Recognizing the importance of the development of credit information in enhancing the soundness and efficiency of financial transactions and in supporting financial stability, the Council of Arab Central Banks and Monetary Authorities’ Governors decided in 2015 to establish the Arab Committee on Credit Information. The Committee is composed mainly of directors in charge of credit information systems and risk centers in central banks and Arab monetary institutions. It is also composed by the presidents and general managers of licensed credit bureaus in the Arab countries, in addition to the Arab Monetary Fund, acting as the technical secretariat.
The committee aims to contribute to the development of the credit information sector and registries systems for guarantees and collaterals in the Arab countries by advising the national authorities to develop and modernize their systems and to study ways of exchanging credit information in a regional framework to serve the common purposes and interests while taking into account the local laws and regulations of each country. The committee aims also to enhance cooperation between the various institutions and national bodies concerned with credit information systems in the region and between relevant international institutions, committees, and similar associations, as well as to promote cooperation and coordination, and exchanging expertise and experience in the field of credit reporting systems, and value-added services among Arab countries. In addition, the Committee contributes to awareness raising of credit information issues through seminars and workshops.
The Arab Monetary Fund (AMF) acts as a Technical Secretariat of the Arab Committee on Credit Information. In this capacity, the AMF is responsible for the organization of meetings, including invitations, logistical arrangements, preparation and circulation of meetings’ agendas and minutes, along with management of Committee work programs and schedules, in coordination with members countries. Additionally, the AMF contributes also to the preparation of the working papers, research and studies for discussions by the Committee. In addition, AMF coordinate and follow-up also on the various items on the Committee’s work program, leading to prepare the thematic working papers by the Committee to be presented to the Council of Arab Central Banks and Monetary Authorities’ Governors at its annual meetings.
Cooperation with regional and international bodies
The Arab Committee on Credit Information is working closely with the International Committee on Credit Reporting, the International Finance Corporation (IFC), and a number of other regional and international bodies.