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Al Etihad Credit Bureau (AECB) today announces it has started including court-ordered payment obligations from Dubai Courts in its Credit Reports, upon completing system integration between both parties. This is in line with the company’s implementation plan of the Federal Decree Law No. 8 of 2020 regarding amendments to the Federal Law concerning Credit Information, in cooperating with a range of federal and local government data providers to enrich Credit Reports and increase credit awareness in the UAE.
Dubai Courts is one of the most active courts in the UAE in terms of the number of court cases. To date, the court has more than 53,962 active judgments in cases that impose payment obligations, including over 37,495 for individuals and 62,455 for companies. AECB started the process of adding courts data in Q1 of 2021, reaffirming its role in expanding the credit register to include payment obligations from non-financial sectors on individuals and companies in the UAE. All of which echoes AECB’s commitment to support the stability the UAE’s credit marketplace.
Marwan Ahmad Lutfi, CEO of AECB, said: “Our cooperation with Dubai Courts will act as a springboard to deepen the comprehensiveness of AECB Credit Reports to include payment obligations residing within UAE Courts. Creditworthiness of individuals and companies are affected by their ability to repay on financial obligations, and by including this new information on top of the existing bank-related credit information, banks, telecom operators, service providers and other subscribers and users will be able to make better credit assessments and decisions.”
His Excellency/ Taresh Al Mansouri, General Manager of Dubai Courts said that in line with Dubai Government policy aiming to develop the process of exchange of information between governmental and private entities and evidence-based decision-making; And to support the culture of information exchange, through using and reusing the same information, beside protection of confidential information; and to achieve the UAE vision in becoming the first country in providing best governmental services to achieve people’s happiness, harmonization and integration between governmental and local services; And to increase efficiency of federal governmental services in terms of quality, speed, simplification of process and raising competitiveness indicator of the UAE; And to achieve Dubai vision in becoming the happiest city, and support decision-making process at federal and local governments; And to implement Dubai plans and strategic initiatives efficiently; Dubai Courts have completed through (Dubai Pulse) Platform, in cooperation with Dubai Digital and Al Etihad Credit Bureau, the process of credit Data exchange and integration. This contributed in achieving the Country’s strategic objectives in providing investigation tools, protection of rights and accomplishments, beside growth of business.
Al Etihad Credit Bureau has started the gradual process of onboarding UAE Courts to enrich its credit register, which currently includes more than 11 million individuals and one million companies.
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About Al Etihad Credit Bureau:
Al Etihad Credit Bureau is a Public Joint Stock Company wholly owned by the UAE Federal Government. The company was established as per UAE Federal Law No. (6) of 2010 concerning Credit Information and its amendments in Federal Decree Law No. (8) of 2020. Al Etihad Credit Bureau is mandated to collect credit information on individuals and companies from financial and non-financial institutions in the UAE. The information is requested, aggregated, stored, analysed and then produced and distributed through a variety of credit-related products. For more information visit www.aecb.gov.ae or download the AECB app available in App Store and Google Play.
For more information, please contact:
Mary Khamasmieh
Weber Shandwick
E: mkhamasmieh@webershandwick.com
Rawad Khattar
Weber Shandwick
E: RKhattar@webershandwick.com
Sara Abuhassira
Weber Shandwick
E: SAbuhassira@webershandwick.com
© Press Release 2021
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