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The Credit Bureau has been established under the name of the Egyptian Credit Bureau "Estealam". The first general assembly meeting was held on September 5th, 2005 and followed directly by a board of directors meeting who elected Mr.Mohammed Refaat Al Houshy the general director of strategic planning of the Commercial International Bank for the management of the project because of his outstanding experience in this area, subsequently Mr.Mohammed Refaat Al Houshy was appointed as the Managing Director of the company.
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25 banks in addition to the Social Fund for Development contributed in the company, with an issued capital of 30 million Egyptian pounds distributed to seven million and five hundred thousand shares, the value of each share of four pounds (all the shares in cash).
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The founders and subscribers have paid the 25% of the nominal value of the shares upon subscription and completed the paid up capital in February 2007.
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The purpose of the company is to provide information services and credit classification.
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It includes work in the following areas:
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Gathering all information about customers, whether associated with credit companies and financial institutions, retailers and credit provided by banks or other views from all available sources of information.
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Creating certified official records of that information with the company, analyzing the data and classifying it.
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Creating indicators of credit quality for debtors whether individuals or institutions, making it possible for them to form a sound credit history.
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Providing financial advice and practical solutions, all of the specialized counseling to individuals or institutions who want to improve the level of credit ratings, or those who want to improve the financial instrument or who want to build a credit history on a sound basis to start by a specific institution (with the exception of legal advice).
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The sale of information services and products associated service and other new services to all beneficiaries in Egypt and in a manner that does not conflict with the provisions of secret bank accounts.
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Carrying out the work of the agency in the field of information and credit classification of enterprises or companies linked to their work with the company subject to the provisions of laws, regulations and decisions applicable licensing condition for the exercise of such activities.
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After studying offers from Companies / International advisory unions we selected and contracted with the "IFC International Finance Corporation and EFS-USAID" as advisors for the project in different areas. The advisory process will take about six months from the date of signing the contract and are intended to :
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In - depth study on existing legislation and suitability for the work of the Credit Bureau.
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Determine the degree of readiness of the common institutions in the provision of information required for credit information network, as it is expected to expand.
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Business Plan.
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Examining the alternatives available to the foreign partner who will develop the computer system, the assistant regulations and participation in order to build a big infrastructure to keep pace with the international level in this area.
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Compatibility with the existing laws and regulations.
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The field of development and protection of the rights of users of the system.
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Training and public awareness of the project.
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The selection of a strategic partner company was set for Dun & Bradstreet International "D&B International" to obtain technology and know-how and a contract of partnership has been signed in October 2006. Work began immediately after the signing of contracts.
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Support from lending institutions in Egypt and the Central Bank of Egypt and the information centers in the country.
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Autonomy and work to build confidence in the services provided.
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Continued development for services with the spirit of creativity.
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Financing the project as a long - term investment.
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Reliance from the outset on what the best technology has to give in this area.
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Developing an informative / accurate database that is available upon request.
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Ensuring the confidentiality of all data dealing for all users.
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Capacity - control procedures and controls for use with a strong deterrent measures in the event of breach.
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Transparency and the development of gender awareness campaigns for the company's services and added value for organizations and individuals.
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Development of assistance services for participants.
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