Лучше поздно чем никогда: Dubai Makes Emcredit Official Credit Agnecy

As reported in Gulf News, Shaykh Mohammad has mandated that Dubai Banks use Emcredit.

As indicated above this is a definite Лучше поздно чем никогда moment.

It is also yet another confirmation that bankers are not particularly smart folk.  Though I suppose if you've been watching the testimony of staff from the Goldmine on the TV this isn't going to come as a big surprise.

Why should a sensible and responsible banker have to be forced to get needed credit information?

Abu Dhabi Islamic Bank Signs with Emcredit

Emcredit is the UAE's first government backed credit bureau founded in 2006.

Here's the official announcement that ADIB has signed up for Emcredit's services.

Some interesting footnotes to that story:

1. ADIB announced that it had signed up for Emcredit's services today.  (Small note it is 2009, three years after the founding of Emcredit).  
2. ADIB is the first Abu Dhabi bank to have signed up.
   

Let's file this news item in our "Лучше поздно чем никогда" file with the comment that when lending it's a good idea to use all credit tools at one's disposal. 

Otherwise, it's like having a building without fire alarms and sprinklers.  And one really doesn't have to wait for a fire to figure out that's not a particularly bright idea.  There is abundant pre-existing evidence.  Just coincidentally as there is with extensions of credit.