs for all UAE banks and financial institutions to submit their customers credit data for the past 24 months, including individuals’ Emirates ID details. Despite the continued efforts made by banks to provide their credit data, a large number of them have not yet fully completed the process of providing the past 24 months of credit data. The comprehensiveness of the Bureau’s credit reports relies upon the banks’ submission of credit data within the stipulated timeframe.
The Board of Directors expressed its thanks to the National Bank of Fujairah for its support and cooperation, as it is the only bank to submit accurate and reliable credit data for the past two years. The Board of Directors is urged remaining banks to follow suit and provide their credit data as soon as possible.
As part of its operational readiness, the Bureau has successfully fulfilled all of the requirements for issuing credit reports including establishing secure links with all the financial institutions, and completing internal and external risk assessment.
Moreover, the board highlighted the need for banks and financial institutions operating in the UAE to use Emirates ID, the only valid form of identification for all individuals residing in the UAE, in all customer transactions and operations. This will ensure that the record matching process of the bureau system is 100% accurate.