Qatar Credit Bureau (CB) announced Wednesday that it has signed a Memorandum of Understanding (MoU) with the Qatar Financial Centre (QFC).
Under the MoU, Qatar Financial Centre will provide Qatar Credit Bureau with the data of the companies registered with it automatically.
This memorandum aims at facilitating and accelerating the query process and companies’ access to services and credit facilities provided by banks operating in the State. This will help in increasing credit and reducing risks, thus contributing to economic growth and development.
The MoU was signed by the CEO of Qatar Credit Bureau Sheikha Maryam bint Khalifa Al Thani and the CEO of Qatar Financial Centre Authority Yousuf Al Jaidah
Qatar Credit Bureau operates under Qatar Central Bank (QCB). It was established by the decision of QCB’s Board of Directors No.5 of 2008. The Law of Qatar Central Bank and the Regulation of Financial Institutions issued by Law No. 13 of 2012 granted more powers to the Qatar Credit Bureau, and enhanced its role and position in the banking and financial sector in the country.
The Bureau was established with the aim of contributing to building a highly efficient and stable banking system by providing accurate and comprehensive credit information on the basis of advanced global knowledge and technology.
To achieve this goal, Qatar Credit Bureau collects, analyzes and classifies the credit information of individual and corporate clients who have credit facilities from financial institutions and credit providers in the country, in the form of comprehensive credit reports that reflect the client’s credit position and capacity.
The credit reports issued by CB contribute to assisting financial institutions and credit providers in the country to make right credit decisions, reduce credit risks, and enhance transparency in the financial sector. One of the objectives of Qatar Credit Bureau is to spread awareness and knowledge and deepen the credit culture in the society.
Qatar Credit Bureau’s mission is to provide credit information to banks and finance companies and it does not involve in decision of the credit donors to grant or refuse credit facilities to customers.
