UAE May Push Federal Credit Bureau To End Of 2013
The UAE has announced that they may struggle to put forth a federal credit bureau by June this year, but bankers believe they will start work by the end of 2013, reports Arabian Business.com. Thus far, UAE banks have not had access to consumer data at other financial institutions when working with clients to make lending decisions. The lack of accessibility has resulted in unjustified decision-making, leading to many lenders running up huge debts they are unable to pay back. Consumers who cannot pay their debt are charged with criminal offence and face jail sentences. To avoid these situations, the UAE will finally establish a federal credit bureau by the end of 2013. They had discussed installment by June, however are struggling to meet this date.
