ID :
170090
Tue, 03/22/2011 - 20:56
Auther :
Shortlink :
http://m.oananews.org//node/170090
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Qatar Credit Bureau Not to Interfere in Granting Credit Facilities
Doha, March 22 (QNA) - HE Chief Executive Officer of the Qatar Credit Bureau (QCB) Sheikh Bandar bin Mohammed bin Saud Al Thani said that QCB will neither interfere in the granting of credit facilities to individuals nor impose any restrictions on banks, adding that its role will be to provide credit information to the banks to assist them in making decision on how to deal with their customers.
Speaking at a press conference held to introduce the Bureau that was inaugurated yesterday by HE Prime Minister and Foreign Minister Sheikh Hamad bin Jassim bin Jabor Al Thani, HE Sheikh Bandar said the duty of the QCB will be to provide the banks, corporate and financial institutions with credit information that can assist them in the provision of credit services while reducing their credit risk.
QCB CEO noted that the bureau will provide information and help in improving the performance of the local credit market, stressing that the granting of a service requested by clients is subjected to the policy adopted by banks.
The QCB does not have a supervisory role on the implementation of information it provides and its role is only to make such information available to its members in the banks and financial institutions, he said, adding that the supervisory authority for banks and financial institutions is the responsibility of the Qatar Central Bank.
He revealed the QCB yesterday rendered its first service, which is a credit report. The report gave the banks access to customer data including the individuals employment history and their credit facilities granted as well as their capability to pay back these facilities among others.
QCB CEO disclosed that the bureau will provide during the next few months the credit rating, a service to gauge the credit situation of a certain client (high, medium or low risk), and in the later stages it will present a service on monitoring customer accounts and control of financing portfolio of financial institutions, as well as reports on fraud cases.
He revealed that the QCB has currently 12 members representing the banks under the supervision of Qatar Central Bank and finance companies in the country, pointing to the accession at a later stage of other financial institutions such as telecommunications companies and insurance companies and service companies.
He explained that banks subject to the Qatar Financial Centre is not currently members of the bureau because they are not subject to authorization by the Qatar Central Bank.
Qatar Credit Bureau was inaugurated yesterday by HE the Prime Minister and Foreign Minister Sheikh Hamad bin Jassim bin Jabor Al Tahni in a ceremony attended by HE Qatar Central Bank Governor Sheikh Abdullah bin Saud Al Thani.
Last year, Qatar Central Bank awarded "Dun Bradstreet" company to provide an integrated solution to the Bureau comprising both the individuals and the corporate sector.
The Bureau will help to support the sustainable growth of credit in the State of Qatar, relying on customer data and risk-based methodologies; it will also provide the Bank and the banking sector with analytical data to support the implementation of advanced techniques in risk management as outlined in "Basel II" Accord, the bank said.
Qatar Credit Bureau s future vision implies the progressive development of the Bureau to become an economic information center, which draws upon the analytical insights of all the fundamental economic sectors so as to promote the management of the economy in the country. (END)
Speaking at a press conference held to introduce the Bureau that was inaugurated yesterday by HE Prime Minister and Foreign Minister Sheikh Hamad bin Jassim bin Jabor Al Thani, HE Sheikh Bandar said the duty of the QCB will be to provide the banks, corporate and financial institutions with credit information that can assist them in the provision of credit services while reducing their credit risk.
QCB CEO noted that the bureau will provide information and help in improving the performance of the local credit market, stressing that the granting of a service requested by clients is subjected to the policy adopted by banks.
The QCB does not have a supervisory role on the implementation of information it provides and its role is only to make such information available to its members in the banks and financial institutions, he said, adding that the supervisory authority for banks and financial institutions is the responsibility of the Qatar Central Bank.
He revealed the QCB yesterday rendered its first service, which is a credit report. The report gave the banks access to customer data including the individuals employment history and their credit facilities granted as well as their capability to pay back these facilities among others.
QCB CEO disclosed that the bureau will provide during the next few months the credit rating, a service to gauge the credit situation of a certain client (high, medium or low risk), and in the later stages it will present a service on monitoring customer accounts and control of financing portfolio of financial institutions, as well as reports on fraud cases.
He revealed that the QCB has currently 12 members representing the banks under the supervision of Qatar Central Bank and finance companies in the country, pointing to the accession at a later stage of other financial institutions such as telecommunications companies and insurance companies and service companies.
He explained that banks subject to the Qatar Financial Centre is not currently members of the bureau because they are not subject to authorization by the Qatar Central Bank.
Qatar Credit Bureau was inaugurated yesterday by HE the Prime Minister and Foreign Minister Sheikh Hamad bin Jassim bin Jabor Al Tahni in a ceremony attended by HE Qatar Central Bank Governor Sheikh Abdullah bin Saud Al Thani.
Last year, Qatar Central Bank awarded "Dun Bradstreet" company to provide an integrated solution to the Bureau comprising both the individuals and the corporate sector.
The Bureau will help to support the sustainable growth of credit in the State of Qatar, relying on customer data and risk-based methodologies; it will also provide the Bank and the banking sector with analytical data to support the implementation of advanced techniques in risk management as outlined in "Basel II" Accord, the bank said.
Qatar Credit Bureau s future vision implies the progressive development of the Bureau to become an economic information center, which draws upon the analytical insights of all the fundamental economic sectors so as to promote the management of the economy in the country. (END)
