Apr 01,2009

IFC supports Service Developments/ Progress Made by the Egyptian Credit Bureau – I-Score

Apr 03, 2008

The Egyptian Credit Bureau I-Score Piloting

Dec 09, 2007

The first mortgage finance company signs with I-Score

Dec 04, 2007

I-Score will launch beginning of 2008

Sep 09, 2007

Banking sector reforms stimulate investment

Aug 14, 2007

Exchange of information among the communications sector and I-Score approved

Jul 15, 2007

The Egyptian Credit Bureau "I-Score" soft launch receives data from banks and CBE

May 08, 2007

I-Score is preparing the Egyptian and banking community for a true, detailed and comprehensive credit reports.

Mar 28, 2007

Increased interest by the banking sector in the initial seminar on I-Score integration program with the banking sector

Mar 12, 2007

Banks sign a credit inquiry services and information exchange partnership contract

Mar 06, 2007

"I-Score" and the Banking Sector Integration Program Effective March 14

Dec 28, 2006

The signing of a contract of partnership between The Egyptian Credit Bureau and D&B International Company

Nov 22, 2006

I-Score: The new trade mark of the Egyptian Credit Bureau

Oct 31, 2006

Calling the outstanding issued capital of L.E. 30 millions and setting a date for launching the service

Jul 10, 2006

The Egyptian Credit Bureau "Estealam" announces the selection of Dun & Bradstreet, provider of business information services as its technology and know-how partner

April 2, 2009

IFC supports Service Developments/ Progress Made by the Egyptian Credit Bureau – I-Score

IFC, a member of the World Bank Group, welcomed the progress and service developments achieved by the Egyptian Credit Bureau, I-Score, since its operational launch of services in March 2008.

A team of IFC credit bureau and financial infrastructure specialists recently visited I-Score, where Mohamed Refaat, the Managing Director of I-Score, revealed the most recent developments. “I-Score reached an important milestone last month, our databases now contain over 10 million facilities on a population of 4 million customers” said Mr. Refaat.

The number of credit inquires received by I-Score is equally impressive “The bureau has received over 1.1 million inquires in less than nine months of operation” stated Refaat.  

Over an extended three year engagement, IFC assisted in the development of the I-Score business plan, the tendering process for the bureau systems, and provided implementation support throughout I-Score’s development process to service launch.

“The progress I-Score has made is timely and reassuring. Credit bureaus are a key financial infrastructure component and remain high on IFC’s priorities as a means to broaden the depth and breadth of financial services for both individuals and small businesses” stated Peer Stein, IFC Manager for Financial Infrastructure and Institution Building.

IFC Financial Markets Program Manager for the Middle East and North Africa, Thomas Jacobs, agreed. “I am very pleased with I-Score’s operation and what they have realized to-date. This nascent bureau is promising and serves to demonstrate to other Middle East markets that investing in a world-class credit bureau has many advantages”.
The event also shed light on I-Score’s upcoming plans to rollout value-added bureau services. “The best practice development and deployment of core bureau services at I-Score provides ample medium-term opportunity to develop new products and services including generic scoring, fraud detection, application processing, enhanced profiling, and even consultancy services” explained Refaat.
These developments are part of I-Score’s broader objectives to increase the efficiency of financial institutions, support the growth of small business, and mitigate lending risks in Egypt.

Refaat added that I-Score is continuing to work closely with its members to increase the match rate of data, Bank of Alexandria-SanPaolo match rate has increased substantially within the past two months to reach a match rate of 73%.

Following the same steps as Banque Du Caire, The National Bank  for Development has also recently provided the  Micro finance data to The Egyptian Credit bureau and achieved a considerably high matching rate of 78% (February 2009 data figures).

As for the future plans of I-Score, Mr. Refaat explained his future plans for the bureau to continue attracting more providers of goods and services, Telecoms and Microfinance organizations, a matter which will add to the members of The Egyptian Credit Bureau “I-Score” thus increasing the I-Score database to provide additional security to the lending process in Egypt. He also emphasized on the intention of introducing “Credit Score” by Q3 2009.

