Dubai DNI, AECB collaborate to mitigate credit risks in UAE’s financial sector

By Arya M Nair, Official Reporter
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Mr. Abdulla Al Nuaimi & Mr. Marwan Ahmad Lutfi at the signing ceremony

Dubai National Insurance (DNI), one of the leading insurance companies in the emirate, has signed a Memorandum of Understanding (MOU) with Al Etihad Credit Bureau (AECB), to improve financial sector transparency, thus serving customers better and securing its shareholders’ interests.

AECB collects credit information from financial institutions such as banks and finance companies, and non-financial institutions such as telecom operators and large conglomerates in the UAE, as well as government entities such as courts and water and electricity providers, to produce Credit Reports and Credit Scores made available to individuals and businesses in the UAE.

Abdulla Al Nuaimi
Abdulla Al Nuaimi

“DNI is committed to promoting best practices through critical public sector partnerships to strengthen our financial position and mitigate credit risk exposure. The partnership with AECB is an important step in helping us understand and serve our customers better and help us distinguish service offerings to clients that have a strong credit history.”

Mr. Marwan Ahmad Lutfi, CEO of AECB, said that “We pride ourselves in offering timely credit reports that are systematically grounded on transparency, as we believe it to be key for building trust and forging long-term relationships. Our collaboration with DNI is yet another step in that direction. AECB’s expertise in foresighting credit risk will positively resonate with DNI’s customer base, and provide the necessary tools to support greater shareholding interests.”

AECB’s products better help support decisions relating to insurance applications to reward individuals’ and companies’ ability to maintain timely payment schedules and creditworthiness and access the best products and offerings within the industry. DNI can rely on AECB’s reports and scores to assess the financial strength and abilities of individuals and companies.

Related: Financial Action Task Force recognizes UAE’s AML/CFT & CPF efforts