To be first firm to subscribe to AECB products
DUBAI: Al Ramz Capital, a subsidiary of the Dubai Financial Market (DFM)-listed Al Ramz group, announced its subscription to Al Etihad Credit Bureau (AECB) products in order to assess credit risk using the Bureau’s Credit Reports and Credit Scores.
This makes Al Ramz the first financial services company in UAE Capital markets to subscribe to AECB’s services. Al Ramz offers a variety of financial products and services including asset management, corporate finance, market making, providing liquidity, brokerage, IPO management and research.
Al Etihad Credit Bureau (AECB) is a public joint stock company wholly owned by the UAE Federal Government. AECB collects information from multiple entities including banks, finance companies and telecommunication companies to produce credit reports, credit scores and monitoring products on individuals and companies in the UAE.
This information covers all credit facilities and regular payment patterns for personal loans, car loans, mortgages, credit cards and phone bill payments, thus providing useful insights for companies to assess customers’ historic credit behaviour and ability to take on and fulfil future payment obligations linked to additional facilities.
Mohamed Al Mortada Al Dandashi, Managing Director of Al Ramz Corporation, said his company becomes the first financial service company in UAE capital markets to utilize AECB Credit Reports and Credit Scores.
“AECB’s products provide us with yet another tool to help us make informed decisions when it comes to providing financing products. Rapid developments of financial markets solutions are rendering AECB products a necessity for an effective risk management framework,” Al Mortada said.
Marwan Lutfi, CEO of Al Etihad Credit Bureau, complimented Al Ramz Capital for becoming the first capital markets player to embark on using AECB products and join the growing credit risk assessment drive in the non‐banking sector.
AECB started as a company in 2014 with products envisaged to support banks and finance companies. Over the past seven years, companies in various economic sectors have realized that they were in the business of providing credit alongside the banking sector. “AECB is, hence, proud to be instilling better risk management discipline and practices beyond the banking sector, cementing its value‐add with telecom providers, real estate companies, insurance companies, car dealerships, business conglomerates and now capital markets,” Lutfi said.