Sohar International Bank, through its branch in the Kingdom of Saudi Arabia, has officially entered into a membership agreement with the Saudi Credit Bureau (SIMAH). This strategic collaboration is geared towards establishing a centralized repository of credit and financial data on a national scale. The primary objective is to empower member institutions in making informed decisions related to credit and business relationships by evaluating the creditworthiness of their clientele.
Commenting on the signing of the agreement, Mr. Khalid Al Guthami, Country Chief Executive Officer of Sohar International's branch in the Kingdom of Saudi Arabia, stated, "We are pleased to formalize this significant agreement with SIMAH. I am delighted to announce Sohar International Bank's strategic partnership with the Saudi Credit Bureau (SIMAH) through our branch in the Kingdom of Saudi Arabia. This collaboration is pivotal in establishing a centralized repository of credit and financial data, empowering Sohar International to make informed decisions on credit and business relationships. Anticipated to mitigate credit and financial risks, this initiative reinforces our commitment to excellence and compliance with regulations. Together with SIMAH, we are set to enhance our risk management capabilities, contributing to the financial stability of the Kingdom.”
Founded in 2002 and started operation in 2004, Saudi Credit Bureau (SIMAH) is the first national credit bureau in Saudi Arabia licensed to provide both consumer and commercial world class products and services. SIMAH began operations in 2004, thus becoming the first national credit bureau licensed under the supervisory umbrella of the Saudi Central Bank (SAMA) and marking a true leap forward towards reducing credit risk in the Kingdom of Saudi Arabia.