Google+ Followers

Sunday, 11 September 2011

UAE set to launch landmark credit firm - Emirates 24/7

The UAE will soon launch a landmark credit information company to provide information to banks on clients seeking loans as part of an ongoing government plan to bolster the financial sector and face fresh crises in the future.

The ministry of finance has completed the organizational structure of the company and provide Dh120 for its capital, which could be raised later to Dh200 million, said its undersecretary Yunus Khoury said.

“It will be a government establishment with a task to help banks in determining the credit status of clients…the company will have a paid up capital of Dh120 million and authorised capital of Dh200 million,” Khoury told 'Al Ittihad' daily.