Dubai National Insurance (DNI) has signed a Memorandum of Understanding (MoU) with Al Etihad Credit Bureau (AECB).
The MoU underlines Dubai National Insurance’s commitment to transparency within the financial sector to serve customers better and secure its shareholders’ interests.
Al Etihad Credit Bureau collects credit information from financial Institutions such as banks and finance companies and non-financial institutions in the UAE such as telecom operators and large conglomerates – and government entities including courts and water and electricity providers, which is then used to produce Credit Reports and Credit Scores made available to individuals and companies in the UAE.
Abdulla Al Nuaimi, CEO of Dubai National Insurance and Reinsurance, said, “Dubai National Insurance is committed to promoting best practices through critical public sector partnerships to strengthen our financial position and mitigate credit risk exposure. The partnership with AECB is an important step in helping us understand and serve our customers better and help us distinguish service offerings to clients that have a strong credit history.”
Marwan Ahmad Lutfi, CEO of Al Etihad Credit Bureau, said, “We pride ourselves in offering timely credit reports that are systematically grounded on transparency, as we believe it to be key for building trust and forging longterm relationships. Our collaboration with DNI is yet another step in that direction. AECB’s expertise in foresighting credit risk will positively resonate with DNI’s customer base, and provide the necessary tools to support greater shareholding interests.”
Al Etihad Credit Bureau’s products better help support decisions relating to insurance applications to reward individuals’ and companies’ ability to maintain timely payment schedules and creditworthiness and access the best products and offerings within the industry. Dubai National Insurance can rely on AECB’s reports and scores to assess individuals’ and companies’ financial strength and abilities.
Earlier in February Al Etihad Credit Bureau (AECB) has launched ChequeScore, a mobile application that allows both businesses and individuals to instantly know how likely a cheque issued through a UAE-based bank is to bounce.
“ChequeScore will help reduce the number of bounced cheques in the UAE,” said Marwan Ahmed Lutfi, Chief Executive Officer of AECB. “Last year, bouncing a cheque was a criminal offense; however, with the new law decriminalising this in the beginning of this year, it has become imperative that UAE businesses and individuals assess the risks associated with cheques they have on hand. ChequeScore addresses this uncertainty, and not only is the application intuitive, but fast as well, as it will indicate the probability of a cheque to bounce in mere moments.”
Once a user downloads the ChequeScore app to their mobile device and registers, they can scan a cheque, upload a cheque image, or enter the cheque data manually. By completing the purchasing process, the user will immediately be shown the Cheque Score – a score ranging from 1 to 99 per cent indicating the probability of a cheque to bounce in the next nine months.
WAM