Mr. Refaat explained his intention in working closely with the Ministry of Investment to establish a new “Assets Registry” as an additional service to the Credit bureau in an effort to maximize the utilization of the exceptional Infrastructure which was built to the highest International standards.

The total records of the I-Score database as of end March 2009 have reached more than 10.7M credit facilities representing more than 4.3M Clients (consumers & SMEs).

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April 3, 2008

The Egyptian Credit Bureau “I-Score” piloting

12 banks have already initiated trials to produce initial credit reports in preparation of launching I-Score business. The final training has been conducted to 41 banks, 5 mortgage finance companies and 6 finance leasing companies on March 11, 2008. It will be divided into 10 groups, each will attend a  two-days course. Each group comprises 5 banks/companies and will be held at the company premises. During the sessions, I-Score will allow the trainees to produce credit reports on trial and as hands-on basis.

Training will cover how to produce credit reports from I-Score database and to highly benefit from such reports. I-Score will launch its business in respect of producing credit reports as soon as it receives CBE approval thereon.

On the other hand, CBE issued the operation license during the board meeting held on January 22, 2008. The resolution highlights that banks, mortgage finance and finance leasing companies shall obtain unlimited credit information and data on normal persons' indebtedness directly from I-Score at the time specified by CBE, without approaching the consolidated system for recording credit data at the CBE. Banks, mortgage finance and finance leasing companies shall be obliged to obtain credit data and information from both I-Score and the consolidated system for recording credit data at the CBE, in respect of SMEs indebtedness whose volume of credit offered to any of them does not exceed LE. one million from any of those banks and companies. The current obligatory rules shall also be applied in cases of accessing the consolidated system either for offering, increasing or renewing credits.

Mr. Mohammad Refaat El Houshi, I-Score Managing Director, stated "upon launching, I-Score database will include CBE database for loans exceeding LE. 30.000 from August 2007 to December 2007, in addition to January and February 2008. It will also include data of 17 banks, representing 85% of the commercial banks database. The national number is currently being entered into such data. Data of the rest of banks and companies is currently being uploaded and processed and is expected to be completed before mid 2008.

It is worth noting that I-Score took the initiative of providing credit reports for all clients whose data has been uploaded or underway and who completed the connection lines with I-Score as of March 2008.

I-Score is pleased to use the World Bank report as a reference, where it is noted that the lapse from any credit bureau incorporation to launching business is 4 years in average or more. The report also highlights that Egypt is considering accelerated strides to hit a record in implementing the credit bureau project (two years and a half) to launch business.

Mr. Peter Douglas, IFC Advisor stated: "I am proud of the great achievements that have been carried out by I-Score staff in respect of providing accurate and detailed data and information to lenders via the credit reports. Most countries where credit bureaus are incorporated, have taken more than 4 years, but in Egypt it is completed in two years and a half; it is really a record". He pointed out the achievement by "Dun and Bradstreet" and its flexible cooperation to suit the programs and databases in the Egyptian banking environment, including the amendment of the master program of receiving the national numbers from the Civil Affairs Authority and uploading them on the bank clients' database at the bureau. Mr. Manju, Dun And Bradstreet Executive Manager in Africa and I-Score Technical Partner, mentioned that I-Score should gain the credit for completing the project in such a record as a result of its great efforts exerted and the continuous CBE support, in addition to the banks sound cooperation that led to upgrading I-Score compared to its international peers.

On the other hand, Mr. Mohammad Kafafi, I-Score Chairman, do thank the shareholders, CBE, Egyptian banks and the bureau staff whose intensive efforts during 2007 had a remarkable impact on the bureau achievements and services rendered. He further points out the effective contribution of Dan And Bradstreet, the World Bank and EFS.

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September 09, 2007       

Banking sector reforms stimulate investment

By Sherine El Madany

First Published: September 3, 2007

CAIRO: With less than 10 percent of the Egyptian population being banked, there are plenty of opportunities for domestic and foreign banking institutions to penetrate the market and increase access to finance.

"This offers an opportunity in the market. Egypt has long been a cash economy... and now foreign banks are attracted to Egypt because of this low penetration rate," said Nada Shousha, country officer at the International Finance Corporation (IFC) - the private sector arm of the World Bank. "This is where the potential exists: in a country with a large population and a growing economy."

