Dubai-based insurer Dubai National Insurance (DNI) has signed a Memorandum of Understanding (MoU) with the Al Etihad Credit Bureau (AECB), resulting in a partnership that is expected to bring more transparency in the sector.
AECB said in a statement that the MoU underlines DNI’s commitment to transparency within the financial sector to serve customers better and secure its shareholders’ interests.
It added that DNI can rely on AECB’s reports and scores to assess individuals’ and companies’ financial strength and abilities.
AECB 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.
It then uses this information to produce credit reports and credit scores that are made available to individuals and companies in the country.
DNI CEO Abdulla Al Nuaimi was quoted by the statement as saying: “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.”
Al Etihad Credit Bureau (AECB) CEO Marwan Ahmad Lutfi said: “AECB’s expertise in foreseeing credit risk will positively resonate with DNI’s customer base, and provide the necessary tools to support greater shareholding interests.”