Prime Minister Inaugurates Qatar Credit Bureau
HE the Prime Minister and Foreign Minister Sheikh
Hamad bin Jassim bin Jabor Al-Thani inaugurated this evening the Qatar
The Bureau is to help to support the sustainable growth of credit
in the State of Qatar, relying on customer data and risk-based methodologies;
it will also provide the Qatar Central Bank (QCB) and the banking sector with
analytical data to support the implementation of advanced techniques in risk
management as outlined in "Basel II" Accord.
Qatar Credit Bureau’s future vision implies the progressive
development of the Bureau to become an economic information Centre, which draws
upon the analytical insights of all the fundamental economic sectors so as to
promote the management of the economy in the country.
The establishment of Qatar Credit Bureau constitutes a major and
distinctive turn for the benefit of the national economy and the banking
The inauguration ceremony was attended by HE Qatar Central Bank
Governor Sheikh Abdullah bin Saud Al Thani, HE
Deputy Governor of Qatar Central Bank Sheikh Fahd bin Faisal Al
Thani, and CEO of Qatar Credit Bureau HE Sheikh Bandar
bin Mohammad bin Saud Al Thani.
Following the inauguration of the Centre, HE the Premier and
Foreign Minister was briefed by the Governor of Qatar Central Bank and CEO of
the Qatar Credit Bureau about the roles to be undertaken by the Bureau in the
future for advancing the Qatari economy and the banking sector in the State.
In a statement on the occasion, HE QCB Governor Sheikh
Abdullah bin Saud Al Thani stressed the importance of the Qatar
Credit Bureau in the preparation of credit policies and taking sound and
correct credit decisions as well as reducing the risk of funding, including a
positive impact on financial stability of the state.
He added that Qatar Credit Bureau would greatly shorten the time
to prepare the appropriate models that measure the potential deadlock and
therefore help banks and financial institutions to develop and build advanced models
in the calculation of capital adequacy required to meet the risks in accordance
with the requirements of the "Basel II " and "Basel III ",
Proceeding of the enormous development in information systems and their ability
to ingest and retrieve large volumes of customer information, in order to make
it easier to use for the purposes of analysis, study and make sound credit
Among the objectives of the Qatar Central Bank is to
maintain economic and financial stability to keep up with rapid developments in
the areas of supervision and control, HE the QCB Governor noted