All six Jordanian banks are ready to obtain credit information on their customers through the CRIF Jordan Credit Reporting System.
An accurate and updated credit history including information gathered from all Jordan credit providers through an advanced technological platform, which integrates all data into one comprehensive credit report, will optimize and speed up the decision-making process with a positive impact on access to credit and to financial services, with more favorable loan terms for individuals and companies in Jordan.
In addition, the credit bureau will allow credit providers to confidently assess credit risks and make more accurate lending decisions.
CRIF Jordan, which is expected to begin providing its services in the next two months, will bridge the gap in demand for credit in the kingdom, and will help expand credit to wider segments of the economy, especially to small and medium-sized companies, recognized as the lifeblood of the local economy.
Nadia Al-Saeed, CEO of Bank Al Etihad commented, “We are always looking to provide the best and most diverse services in the field of credit facilities to our retail customers. We aim to make the name "Bank Al Etihad" synonymous with support for small and medium-sized companies in Jordan, and to be a provider of essential services for this sector in order to strengthen its role in the economic growth of the kingdom. That is why we are proud to be the first partner among Jordanian banks to sign up with CRIF Jordan in the first project of its kind in the kingdom, because of its importance to the advancement of the banking sector. We will work hard together for the success of this partnership and to achieve the desired benefits for the Jordanian financial sector.”
“The signing of the agreement with CRIF is proof that Housing Bank believes in supporting SMEs as one of the most important sectors in the local economy, to encourage sustained continuous development. We are confident that CRIF’s services will reduce credit risk by making information readily available”, said Ihab Alsadi, acting General Manager of Housing Bank.
Haytham Qamhyia, General Manager of Capital Bank, added, “The partnership endorses our strategic vision to support SMEs in obtaining easier access to finance, particularly thanks to the availability of a credit history. Capital Bank is keen to implement the latest financial technologies, enabling us to increase the efficiency and quality of the services offered to our clients”.
For Mohamad Al Asmar, General Manager of Jordan Kuwait Bank, “The agreement is the result of a determined effort led by the Central Bank of Jordan over recent years under the auspices of the Governor. The participation of Jordan Kuwait Bank in the credit bureau is a translation of the strategy to facilitate access to credit for SMEs and individuals, to help them obtain more favorable loan conditions, grow their business and reinforce their presence in the market, searching for new business opportunities, and thereby enhancing the Jordanian economy as a whole”.
Ahmad Amoudi, General Manager of CRIF Jordan, added, “We are delighted to already have some of the major Jordanian banks as partners of the credit bureau in the kingdom and to begin using full-file credit reports. CRIF offers its know-how and long-term international experience in the field of credit information to banks and financial organizations in Jordan, aimed at streamlining decision-making processes. We are also committed to extending the availability of credit information from different sources in order to draw a more detailed, updated and comprehensive picture of customers. This is the dawn of a new era in the Jordanian finance sector”.
