Abu Dhabi 04 March, 2012: The Federal Credit Bureau's Board of Directors recently held its first meeting at the Ministry of Finance's (MoF) headquarters in Abu Dhabi. The meeting falls in line with efforts to enable both the private and public sectors to develop more comprehensive strategies with regards to providing loans, in addition to supporting the different initiatives taking place to limit credit risks in the UAE.
The meeting was headed by HE Obaid Humaid Al Tayer, Minister of State for Financial Affairs and the Chairman of the Federal Credit Bureau, and was attended by HE Younis Haji Al Khouri, Undersecretary of MoF and Vice-Chairman of the Federal Credit Bureau. Other attendees included the following board members: HE Abdul Rahman Saif Al Ghurair, Chairman of the Dubai Chamber of Commerce and Industry, HE Mohammed Thani Murshid Al Rumaithi, Chairman of Abu Dhabi Chamber of Commerce, HE Humaid Ali Bin Butti Al Muhairi, Assistant Undersecretary for Commercial Affairs, Ministry of Economy, HE Mahmood Ebraheem al Mahmood, Chief Executive of ADS Holding, and HE Salem Sultan Al Dhaheri, Deputy Director at Abu Dhabi Investment Authority.
During the meeting, board members discussed the items on the agenda, where there was a focus on Federal Law No. (6), issued in 2010, concerning the establishment of the Credit Bureau. Talks were held on the regulations pertaining to the entity, the main operating structure of the Bureau, in addition to determining a work plan and future goals to begin actively implementing the entity's activities on a national level.
The board also approved the creation of sub-committees, according to Federal Decree No. (5), issued in 2011, which highlights the organizational structures required for boards of directors, boards of trustees and committees within Federal Government bodies. The two sub-committees created for the Federal Credit Bureau were divided as an executive committee and a committee concerned with auditing and risk management, both reporting to the board of directors.
Commenting on the meeting, HE Al Tayer said: "The UAE Cabinet's approval of the Federal Credit Bureau's board members reflects the UAE's commitment to abide by the highest standards and best practices to limit credit risks facing banks and financial and service organizations in the country."
"The Bureau will enable the private and public sector to form better and more comprehensive strategies with regards to loan-related decisions, which will enhance loan classification and reduce defaults," HE Al Tayer added.
The board discussions resulted in a number of recommendations, where the importance of remaining updated on new policies and regulations issued by the UAE Central Bank regarding the Bureau was highlighted. The Central Bank will be responsible for all laws relating to the entity, and per Federal Law No. (6), which was issued in 2010, and related to credit information.
The Federal Credit Bureau's most important tasks will include: collecting and documenting data from different financial institutions and individuals in the UAE, conducting studies and analysis, in addition to presenting comprehensive reports specifying debt levels and financial commitments. These reports will allow banks and financial institutions to better determine debt ceilings, and to decide on monthly payments in a more efficient manner.
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For more information:
Ghaleb Zeidan
Weber Shandwick MENA
Phone: + 971 50 778 2286
Fax: + 971 2 449 4833
Email: ghaleb.zeidan@ws-mena.com
Wissam Al Saadi
Weber Shandwick MENA
Phone: + 971 50 2527265
Fax: + 971 2 449 4833
Email: wissam.alsaadi@ws-mena.com
© Press Release 2012
