Dubai mortgage and credit

Home | Contact Us | Our Services | About Us
Europa Mortgages - Spanish Mortgage in Spain
Need help with your mortgage? Use our 24-Hour Helpline - Call (+34) 637 451 649
Mortgage Services
Mortgage Enquiries
Mortgage Guide
Mortgage Calculator
Interest-Only Mortgages
Spanish Commercial Finance
Financial News
Documentation Required
Euribor Information
Mortgage Resources
Spanish NIE Numbers
Foreign Currency
Foreign Currency Exchange
Foreign Currency in Spain
Practical Steps
Overseas Mortgage Payments
More Advice on Currency
Spanish Property
Spanish Property
The Village
Spanish Property Rentals
Buyers Guide
Inheritance Tax
Useful Spanish Phrases
Need a mortgage in Spain? Get more information now.
Dubai mortgage and credit

News Article Date: Wednesday 15th of April 2009

DUBAI (Reuters) - The United Arab Emirate's first credit bureau said on Tuesday it aimed to collect bank data on 60-70 percent of the banking population by end-2009 as lenders realise the urgency of having access to customer credit ratings. Seven banks in the UAE, including Noor Islamic Bank, Dubai Bank and mortgage lender Amlak AMLK.DU, currently share credit information about their clients with Emcredit, the bureau's chief business officer Zaid Kamhawi said. That has given Emcredit access to credit information for about 20 percent of the Gulf oil exporter's about 2.5 million-strong banking population. Emcredit expects six of the UAE's biggest banks, including possibly Emirates NBD ENBD.DU, to agree to share customer details by the end of the year as banks look for ways to better manage risk during a global crisis that brought to an end a regional economic boom. "We have a burning issue and usually banks respond to burning issues," Kamhawi told the Reuters Islamic Banking and Finance Summit in Dubai. "There is now a real need for banks to better assess their existing portfolio, and to put in place a strategy to extend credit further." Banks in the UAE have suffered as a result of the global financial crisis that brought to an end a regional economic boom and triggered a slump in Dubai's real estate sector, which could potentially lead to scores of more home loan defaults. "Defaults are on the rise compared to six or seven months ago. Recovery or collection efforts have been on the top of the agenda of a number of banks now," Kamhawi said. "There has been an expected deterioration of the loan books of banks."

- • -

For advice and a free quotation please fill out a Spanish mortgage enquiry.

Home | Mortgage Enquiries | Our Services | About Us | Contact Us | Mortgage Resources
Europa Mortgages - Tel (+34) 637 451 649 - Fax +44 207 681 1265
© 2004-2007 Europa Mortgages SC (CIF - G92654250). All rights reserved. No unauthorised copying permitted.

Web Design in Spain by abOriginal