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THE ARAB MONETARY FUND ISSUES "GUIDING PRINCIPLES ON STRENGTHENING RISK MANAGEMENT IN THE CREDIT INFORMATION INDUSTRY IN THE ARAB COUNTRIES" DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

THE ARAB MONETARY FUND ISSUES "GUIDING PRINCIPLES ON STRENGTHENING RISK MANAGEMENT IN THE CREDIT INFORMATION INDUSTRY IN THE ARAB COUNTRIES"

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THE ARAB MONETARY FUND ISSUES "GUIDING PRINCIPLES ON STRENGTHENING RISK MANAGEMENT IN THE CREDIT INFORMATION INDUSTRY IN THE ARAB COUNTRIES" Empty THE ARAB MONETARY FUND ISSUES "GUIDING PRINCIPLES ON STRENGTHENING RISK MANAGEMENT IN THE CREDIT INFORMATION INDUSTRY IN THE ARAB COUNTRIES"

Post by claud39 Sat Apr 24, 2021 10:30 am

THE ARAB MONETARY FUND ISSUES "GUIDING PRINCIPLES ON STRENGTHENING RISK MANAGEMENT IN THE CREDIT INFORMATION INDUSTRY IN THE ARAB COUNTRIES"
 2021-04-22


THE ARAB MONETARY FUND ISSUES "GUIDING PRINCIPLES ON STRENGTHENING RISK MANAGEMENT IN THE CREDIT INFORMATION INDUSTRY IN THE ARAB COUNTRIES" Logo-ar






The guiding principles included many aspects of interest to the credit information industry, most notably:
 
Maintaining the integrity of credit reporting systems to reflect the accurate and real position of financial sector clients at all times
Adopting appropriate mechanisms to limit the negative impact of crises on the credit record of good clients
Determine the appropriate period of time to keep negative data in credit reports
Digitize the credit reporting process
Governance of credit information companies
 

 
 Within the framework of the Arab Monetary Fund’s keenness to provide support to its member states in the field of economic, financial and monetary reforms that seek to enhance financial stability in the Arab region in light of the Corona pandemic crisis, and the Arab Monetary Fund’s keenness to keep pace with its member states in the field of economic, financial and monetary reforms aimed at strengthening Financial stability in the Arab region, and based on the discussions that took place in the meetings of the Arab Committee for Credit Information, and by benefiting from the participation of the committee’s secretariat in the meetings of the International Committee for Credit Information, and in consultation with central banks and Arab monetary institutions, guidelines were issued on “ strengthening risk management in the information industry. Credit in the Arab countries . "
 

The guiding principles included a set of recommendations related to strengthening the credit information industry in the Arab countries, as it stresses the importance of credit reports reflecting the accurate and real position of customers at all times in order to enhance their credibility, through the accurate and full participation of credit information on an ongoing basis, including reporting on Negative credit data, both in normal times and in periods of crisis.
 

The principles emphasize the need to adopt appropriate mechanisms to limit the negative impact of crises on the credit record of good customers, whose cash flows have been affected by the Corona pandemic, and study solutions related to mitigating the negative impact on their creditworthiness, and the extent to which this can be taken into account in their credit reports, and directing good clients during crises To communicate with their banks and negotiate with them to reschedule the facilities, with the possibility of indicating in the credit report the reasons for the failure of the good customer .

 
The principles recommend the importance of central banks to continue to encourage the digitization of the process of accessing credit reports, to ensure that the right to access credit reports is not affected during the crisis, and to create appropriate mechanisms to deal with complaints and disputes during the crisis, in light of the potential increase in complaints and disputes.

 
The principles highlighted the importance of expanding the credit database to include all financial sector institutions and relevant official institutions (such as: land and survey authorities, vehicle and driver licensing departments, water, electricity and telecommunications companies, income tax authorities, and courts concerned with financial issues), and the search for appropriate means to achieve this from By making use of modern financial technologies, in order to enhance the efficiency and comprehensiveness of credit information systems.

On the other hand, the guiding principles indicated the importance of strengthening the office and field control of the Central Bank over credit information companies, setting annual plans for inspection of credit information companies, and requesting appropriate periodic reports that fulfill the purposes of monitoring and supervising the activities of these companies .

 
In addition to the above, the principles addressed many aspects of interest to the credit information industry, the most important of which are: governance, business continuity plans, employing modern financial technologies, and other aspects that support the credit information industry.

 
On this occasion, His Excellency Dr. Abdul Rahman bin Abdullah Al Hamidi, Director General, Chairman of the Board of Directors of the Arab Monetary Fund, expressed his pleasure to issue guidelines on strengthening risk management in the credit information industry in Arab countries within the framework of the principles and guidance papers that the Fund is working on to assist the supervisory authorities in Arab countries in taking appropriate policies to develop the financial and banking sector and consolidate financial stability. His Excellency affirmed the instructions contained therein to help support and develop the credit information industry in Arab countries. His Excellency renewed his wishes that God protect our dear Arab countries and the countries of the world from this epidemic, and that we quickly overcome the repercussions of this crisis.

 
To view the guiding principles on enhancing risk management in the credit information industry in the Arab countries , please go to the Arab Monetary Fund website at the following two links:
 
[url=https://www.amf.org.ae/ar/papers/Guiding Principles Strengthening Risk Management Credit Information Industry Arab Countries]In the arabic language[/url]



claud39
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