One way banking institutions can reach the population is to develop new retail products such as credit loans and car loans.

"Go into the housing market, too," she pointed out, adding that Egypt's mortgage market was still underdeveloped. "Access is not easy and mortgage ratio to GDP is low."

"The recent mortgage law will hopefully stimulate housing loans and streamline [the process] to remove impediments to increasing housing finance," she added.

Shousha is optimistic about the reform program the government has embarked on since 2004, which, she said, has removed a number of barriers to economic growth.

"Institutional reforms in both capital and financial markets as well as the privatization program has [boosted] investor confidence," she said. "One of the things this policy has brought is an increase in private and foreign direct investments, which have doubled in volume in 2007."

Coupled with investor confidence, the government's reform agenda has reflected positively on IFC's program in Egypt. During the fiscal year ending June 2007, IFC invested $300 million in several projects - three times the total amount invested last year.

The Central Bank of Egypt, Shousha explained, has been pursuing a consolidation strategy, strengthening regulatory supervision as well as increasing the minimum paid-in capital requirement.

"Government ownership in joint venture banks has been divested," she added. "The outlook on the financial sector is very positive. We see further economic growth and the private sector has potential to expand."

According to Shousha, recent mergers and acquisitions dominating the banking and financial scene spurred a more competitive, more innovative sector.

"When you have larger banks [acquiring smaller ones], you increase competition and product offering, leading to a deeper penetration of the banking sector in the population."

Shousha sees room for even more development and reform in the country's banking and financial sector.

"In the past, the private banking sector focused on corporate banking and gave very small emphasis to retail banking and small- and medium-sized enterprise (SME) financing."

She underlined the fact that a big bulk of SMEs contributed to private sector growth, helped reduce poverty, and provided jobs for people. However, they depended on banks for financing and gaining access to investment.

"Basically, banks need to set up a much wider range [of products] for retail and SME financing," she explained. "They should provide access to SME lending, sustainability products and micro-financing."

She sees a further need to improve the business environment in Egypt, which can mainly be done through financing SMEs.

One way to boost credit and lending operations in banks and financial institutions across the country is through the much-anticipated Credit Bureau, which is not fully operational yet.

"The Credit Bureau is very much needed to downscale by providing proper credit information especially when looking at retail products and housing loans," she explained. "Currently, there is no access to the Central Bank's credit information database for financial institutions - such as mortgage finance companies and leasing companies - so the Credit Bureau will help [financial institutions] make credit decisions and encourage them to go into sectors where they've never been before."

IFC provided advisory assistance to help start-up I-Score, the first private Credit Bureau in Egypt. IFC initially helped I-Score conduct a market assessment and develop a business plan to ensure a sustainable revenue model. Moreover, IFC assisted I-Score in selecting an international partner to provide the technological platform that facilitates the gathering, processing, and distribution of credit information to banks and other financial institutions.

"Overall, the sector is improving and there is genuine reform, however, you can't change things overnight," Shousha said. "One of the indictors that the sector is improving is the increasing investment climate in Egypt, [particularly] foreign direct investments."

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August 14, 2007

Exchange of information among the communications sector and I-Score approved

Mohammad Kafafi, I-Score Chairman, stated that the National Agency for Communications Organization preliminary approved exchange of information among I-Score Credit Bureau and the Communications companies. Accordingly, I-Score will initiate the preparation phase with those companies. Mr. Kafafi said that a preparatory meeting shall be held in September 2007.

On the other hand, Mr. Mohammad Refaat El Houshi, Managing Director, stated that the mobile phone companies anticipated participation is deemed one of the significant steps that strengthens and reinforces I-Score to reduce risks and develop the entire economy.

As such, the exchange of information and data among I-Score and the mobile phone companies will enrich I-Score database with a special type of information that allows different market stakeholders to inquire about numerous clients.

In the meantime, the mobile phone companies shall highly benefit from verifying their clients' financial compliance prior to selling phone lines to them through the credit reports provided by
I-Score. Accordingly, they can offer a larger credit limitation or stimulating packages to the compliant clients. The most important is the material impact on the mobile phone customers, where they realize that their default or delinquency will result in not enjoying any credit facilities to purchase other commodities such as vehicles, houses, etc. since it is anticipated that lenders account for incompliance as a criterion for setting the interest rates and determining credit worthiness.

