MECRA’s articles of association were signed on November 8, 2009, by Emcredit and other founding members, including BENEFIT Company, Bahrain; National Bureau of Commercial Information, Muscat; and Credit Chex, Pakistan. The composition of board of directors and the appointment of the chairman of the board will be announced shortly.Membership to MECRA will be open to public and private entities in the region that are involved in the collection and distribution of credit information. The association offers full membership as well as associate membership.
“MECRA is a significant step towards a regional alliance that will promote knowledge sharing in the credit information industry – a catalyst for economic growth," said Ali Ibrahim, Managing Director, Emcredit. “The challenges resulting from the global financial crisis have highlighted the need for stronger risk management practices. As well, the transient population of our region necessitates greater collaboration between regional credit bureaus so that credit data can be used effectively to empower business and financial decisions.
“As we aim to make MECRA the unified voice for all credit reporting agencies in the region, we encourage other regional credit bureaus to join the association, so that it can represent the interest of regional credit bureaus to an international audience.”
For his part, Hamad Salem L. Al Neaimi, Executive Director for Commercial Affairs at the Abu Dhabi DPE, and President of the organising committee for the Doing Business Forum, said: “We welcome the creation of the Middle East Credit Bureau Association and value the impact that credit bureaus have on easing access to credit, and in turn reviving economic growth. At a UAE level and in accordance with the instructions of the Abu Dhabi Executive Council, we will continue to work on improving the doing business environment in Abu Dhabi and on assisting Emcredit in expanding its coverage to create a world class credit information infrastructure in the UAE, a critical element that will help enhance the UAE's position in the Doing Business Report ranking."