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Simah vies to tackle bounced cheques in Saudi Arabia

The Saudi Credit Bureau (Simah) has announced the launch of Tqweem, an initiative aimed at providing accurate credit information on small and medium enterprises to help banking and financing institutions extend the required funds to these projects, Arab News has reported. Simah has also launched an awareness campaign on the dangers and risks associated with bouncing cheques due to their negative effects on individuals or corporates. "Accordingly, the total number of bounced checks fell during the first quarter of 2012 by 54% compared with the first quarter of 2011," said Simah CEO, Nabil Al-Mubarak