Emcredit and Dubai Bank partner for credit information services

Through this agreement, Dubai Bank will provide payment and repayment records of its customers to Emcredit's data pool.

In turn, Dubai Bank will benefit from Emcredit's comprehensive credit information and risk assessment services, which are based on data compiled from a range of public and proprietary sources.

Dubai Bank is one of the leading Islamic banks operating in the UAE and a prominent player in the country's retail banking sector.

The membership agreement will enable Dubai Bank to make more informed lending decisions.

"We are very pleased to announce this partnership with Dubai Bank, which highlights the confidence of both Islamic and conventional financial institutions in the power of credit information," said Ali Ibrahim, Vice Chairman of Emcredit.

"Our credit information and risk assessment services will provide immense value to Dubai Bank. The effective use of such in-depth credit information will enable Dubai Bank to gain better perspective and develop a competitive edge in this very dynamic lending environment".

Ibrahim added that Emcredit's fast-expanding partner network demonstrates the growing importance of understanding the financial behaviour of borrowers.

As the UAE continues to experience sustained economic growth, Emcredit's services will support the risk management function of financial institutions.

Through the new membership agreement, Dubai Bank will also gain access to specific credit reporting solutions such as the cheque-honouring background of individuals.

Ali Al Hashimi, Chief Operating Officer of Dubai Bank, said: "By having an accurate and comprehensive view of the credit habits of potential borrowers, we are better positioned to tailor our solutions for the benefit of customers by identifying and mitigating risk. At the same time, credit information is not only a risk assessment tool, but is also central to our growth and expansion strategy. Knowing our customers better will help us identify new product and service segments, thereby expanding our business laterally".

Emcredit has also signed agreements with several government departments to enrich its database. These include Dubai e-Government, Dubai Police and an exclusive agreement with Dubai Land Department's Real Estate Regulatory Authority.

Emcredit's services are provided to institutions across the UAE.

The company is based in the Dubai International Financial Centre (DIFC) and operates in line with the DIFC's Data Protection Law, ensuring the confidentiality and security of collection and usage of its credit information database.