Oman will now have a body that will be in charge of rating individual credit history, according to a new Royal Decree.

This means that all information related to a person or company’s loans, delays and defaults will be in one place. Financial institutions would then use this information to check and make decisions related to their clients.

Royal Decree No. 38/2019 established Oman Credit and Financial Information bureau and promulgated its bylaws.

The full-fledged independent credit and financial information bureau called Oman Credit Bureau is affiliated to the Central Bank of Oman.

According to the decree, the objectives of the centre is to establish a central database of credit and financial information at the national level, which will provide data to its members for them to make credit decisions related to their clients which will include whether or not the client has defaulted on a loan.

The centre will collect any information and data relating to the financial obligations of any customer, including information on names, addresses, identity and data relating to all its debts.

As well as the information of any judicial decisions issued against the customer such as entitlements of the government authorities from taxes, fees, royalties and fines, in addition to any other claims.

The centre will also record data related to the customer’s deposits, assets and all sources of income, including salaries, employment or pension information, and information relating to his or her contributions to commercial institutions or companies.

The decree also stipulates that all financial institutions in the country must be members of the centre, “Membership in the centre shall be mandatory for banks, licensed financial institutions, in addition to companies and individuals engaged in financing activities.”