Dr. Amr Badawy, Chairman of The National Agency for Communications Organization, mentioned that "the approval implies that exchanging any information on the mobile phone clients will take place after securing a written approval from the client".

I-Score will invite the concerned parties to present the privileges that the mobile phone companies shall enjoy as a result of launching I-Score. I-Score will take the initiative of urging companies to conclude a mutual cooperation agreement to enjoy the most privileges from services rendered by I-Score.

The most significant point is that I-Score business will create a suitable environment for spreading credit awareness and improving the borrowers' credit behaviors, the matter that permit lenders, e.g. banks, mobile phone companies and others to expand their credit facilities to include a larger client bracket based upon the accurate information they capture on their clients.

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July 15, 2007

The Egyptian Credit Bureau "I-Score" soft launch receives data from banks and CBE

Cairo, Egypt

Mr. Mohammad Kafafi, I-Score Chairman, announced that the company hardware and software are prepared for loading databases after completing the initial testing. The company received complete data from Misr Bank, Banque Du Caire and Alexandria Bank and went through soft operation thereof on its database.

Mr.Mohammed Refaat Al Houshy, I-Score Managing Director, added that loading the first batch of information received from banks has been completed and they are currently managing compatibility and refinement of data with the member banks through their assistance to the company to achieve high quality of data, accuracy and integration, according to the international standards.

I-Score carried out a soft operation of data with the first batch represented in Misr Bank, Banque Du Caire and Alexandria Bank. The testing depended on three types of tests for data. The first phase is implemented in the internal database of the bank through eDATE and the results are being analyzed and errors are being corrected, after which the complete data will go through the second phase where the bank data will be transferred to I-Score database after passing through intensive review. Results of this review will be sent to the bank for processing and correction, after which the data will go through the third and last phase for data refinement through sample audit.

The member banks, with the assistance of I-Score, are currently improving the level of data compatibility sent from banks to be loaded in the company systems in order to be able to load as much data from banks to I-Score database.

It is worth mentioning that more than 32 banks participated in I-Score services till June 27, 2007, the matter that is aimed to benefit the lenders, as they will be able to access factual, detailed and accurate data of their current and future customers. On the other hand, efficiency of assessing credit worthiness will be improved and consequently credit risks and bad debts will be reduced.

In the forthcoming phase, it is anticipated that data of the National Bank of Egypt, Faisal Islamic Bank, Piraeus Bank, Credit Agricol Bank, Agricultural Development and Credit Bank, Egyptian Gulf Bank and the Egyptian Arab Land Bank will be transferred in the near future. I-Score will carry out the same procedures that are currently considered with the banks of the first phase.

It is also anticipated that data of CIB, HSBC, National Development Bank, Housing and Development Bank and BNP Paris Bas will be loaded in the third phase during August, followed by the rest of the banks till end of October 2007. It is worth noting that the third phase banks represent more than 90% of the banks credit customers.

In addition, it is planned to transfer the historical data from the Central Bank of Egypt in August to complete data of banks not included in the three phases.

Highly important is that I-Score launch will create a suitable environment for expanding credit awareness and improve the borrowers' credit attitudes, the matter that will enable lenders to expand their credit facilities rendered to a broad base of customers as a result of the availability of a comprehensive database.

I-Score will initiate an extensive campaign to introduce the privileges of credit inquiry to the customers, which is expected to have a positive effect on the credit performance, schemes, Egyptians and consequently the Egyptian economy.

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May 08, 2007

Mr.Mohammed Refaat Al Houshy: More than half of the Egyptian banks signed a contract for "participation in the credit bureau services and exchange of information" with I-Score Credit Bureau.

I-Score is preparing the Egyptian and banking community for a true, detailed and comprehensive credit reports.

