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Dubai: Emcredit will provide credit information and risk assessment services to Dubai Islamic Bank (DIB).
Under the terms of the agreement, the UAE's first private credit information services company will initially offer the bank reporting solutions in the area of cheque payment defaults by individuals and companies in the UAE.
Established in 1975, DIB is the world's first bank to incorporate Sharia principles into all of its practices. It is one of the largest banks in the UAE in terms of total assets under management, and recorded a net profit of Dh2.5 billion in 2007.
Ali Ebrahim, managing director of Emcredit, said: "Dubai Islamic Bank is amongst the first Islamic banks to sign up for Emcredit's services.
"Our risk assessment services and credit information are not only for conventional financial institutions, but can be of great service to Islamic institutions as well.
"The fact that one of the leading Islamic banks in the region and the world has decided to align with us reflects a belief on the part of the leaders of Islamic finance that our services can be of great benefit."
Emcredit has also signed agreements with several government departments to enrich its database. These include Dubai e-Government, Dubai Police, Dubai Public Prosecution, and an exclusive agreement with Dubai Land Department's Real Estate Regulatory Authority.
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