Credit bureau will 'grind to a halt' UAE customers' over-borrowing - The National

Credit bureau will 'grind to a halt' UAE customers' over-borrowing - The National:

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Abdul Aziz Al Ghurair, the head of the UAE Banking Federation and the chairman
of Mashreq says banks had already begun compiling information on account holders
to assess their creditworthiness. Satish Kumar / The National

One of the UAE's most eminent bankers believes the supply of new credit to existing customers could nearly grind to a halt once the proposed UAE credit bureau becomes fully operational in 2015.

"Once the credit bureau is applied there will be no lending to anybody for six to 12 months because the banks will find out who's really been borrowing and how much," said Abdul Aziz Al Ghurair, the head of the UAE Banking Federation (UBF) and the chairman of Mashreq.

"They will find out all those people who have four or five credit cards."

At an annual round-table briefing for journalists in Dubai, he later clarified his remarks to refer to existing bank customers."

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