As consumer credit becomes part of daily life in the GCC economy, the implementation of a sound credit system is vital to reduce the vast number of bounced checks issued in the region, according to the CEO of the Saudi Credit Bureau (SIMAH).
Nabil Al-Mubarak said the 2010 launch of Saudi Arabia’s Bouncing Check Registry System (BCRS) represents the cornerstone in reducing the value of bounced checks from SR15 billion in 2009 to SR3.8 billion in 2012.
The figures have been revealed as SIMAH prepares to host the upcoming 9th World Consumer Credit Reporting Conference in Dubai, where the regional and global challenges facing the credit reporting industry will be placed under the spotlight and analysed by internationally recognized financial leaders.
Running from Oct. 20-21 at the Grand Hyatt Hotel, Dubai, the conference will open with a keynote speech by Abdulrahman Al-Hamidy, director general and chairman of the board of the Arab Monetary Fund who will discuss the short-term outlook for the world economy and its impact on credit and credit reporting.
Cybersecurity, the number one issue for companies initiating programs and practices to prevent hackers from accessing databases will also be addressed by Tom Ilude from Crossword Security.
Other topics on the opening day include the progress of credit reporting infrastructure in the GCC, led by a panel of GCC experts, and a discussion on the World Bank Credit Bureau principles and their future impact by Tony Lythgoe, principal financial specialist and head, financial infrastructure at the International Finance Corporation.
“We are honored to be hosting the 9th edition of this respected event, which has become a must-attend conference in the credit reporting industry,” said Al-Mubarak. “The Saudi credit market has witnessed great strides in recent years, and I know my colleagues and peers throughout the Middle East have been especially keen for an event of this caliber to be hosted here. Dubai is the ideal meeting point for an event of this scale.
“I am looking forward to addressing delegates on the second day of presentations to discuss the Basel II and III capital requirements, which will drive future consumer lending. The credit bureaus’ data and risk assessment products will be even more critical to lenders and I expect to open up a lively dialogue on this topic with my co-presenter Neil Reid from Olliver Wyman and our associates in the audience.”
Registration for delegates opens on Oct. 19, followed by a private VIP dinner reception for attendees at The Armani Hotel. A dedicated exhibition will run alongside the conference, providing a platform for credit reporting organisations to showcase their work to peers and associates.