The UAE has finally opted for transparency by establishing a UAE wide credit bureau called Emcredit.  Rather than leaving the decision to the individual Emirates the government decided on a Federal solution.  UAE legislation is currently being considered by a committee of the Ministry of Justice.  It is expected to be passed relatively shortly.  Preparations are said to be in the advance stage and the credit bureau would become operational in 2007.  Banks are expected to provide 80% of the data processed by the bureau.  At this point in time no information is available as to the ownership of the bureau as well as the technology provider.  Source: Gulf News March 2007

BIIA Newsletter April – 2007 Issue