Ooredoo and Vodafone Join Qatar Credit Bureaus Membership

Doha, February 23 (QNA) - Qatar Credit Bureau has announced the joining of Ooredoo and Vodafone Qatar to its membership and to the list of institutions and companies benefiting from the services and products offered by Qatar Credit Bureau. The membership agreement was signed by HE Governor of Qatar Central Bank Sheikh Abdullah bin Saud Al-Thani, HE Group Chief Executive Officer of Ooredoo Sheikh Saud bin Nasser Al-Thani, and Chief Operating Officer of Vodafone Qatar Mohamed Al Sadah, Qatar Credit Bureau said in a press release. Under the agreement, Qatar Credit Bureau will permit telecommunications companies operators access to the credit reports of their customers after obtaining their consent, which contributes to the growth of credit and reduces the risks. That will assist in the prosperity of Qatar's economy. It is also through credit reports each of the two companies, Ooredoo and Vodafone Qatar, will be able to expand areas of analysis and study, and take informative future decisions commensurate with the true needs of the consumers, and reflect positively on the economy of the State of Qatar. Qatar Credit Bureau seeks, through the services offered, to improve the opportunities of customers with good credit ratings, to obtain credit facilities provided by donors while reducing the debts, write-off cases or defaults, thus reducing credit risk. Qatar Credit Bureau consider the accession of the telecommunications sector in the State of Qatar to the Bureau's membership a strategic step, and landmarks the completion of the second stage of the accession of credit providers sectors in the State of Qatar to the Bureaus membership. The first stage included the joining of the financial sector, represented by banks and financial institutions and finance companies, whereas the third stage aims to include the insurance sector, and the fourth stage will include the services sector. Telecommunications companies operating in the State of Qatar, Ooredoo and Vodafone, have confirmed their support to Qatar Credit Bureau, which enables the company to continue to assess the provision of the best possible service for their customers. Qatar Credit Bureau has affirmed its commitment to ensure the protection of data and information to all its customers, in order to review credit information to customers with their consent, in accordance with the established practice of the Qatar Credit Bureau. This joining process of the telecommunications companies was the result of joint work, integrated vision and ongoing effort between Qatar Central Bank represented by Qatar Credit Bureau from one side, and the Ministry of Transport and Communications from another, as well as from the two companies of Ooredoo and Vodafone Qatar. Qatar Credit Bureau is a department that follows Qatar Central Bank. It was established by the decision of the Board of Directors of Qatar Central Bank (No.5) of the year 2008, issued on 29/6/2008, and it went live on 21/3/2011. Qatar Central Bank issued Law (No. 13) of the year 2012 regarding regulating financial institutions operating in Qatar which gave more power to Qatar Credit Bureau and enhanced its role and position in the banking sector. The bureau aims to contribute in building a banking system with high efficiency and stability through the provision of accurate and comprehensive credit information using sophisticated global technology. To achieve this objective, the bureau collects credit information on individuals and companies from financial institutions and credit grantors operating in Qatar and then analyze and classify these information in the form of comprehensive credit reports to customers, whether individuals or companies, that reflect the situation and credit capacity of the client. The credit reports produced and issued by the bureau, assist the financial institutions and credit providers in the State of Qatar to take informative credit decisions and at the same time reduce credit risk in addition to promoting transparency in the financial sector. One of the prominent targets behind establishing the bureau is to raise awareness, spread knowledge and deepen the credit culture in the Qatari society by helping individuals and companies to know the actual volume of their financial obligations, debt levels and creditworthiness, as this will enable them to make sound decisions when brought requests for future credit facilities. (QNA)