UAE credit bureau to begin from June

The UAE Central Bank Governor Sultan bin Nasser Al Suwaidi has said that the UAE’s credit bureau will start working from June this year, which will have data on all bank loans.

The banks termed the development as landmark for the financial industry, which will help them access information on a customer’s financial health and its previous track record of paying back its financial obligations.

The governor said the new rules on capital adequacy ratio are being drafted following which the new timelines would be announced in order to enforce Basel-III Rule in the country.

The UAE Central Bank has also asked the banks and financial institutions not to give excessive loans to clients, diverted from other banks.

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