HE the Prime Minister and Foreign Minister Sheikh Hamad bin Jassim bin Jabor Al-Thani inaugurated this evening the Qatar Credit Bureau .
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 sector.
The inauguration ceremony was attended by HE Qatar Cenral 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 decisions.
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.