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Wed 3 Nov 2010 11:13 AM

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Qatar confirms launch of credit agency

Agency will collect lending data, move towards introducing credit rating scores

Qatar confirms launch of credit agency
CREDIT BUREAU: Qatar has confirmed it will launch the emirate’s first credit bureau next month

Qatar has confirmed it will launch the emirate’s first
credit bureau next month, tasked with tracking data on consumer and corporate
lending and eventually creating individual credit scores.

The Qatar Credit Information Centre (QCIC) will operate
under the umbrella of Qatar Central Bank and will be backed by local banks and
the emirate’s bourse.

“The QCB attaches utmost importance to the investment
climate in Qatar and is exerting efforts to create appropriate atmosphere for
investors from within and outside the country,” Sheikh Abdullah, governor of
the central bank, told delegates at an investment forum in Doha.

New legislation will be introduced to bolster lending
transparency, Sheikh Abdullah said, without giving details of the new laws.

The launch of the credit agency follows similar
initiatives in neighbouring Gulf states. Dubai launched the state-backed
Emcredit agency in January 2006; however, the agency has only recently begun
compiling lending data.


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