Emcredit launches 'Embounce', a credit reporting solution available to registered financial institutions and commercial entities

Dubai Police is first Government body to partner with Emcredit

Dubai, 19 June 2007: Financial institutions and companies will now be able to better assess the financial health of individuals and commercial organisations in Dubai. Creditworthiness of Dubai based individuals and companies has taken a major leap forward with the announcement today of a partnership agreement signed today between Dubai Police and Emcredit, the UAE's first independent credit bureau.

The move means the data sharing agreement also paves the way for the launch of 'Embounce', Emcredit's new credit reporting tool that will provide clear, comprehensive and up-to-date records on defaulted cheques reported to Dubai Police. The service is expected to go live at the end of August. 

Embounce will enable lenders and other businesses to assess the risks associated with borrowers and partners, based on their past behavior in honoring cheques. 

Dubai Police General Commander His Excellency Lt. General Dhahi Khalfan Tamim and Mr. Ali Ibrahim, Board Member and Director, Emcredit and Deputy Director General, Executive Affairs, Dubai Department of Economic Development, attended today's press conference at Dubai Police headquarters. Brigadier Khamis Mattar Al Mazeina, Director of Dubai Police's Criminal Investigation Department (CID), Mr. Bashar Saleh Qallab, CEO of Emcredit were also present along with senior representatives from Dubai Courts, Dubai Public Prosecution Department, Dubai eGovernment, Ministry of Labour, Dubai Naturalization & Residency Department and the banking community.

Lt. General Tamim said the new service will enhance transparency in the financial and security sectors, a priority set forward in the Dubai Strategic Plan 2015 by HH Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai.

"In a fast growing economy like Dubai, curbing financial offences is a key priority for us in order to safeguard the interests of the financial and commercial sectors and the people of Dubai. Cheque offences place a large burden on the police and public persecution departments. We are glad to see the introduction of tools such as Embounce that will allow creditors to better asses the creditworthiness of a cheque issuer and in the long run, reduce the incidence of dishonoured cheque offences. Our partnership with Emcredit provides a new way to serve Dubai and our society," said Lt. General Tamim. 

Dubai Police data will be shared with Emcredit and updated on a daily basis, he added.

Mr. Ali Ibrahim, Board Member and Director of Emcredit and Deputy Director General, Dubai Department of Economic Development hailed Dubai Police's cooperation and said the private-public partnership will boost confidence and stability in the region's financial industry.

"Everyday, thousands of businesses make decisions based on an individual's or a company's credit history, making it vital for organisations to have access to accurate and comprehensive credit information that supports their decision-making capabilities" Mr. Ibrahim said. 

Emcredit CEO, Bashar Saleh Qallab said that Embounce is a major step in creating an awareness on 'reputational collateral', whereby a person or company's reputation in honoring cheques will determine an important part of their financial credibility and the prospects of procuring future credit facilities and the acceptance of future cheques issued by them. "Embounce is a powerful online decision support tool which will provide a clear picture of the creditworthiness of individuals and companies. It will also help businesses assess their credit risk more quickly, accurately and efficiently."

Qallab added that Embounce marks the first phase of the cooperation with Dubai Police and will be enhanced further with more credit reporting solutions in the future. Embounce reports will be available in summary and detailed format versions. Banks and commercial entities can contact Emcredit for registration details and other enquiries.

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About Emcredit:
Emcredit LLC was incorporated in January 2006 under the directives of His Highness Sheikh Mohammed bin Rashid Al Maktoum, UAE Vice President, Prime Minister and Ruler of Dubai. It is a project initiated by the Department of Economic Development, Government of Dubai (DED). Emcredit is an independent enterprise located in the Dubai International Financial Centre (DIFC.) Emcredit was established with the objective of providing effective credit information solutions that allow lenders to monitor credit repayment capability and improve availability of information about borrowers.

For further information, please contact:
Sudha Hemmad / Jonathan Tudor
ASDA'A Public Relations
Tel: (971 4) 3344550
Fax: (971 4) 3344556
Email: s.hemmad@asdaa.com / j.tudor@asdaa.com

© Press Release 2007