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In a bid to combat unpaid loans, a draft law has recently been approved in the UAE, outlining the conditions in which credit will be granted.
In a bid to combat unpaid loans, a draft law has recently been approved in the UAE, outlining the conditions in which credit will be granted. Overseen by the UAE Federal National Council, the draft law determines that every person in the UAE that requires a loan will first have to withstand a credit check.
A new company will be established owned predominantly by the government, but also shared among local authorities and private bodies which will provide banks and creditors with the necessary data to deduce the suitability of a person for a loan.
The managing director of Encredit, Ali Ibrahim, a financial information agency created by Dubai's department of Economic Development, had this to say: The credit information law will strengthen the UAEs economic and regulatory framework and lead to greater transparency in the financial sector.
He continues: The law is especially significant in a society such as the UAE, which has a large transient population, a strong credit market and is witnessing rapid economic growth.
A consequence of the current financial situation, the new law is in place to generally benefit banks and creditors: It will help them in accurately assessing the creditworthiness of potential borrowers and allow them to implement better risk management policies.