The New India Assurance Company signed a membership agreement with Oman Credit & Financial Information Centre in a ceremonial function held at New India head office at Hamriya, Muscat on November 5.
Oman Credit & Financial Information Centre is established according to the Royal Decree No. 38/2019. And it is an affiliated Centre of the Central Bank of Oman. New India is the first insurance company in Oman to sign the agreement for developing and providing international standard credit and financial reporting system. This is to assist the regulation of the financial industry in Oman. The agreement was signed by Aadil Al Saadi, managing director, Oman Credit & Financial Information Centre and V. V. Raghavan, Chief Operating Officer, The New India Assurance Co. Ltd., Oman.
The agreement was signed in the presence of Malik Al Mahrooqi, Vice President, Central Bank of Oman and Naser Ahmed Al Salhi, Director, Evaluation & Risk Management Dept., Capital Market Authority.
Raghavan acknowledged the efforts of the Capital Market Authority and Central Bank of Oman for their initiatives to make a centralised body for credit ratings like Oman Credit and Information Financial Centre. He also told that the Centre offers a central database of credit and financial information at the national level to assist members in making credit and/or business-related decisions. This is done through the assessment of solvency of their customers leading to reduced credit and financial risks and extension of financial inclusion in the Sultanate of Oman.
Aadil Al Saadi also expressed his acknowledgment in executing its first agreement with New India and hope that the association can make a new experience to a credit market like Oman for studying the financial defaulters. He said the importance of executing the agreement that the member who is executing the agreement is hoping of obtaining credit and financial information on current or potential customers who are applying for credit or to establish potential business relations with those customers.