Bahrain Credit Reference Bureau, known as BENEFIT, has entered into a significant agreement with Oman Credit and Financial Information Center, also referred to as Mala’a, to facilitate the exchange of corporate credit information. This move aims to enhance transparency and reduce financial risks within the Gulf Cooperation Council (GCC) nations.
The agreement, signed on Tuesday, aligns with a broader strategy to foster digital connectivity among GCC member states. It follows similar agreements with Saudi Arabia and Kuwait, with a primary focus on digitally sharing corporate credit data, ensuring accessibility across all GCC member countries, as outlined in a press release.
This strategic initiative was prompted by a decision made during the 37th annual session of the Supreme Council of the GCC in 2016, approving the exchange of credit information among Gulf nations within the framework of a mechanism to facilitate such transfers.
The signing ceremony took place in Muscat and involved Abdulwahed Al-Janahi, CEO of BENEFIT, and Bassam Al-Jamali, General Manager of Mala’a Center.
Commenting on the significance of the agreement, Al-Janahi emphasized the potential benefits not only for Bahrain and Oman but for the entire GCC region. He highlighted the collaborative efforts aimed at refining the credit information sector in the area, considering this agreement a significant milestone in that process.
Al-Jamali acknowledged the potential for enhanced collaboration and the establishment of improved communication channels resulting from the agreement. He expressed hope for stronger support for the banking sector and a more streamlined approach to credit and financial risk management.
Founded in 1997 and regulated by the Central Bank of Bahrain, BENEFIT is owned by banks in Bahrain. The organization provides innovative payment capabilities, information management solutions, and business process outsourcing services across various sectors in Bahrain and the wider region.
