Oman Credit and Financial Information Centre (Mala’a) on Wednesday signed a memorandum of understanding (MoU) with the Ministry of Social Development to provide the ministry with Mala’a Report and Mala’a Score for individuals and corporates.

The MoU aims at assisting the ministry to evaluate the creditworthiness of its consumers and beneficiaries, in order to help decision-makers to take calculated decisions based on clear and reliable data.

The MoU was executed by Aadil bin Khalifa al Saadi, managing director of Mala’a, and Al Mutasim bin Hilal al Hosni, assistant manager of administrative and financial affairs at the Ministry of Social Development, a press release said.

The MoU states that Mala’a will provide Mala’a Report and Mala’a Score for individuals and corporates after receiving the required documents, with written consent from the authorised parties. This cooperation comes as one of Mala’a’s initiatives to raise credit awareness among the public, private and civil sectors.

Oman Credit and Financial Information Centre includes members from the banking, financial, insurance, and telecom sectors, as well as SMEs funds. The centre also includes more than 17 government registries of information providers. As per the Royal Decree No 38/2020, Mala’a is to provide a database of credit and financial information on a national level, to assist its members or beneficiaries evaluate their client’s solvency, and therefore reduce credit risks, improve loans quality, and reinforce financial inclusion in the sultanate.