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UAE president approves plan for credit rating office
The credit bureau provides complete transparency on the status of clients and the bank would have a clear vision-says official.
December 6, 2010 4:15 by Reuters
The United Arab Emirates will establish a credit rating office, which will make personal borrowing more transparent for banks, after its president Sheikh Khalifa bin Zayed al-Nahayan approved the plan, an official said on Monday.
“(The credit bureau) provides complete transparency on the status of clients and the bank would have a clear vision,” Federal National Council (FNC) speaker Abdul Aziz al-Ghurair told reporters on the sidelines of the Gulf rulers summit in Abu Dhabi.
“This helps banks as well as clients avoid uncertainty,” he said.
(Reporting by Mahmoud Habboush; Writing by Martin Dokoupil; Editing by Amran Abocar)