The Saudi Arabian Monetary Authority (SAMA), the kingdom’s central bank, on Wednesday launched Saudi Credit Bureau (SIMAH) that will collect, analyze and provide detailed credit information on both individuals and institutions across the kingdom.
The new agency was opened by the central bank governor, Ahmed Al-Kholifey, state-owned Saudi Press Agency (SPA) reported.
The national credit bureau will be supervised by the Saudi market regulator, the Capital Market Authority (CMA).
SIMAH’s chief executive Nabil Al-Mubarak said that the credit agency’s accurate information allow financial institutions to reduce risks, loan processing times, costs and default rates.
Potential risks are evaluated for companies that seek to borrow funds through loans, or fixed-yield securities, including sukuk and bonds.
The credit bureau also aims to assess borrower’s financial solvency, which in turn reduces non-performing loans (NPLs) and enhances collection rates.
Al-Mubarak added that SIMAH group also owns Dubai-based Qarar, a leading provider of analytical services and solutions to the consumer credit industry throughout the Middle East.
SIMAH was established in 2002 and began operations in 2004 as Saudi Arabia’s first credit bureau, which was licensed by the end of 2015.
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