Manama, May 30 (BNA) The Saudi Credit Bureau (SIMAH) and BENEFIT announced the start of an electronic exchange of credit information project between the Kingdom of Saudi Arabia and Bahrain.
This announcement comes as a result of the decision of the Supreme Council of the Cooperation Council for the Arab States of the Gulf at the Council’s meeting in its thirty-seventh session in 2016.
The Council’s decision approved the exchange of credit information among the GCC states, in accordance with a comprehensive framework and plan that defines a mechanism to facilitate this exchange among the GCC states.
The project aims to enhance transparency in financial transactions at the level of the Gulf Cooperation Council countries and provide financial tools to reduce credit risks associated with financial transactions for all economic activities.
The Governor of the Central Bank of Bahrain, Rashid bin Mohammed Al-Maraj, stressed the importance of this initiative, which is in line with the collective vision and royal directives to develop and enhance commercial transactions and economic performance in both countries.
The initiative provides decision support processes for business relationships and partnerships integrated with an advanced information system and audited data provided by the authorities dealing with credit information reports, which enhances trust and transparency to open up new opportunities for joint business.
The Governor of the Central Bank of Saudi Arabia (SAMA) Dr. Fahd bin Abdullah Al-Mubarak stressed the goal of this initiative to achieve the objectives of the financial sector agenda in line with the vision of the Kingdom of Saudi Arabia 2030.
The CEO of BENEFIT Company, Al Janahi, said that the credit reference offices in Bahrain are working to complete the link with the rest of the Gulf Cooperation Council countries in cooperation with the central banks and relevant authorities and institutions in the Gulf Cooperation Council countries.
The initiative was implemented to enhance the role of the credit information industry, to serve as a basic pillar for control and supervision, to enhance transparency, and to contribute to the stability of the financial sectors in the Gulf Cooperation Council countries.