Under the terms of the agreement, Emcredit will initially offer reporting solutions in the area of cheque payment defaults by individuals and companies in the UAE.
Established in 1975, DIB is the world's first bank to incorporate Sharia principles into all of its practices.
It is one of the largest banks in the UAE in terms of total assets under management, and recorded a net profit of Dhs2.5bn in 2007.
Ali Ibrahim, Managing Director of Emcredit, said: "Dubai Islamic Bank is amongst the first Islamic banks to sign up for Emcredit's services, and we are delighted to announce this agreement. This relationship will enable us to work with one of the foremost innovators in the area of Islamic finance. Our risk assessment services and credit information are not only for conventionally structured financial institutions, but can be of great service to Islamic financial institutions as well. The fact that one of the leading Islamic banks in the region and the world has decided to align with us reflects a belief on the part of the leaders of Islamic finance that our services can be of great benefit."
Fahad Bin Fahad, Executive Vice President and Chief Risk Officer of DIB, said: "This partnership will be invaluable in providing us a clearer picture of our customers' needs, and enabling us to serve them better. Our agreement with Emcredit empowers us to have access to the tools necessary to maintain our position as the leading Islamic financial institution in this
ever-more sophisticated marketplace."
DIB is the latest in a series of well-known banks that have recently signed agreements with Emcredit for credit services and risk assessment, including Citibank and Dubai Bank.
Emcredit has also signed agreements with several government departments to enrich its database.
These include Dubai e-Government, Dubai Police, Dubai Public Prosecution, and an exclusive agreement with Dubai Land Department's Real Estate Regulatory Authority.
Emcredit also welcomed into its fold, Amlak Finance and Better Homes.
Emcredit's fast-expanding partner network demonstrates the growing importance of understanding the financial behaviour of borrowers.
Emcredit is headquartered in the Dubai International Financial Centre and was created to support financial institutions working in the UAE with risk management.
Emcredit is governed by the DIFC's Data Protection Law, which demands complete confidentiality and security of Emcredit's credit information database.
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Dubai Islamic Bank signs up with Emcredit for credit information services
- United Arab Emirates: Saturday, June 28 - 2008 at 12:55
- PRESS RELEASE
Emcredit, the UAE's first private credit information services company, announced today that it will provide credit information and risk assessment services to Dubai Islamic Bank (DIB).
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About Emcredit:Emcredit is the UAE's first independent credit bureau. It is located at the Dubai International Financial Centre (DIFC.). Emcredit was established with the objective of providing comprehensive, effective and timely credit information solutions that allow private and public entities to gain greater perspective into the credit repayment capability of individuals and companies.
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).
About Dubai Islamic Bank:
Dubai Islamic Bank (DIB), established in 1975, is the first Islamic bank to have incorporated the principles of Islam in all its practices. DIB is a public joint stock company and its share is quoted on the Dubai Financial Market. The bank enjoys a reputation as a leader and innovator in maintaining the quality, flexibility and accessibility of its products and services. In a very short space of time it has created market leading services and products that are setting benchmarks for the rest of the sector.
DIB set a world record by raising a $3.52bn sukuk for the Nakheel Group. This sukuk adopted a structure never used before in Islamic or conventional banking history. This Sukuk adopted a 1st of its kind structure never used before in Islamic or conventional banking history.
The bank has been proactive in creating partnerships and alliances at both the local and international level. DIB has adopted an aggressive expansion strategy, which started with the establishment of DIB Pakistan Limited, a wholly owned subsidiary of DIB. DIB opened its first representative office in Turkey to enhance its access to that market. DIB has also acquired a stake in Al Khartoum Bank and a stake in Emirates and Sudan Bank (ESB). These steps mark DIB's ambitious plans to roll out its operations into regional and international markets as part of its overall strategic plan.
DIB has won the respect of its peers around the world. The bank was recently named by Islamic Finance News the UAE's Best Islamic Bank. DIB has also received many awards from international organizations, such as the prestigious "Bank of the Year - UAE" award from The Banker magazine and additional accolades from Euromoney.
For further information, please contact:
Sudha Hemmad / Nicholas Nesson / Gunjan Chaurasia
ASDA'A Public Relations
Tel: (971 4) 3344550
Fax: (971 4) 3344556
Posted by Eman HassanSaturday, June 28 - 2008 at 12:55 UAE local time (GMT+4)
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