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Corporate News
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Alhamrani Company for Investment in Trade & Simah Alliance
ACIT's senior management recently signed an agreement with Mr. Nabil Abdullah Al Mubarak – General Manager of Saudi Credit Bureau (SIMAH).
SIMAH is the first company in the Kingdom that gathers information and provides local banks and member companies with credit information pertaining to customers.
As such it is a national institution owned by local commercial banks and supervised by Saudi Arabian Monetary Agency (SAMA), aiming to provide credit information to members as a step towards development of loan mechanisms, ensuring safety of the procedures adopted in this field.
The Company was established in line with the vision of SAMA requirements aiming to develop the procedures adopted in finance sector which involve credit facilities offered to individuals and companies. SIMAH also provides the necessary protection to the clients' information records as well as safe keeping of its confidentiality in accordance with laws and regulations.
Alhamrani Company for Investment in Trade management believes that personal information of the customer and sponsor are of great importance to the company since such information contributes to create more transparent environment which enables creditors to take faster and better credit decisions. It added that financing companies are in great need of accurate and detailed credit data base that helps the approval or rejection of a financing request. It also pointed out that limiting the financial information to banks only while excluding private sector is a great risk for private companies and will increase size of bad debts in Saudi market. SIMAH has pioneered this initiative and when it is fully mature it will become the back bone of customer credit information in the kingdom .
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