Cairo, Egypt

Misr Bank, Banque du Caire, HSBC, Alexandria Bank, Misr Iran for Development Bank, Piraeus Bank, Agricultural Development and Credit, City N.A / Egypt, Port Said Banking Company Bank, International Arab Banking Company Bank / Egypt, Egyptian Islamic Faisal Bank, Arab Investment Bank, B.N.B Parisbas Bank, Socite General Bank, Egyptian National Bank, Bloom Misr Bank, Credit Agricol Bank, Abu Dhabie National Bank, Maritime Alexandria Bank, National Development Bank and Arab Banking Institution Bank signed a contract for participation in the credit rating services and exchange of information with I-Score, the matter that will help the banks to better assess their clients' credit worthiness as per accurate, detailed and true credit reports provided by I-Score.

I-Score shall hold the second seminar on the integration program with the banking sector during the second half of May. The seminar shall address the necessary steps of exchanging information between the company and the banking sector and the impact thereof on the banking policies and procedures in preparation of amending them by banks to be consistent with the services rendered by I-Score (credit reports).

The program consists of two components, the first is the technical requirements and information technology, where the first seminar proved to be successful and the banking sector remarkably interacted therewith last March. The second component is the banking and credit transactions which comprises representatives from the bank information, credit and legal departments at the high management level, the first seminar of which will be held during the second half of May.

Mr. Mohammad Kafafi, Chairman and Mr. Mohammad Refaat El Houshi, Managing Director, shall open the seminars. 35 banks are expected to participate and more than 250 senior officials from the bank information, credit and legal departments are anticipated to attend.

Mr. Mohammad Refaat El Houshi, Managing Director, stated that "providing true, accurate, comprehensive and detailed credit reports on individual customers and the banks assessment of the customers' credit worthiness are considered two sides of one coin. It is planned that I-Score initiate a workshop with all banks through those seminars in order to agree upon a policy of the best technique for assessing credit worthiness and discuss the credit reports impact on the policies and procedures of offering credit and making the necessary amendments thereto. Also, the emerging issues related to "data centralization" shall be raised, as well as methods of treating them in order to develop a standard system followed by all parties and achieve the most possible benefit for both the customer and the banking sector through the credit reports".

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March 28, 2007

Increased interest by the banking sector in the initial seminar on I-Score integration program with the banking sector

I-Score held the initial seminar on the integration program with the banking sector on March 14, 15, 27, 2007. The seminar addressed the necessary steps of exchanging information between the bureau and the banking sector and the impact on the banking policies and procedures in preparation for amending them to comply with I-Score services (credit reports).

The components of this program as follows:

• The technical requirements and information technology.
• Banking and credit transactions.

The initial seminar on the technical requirements and information technology included a detailed presentation by the international partner and expert in the credit bureau business "Dun & Bradstreet" on the most sophisticated methods of exchanging information between I-Score and the banking sector. Also, he presented the method of preparing data pursuant to I-Score requirements via developing a special software program in banks for extracting the required data from their databases. "e-DATE" extraction tool provided by "Dun & Bradstreet" has also been presented at a price convenient to the Egyptian banking sector as an alternative to developing a special program for extracting data.

37 banks participated in the seminars, divided into 3 groups according to the contribution volume by every bank in the credit market. More than 200 IT, credit and operation specialists attended the seminar and had an effective and active interaction with the program. After the seminars, I-Score received several telephone calls for reinforcing cooperation and launching the program. In this framework, pilot operations are currently in process with more than one bank.

The forthcoming phase will witness a number of scheduled seminars to complete both components of the program. The second component, credit and banking transactions, comprises representatives from the banking, credit and legal high management. Their task includes discussing the impact of I-Score services on the policies and procedures of offering credits, as well as carrying out the necessary amendments, having the detailed credit reports in place. In addition, any emerging issues under the "data centralization" system and the relevant solutions shall be tackled with the purpose of setting a standard system to be applied by all stakeholders.

Mr.Mohammed Refaat Al Houshy, I-Score Managing Director, stated that "the banks' expedite cooperation and positive interaction in the initial integration seminar had a great impact on boosting I-Score business that empowers creditors to evaluate the credit worthiness of their clients and reduce credit risks. On the other hand, I-Score presence in the market encourages people to improve their payment pattern, the matter that leads to expanding the credit clients' database and enhancing the individual and companies purchase capacity. Accordingly, I-Score will be able to achieve the aspired goal; improvement of the economic performance".

