Oman signs bilateral agreement for exchange of credit information

Oman signs bilateral agreement for exchange of credit information

Muscat: The Oman Credit and Financial Information Centre (Mala’a) has entered into a bilateral Agreement for the Exchange of Credit Information with its counterpart the Kuwait Credit Information Network Company (Ci-Net).

The general objective of the agreement is to promote the facilitation of the exchange of credit-related information among Gulf Arab nations, aligning with the decision of the Gulf Cooperation Council's Supreme Council, as declared during its 37th session in 2016. Under the terms of this agreement, both parties will share data and credit information to assist financial institutions in both countries in making well-informed credit decisions.

Bassam Al-Jamali, the General Manager of Mala'a, highlighted the significance of this agreement, stating: "We warmly welcome the signing of this agreement, as it will streamline the exchange of credit information between Oman and Kuwait. It will strengthen cooperation between the two nations, bolster the banking sector, and enhance the framework for managing credit and financial risks."

Aalya Bader Al-Humaidhi, Chairperson of the Board of Directors of Ci Net, echoed the positive impact of the agreement, saying, "We highly appreciate the support of the Central Bank of Kuwait, the Central Bank of Oman, and the Secretariat General of the Gulf Cooperation Council with regards to this