| 23 Dec 2009 |
|
Abu Dhabi Islamic Bank strengthens risk practices by signing with Emcredit for credit information services
- Text size
First Abu Dhabi bank to become Emcredit member, Bank to utilise reports on creditworthiness and full credit payment history of financed customers, Company credit information reports to support bank's financing to individuals and SMEs, Underlines strength of risk management practices in Islamic banking
Emcredit, the UAE's first government-backed credit bureau, announced today that it has signed an agreement with the Abu Dhabi Islamic BankAbu Dhabi Islamic Bank
(ADIBADIB), to provide credit information services in supporting the bank's financing activities. ADIBADIB is the first Abu Dhabi bank to become a full member of Emcredit, and among the leading Islamic banks in the country to invest in enhancing its risk management practices. Under the terms of the agreement, ADIBADIB will provide payment and repayment records of its customers to Emcredit's data pool. In turn, ADIBADIB will benefit from Emcredit's comprehensive credit information reporting and risk assessment services, which are based on data compiled from a range of public and proprietary sources.
"It is encouraging to see that leading Islamic banks in the UAE banking industry are setting a fine example by making risk management a strategic priority," said Ali Ibrahim, Managing Director, Emcredit. "The global financial crisis has brought many issues to the forefront, of which, understanding customers' repayment behaviour is crucial. As a dynamic bank, blending modern vision with traditional principles of Sharia, ADIBADIB will be able to make more informed decisions based on Emcredit's in-depth credit information services.
"Credit bureaus are based on the concept of collaboration. ADIBADIB has taken the lead in Abu Dhabi to support the data sharing environment in the UAE. Such proactivity is required in the country, especially in the current economic scenario, to help banks protect themselves against unnecessary credit risks."
Tirad Mahmoud, CEO of ADIBADIB
, said: "As the leading Islamic bank with a large and diverse customer base, we greatly understand and believe in the role of credit bureaus, and are pleased to become a member of Emcredit. Although Islamic banks are generally risk-averse, it is also important to continuously invest in modern systems and tools to strengthen our risk policies in line with the evolving banking landscape. This is important in working towards our goal of becoming a dominant global player in the Islamic finance sphere." Established in May 1997, ADIBADIB provides a wide range of Islamic financial products for individuals and corporations.
-Ends-
About Emcredit:
Emcredit is the UAE's pioneer information services company. It provides a range of comprehensive, accurate and timely information solutions such as credit bureau services, cheque-honouring reports, business background reports and other risk assessment tools. Emcredit's decision support tools enable private and public entities to gain greater perspective into the risk profiles of individuals and companies, thereby empowering them to make more informed business decisions.
The company has a rich database on individuals and companies in the UAE, including 5.6 million consumer identification records, payment behaviour information on consumer and commercial borrowers and 35 per cent of mortgage data in the UAE. It has established data-sharing agreements with several government departments, to power its information solutions. These government entities include Dubai e-Government, Dubai Police, Department of Economic Development (DED), Dubai Land Department and its subsidiary, the Real Estate Regulatory Authority.
Emcredit is registered as a private entity and is based in the Dubai International Financial Centre (DIFC), which is regulated by the Dubai Financial Services Authority (DFSA). Emcredit operates in line with the DIFC's Data Protection Law.
About ADIBADIB:
Abu Dhabi Islamic BankAbu Dhabi Islamic Bank (ADIBADIB) was established on 20th May 1997 as a Public Joint Stock Company following the Amiri Decree No. 9 of 1997. The Bank commenced commercial operations on 11th November 1998, and was formally inaugurated by His Highness Sheikh Abdullah Bin Zayed Al Nahyan, on 18th April 1999. The Bank carries out all contracts, operations and transactions in accordance with Islamic Shari'a principles. ADIBADIB's mission is to offer financial solutions for the global community, and its vision is to become a top tier Islamic financial services group.
ADIBADIB prides itself on its values which reflect the Bank's commitment to the Islamic Shari'a, and the guidelines of the Bank's practices adhere to the principles of Islam. www.adib.ae
For further information, please contact:
Sudha Hemmad
Nicholas Nesson
ASDA'A Burson-Marsteller
Tel: (971 4) 3344550
Fax: (971 4) 3344556
Email: s.hemmad@asdaa.com
Email: n.nesson@asdaa.com
Grace Ghunaim ElHussein
VP- Head of Corporate Communications
Abu Dhabi Islamic BankAbu Dhabi Islamic Bank
Tel: +971 2 6100860
Mobile: +971 50 616 4191
Email: g.ghunaim@adib.ae
Mohammad Al-Qassem
Senior Account Executive
Weber Shandwick - MENA
Tel: +971 4 3210077 Ext. 1254
Mobile: +971 50 288 9 601
Email:mohammad.alqassem@ws-mena.com
© Press Release 2009
Zawya is a distributor (and not a publisher) of content supplied by third parties and subscribers. Any opinions, advice, statements, services, offers, or other information or content expressed or made available by those third parties, including information providers, subscribers or other users of the Service, are those of the respective author(s) or distributor(s) and not of the Company. The Company neither endorses nor is responsible for the accuracy or reliability of any opinion, advice or statement made on the Service by anyone other than authorized Service employee spokespersons while acting in their official capacities. The Company is not responsible for any infringement of intellectual property rights or breach of any applicable law or regulation, including regulation in relation to financial services or the distribution of financial products, defamation, data protection, telecommunications (including regulations relating to excessive use, spamming or other abusive activities) or obscene, offensive or illegal content). Under no circumstances will the Company be liable for any loss or damage caused by a member's reliance on information obtained through the Service. It is the responsibility of member to evaluate the accuracy, completeness or usefulness of any information, opinion, advice or other content available through the Service. Please seek the advice of professionals, as appropriate, regarding the evaluation of any specific information, opinion, advice or other content.
Read the full Member Agreement
http://www.zawya.com/legal/NewsLetter.cfm?name=disclaimer
More News in Islamic Finance
Loading ...
Post a Comment
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse.