Al Etihad Credit Bureau working to expose over-leveraged borrowers

'We are going to change the industry going forward', says CEO Marwan Lutfi


There are many tips, dos and donts to engage and motivate employees. Motivators must always match the bank?s ethics and values not fear factor, conspiracy theories, bullying and intimidations.

Diya Pardasani

Finally Credit Bureau, working to live up to its responsibility. Wish it was there in 2008. Nevertheless, better late then never. My doubt is, the data they have, how credible it is to provide any relevant information to users ie: Banks and financial institutes ? How many banks have actually used the information astutely to minimize the risk posed by borrowers? Is it for the benefit of lender or borrower? How frequently is the record updated ? There are many such questions that need to be answered before any judgement is passed. In my opinion bureau should jointly work with residency department to centralize the data that can be captured through emirates ID. Such a step will take care of all the bureaucracy and malpractices going around in the lending systems & keep borrowers updated of their debt.
The whole exercise of credit bureau should not only be restricted to provide reports on borrowers, but also should help them be aware of their leverage and manage their finances well.


What makes so many devoted bankers submit their resignations voluntarily in a tough economy? A morally corrupt incorrigible manager.

Srinivas R

Times have changed and mentalities must also change. It is time to shed the old and battered school of thought and acquire fresh blood and perspective in a fiercely competitive market. Senior managers who keep slandering other esteemed managers in the most obnoxious expletives, and continuously use the fear factor and conspiracy theories as a motivator for the sole purpose of extending their short and precarious tenure, such desperate managers couldn't care less about the bank, their staff and their customers.


I have had no debt -including mortgage for over 10 years - in fact I have never borrowed a fil in UAE. I have had the same credit card for 7 years without missing one payment. I have recently travelled a lot and for the first time missed my scheduled credit card payment by one day. I was rung by the bank at 7.45am this morning and told I have missed the payment and they have passed my details onto the credit bureau. I couldn't care less because I never borrow money except for the fact the same bank despite my protests bombard me with cold calls trying to lend me money at least twice a week. How ironic that the latest call was received about ten minutes after I was informed that I was now on the credit blacklist. They offered me a pre-authorized loan for over ten times the amount owing on the card. What a joke.


Insecure managers make terrible bosses. All these startling revelations are clear manifestations of very insecure managers. Falsification of data, intimidations, bullying, petty office politics, discriminations, maligning other managers, deep distrust of others, fear used as a motivator, and feeding the staff with conspiracy theories are all evident signs of very insecure managers deliberately trying to conceal something. Insecure managers can bring the whole department falling like a pack of cards and putting in jeopardy the contentment of customers and the profitability and reputation of the bank, which may never be salvaged.


These unprincipled managers were under the impression that the watchdogs were in deep slumber when these managers were actually surrounded by these vigilant watchdogs closely observing their every moves; this is truly heartening and reassuring.


Even though the can of worms has finally been opened and will remain open, there is no harm in ruminating and retrospecting on the missed opportunities to instill integrity, promote ethics and inculcate morals.


If only these corrupt managers heeded the voice of reason instead of ridiculing it, intimidating it and muffling it, if only, if only.


Banks need integrity not just stress tests so enough with the vague and vain platitudes, it is time to restore some trust and improve standards in the banking and finance industry at the top. The solemn oath for senior managers should be honesty, integrity and ethics towards the bank, its employees and its customers.

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