It is worth mentioning that "a credit bureau services and exchange of information participation contract" has been concluded with Egyptian and foreign banks, e.g. Misr Bank, Banque Du Caire, HSBC, Citi Bank, Alexandria Bank, Misr Iran Development Bank, Piraeus Bank, Agriculture Credit And Development Bank, NA Misr Bank, Port Said Banking Company Bank and the Arab International / Egypt Banking Company Bank.

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March 12, 2007        

Banks sign a credit inquiry services and information exchange partnership contract

A real step towards launching I-Score. A credit inquiry services and information exchange partnership contract has been signed with banks.

The Egyptian Credit Bureau "I-Score" has signed a credit inquiry services and information exchange partnership contract in the beginning of the present month with some Egyptian and foreign banks; Misr Bank, Banque Du Caire, HSBC and Misr Iran Bank.

This contract stipulates the commitment of the partner thereof to provide information and data of his clients, notify them of their right to obtain their credit reports from I-Score, handle all client inquiries and requirements as per the CBE instructions. In cases other than the banks, mortgage finance companies and finance leasing companies, a written approval by the clients should be secured to allow posting their data and information.

The Egyptian Credit Bureau I-Score shall be obliged to provide credit reports and all services. The partner shall enjoy the inquiry right according to the CBE permitted and determined purposes.

Lastly, all parties shall preserve confidentiality and securing the systems when exchanging data and information.

It is worth noting that terms and stipulations of this contract are mere application of the regulating rules of credit bureaus, data and information exchange rules and the CBE regulatory system applied to such companies.

Signing this contract between the banks and I-Score is deemed a genuine and real step towards achieving compatibility of an information system with I-Score existing information system pursuant to the international standards in order to post data easily and accurately, besides exchanging information in full transparency and clarity to ensure credibility and accuracy of the reports issued by the bureau.

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March 6, 2007         

"I-Score" and the Banking Sector Integration Program Effective March 14

In preparation of launching in July 2007, I-Score triggers the initial steps towards presenting the
"I-Score" and banking sector integration program, which is based on addressing the necessary steps of exchanging data between the bureau and the banking sector, as well as discussing the impact on the banking policies, procedures and the relevant amendments required by banks to be consistent with I-Score services (credit reports).

This program is featured with two components:

First: Technical Requirements and Information Technology

This component involves preparing data according to I-Score requirements that are developed as per the best international practices which will be entered into I-Score databases. This will entail considering some requirements; software, computers, online communication and training whoever is in charge of this task and monthly data update in the framework of the CBE instructions in this respect.

Second: Administrative and Credit Affairs

This component involves discussing the impact of credit policies and procedures and performing the necessary amendments in the light of I-Score services represented in the credit reports. In addition, all emerging issues under the "data centralization" system and methods of processing it shall be presented with the purpose of enforcing a standard system applied by all stakeholders.

Mr. Mohammad Refaat El Houshi, Managing Director, stated that I-Score breakthrough will witness a change in the "lending and borrowing industry" in Egypt. It will be changed from a finance based on "relations" to one that is based on "accurate data".

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December 28, 2006       

The signing of a contract of partnership between The Egyptian Credit Bureau and D&B International Company

Stated by Mr. Mohamed Kafafi, Board Chairman of the Egyptian Credit Bureau that it has been signed Partnership and the transfer of information between ESTEALAM and D&B.

ESTEALAM is first Egyptian company, founded by 27 banks and the Social Fund for Development and the work of services and information and credit classification license from the Central Bank of Egypt has authorized capital of 300 million pounds. The company, D&B is one of the biggest international companies to provide these services, including the latest global programs for the operation of databases, as well as expertise in multiple parts of the world, particularly in developing countries and the unprecedented introduction of "Credit Bureaus".

As stated by Mr. Mohamed Refaat Managing Director of the Credit Bureau that after two months of negotiations between the two companies, the results of the negotiations about the convergence of intellectual and practical to implement the goal is the establishment of a unified Credit Bureau on the latest foundations and programs and actions, drawing upon the expertise of the company D&B world, not only in the area of new technology, but on the transfer of administrative and marketing experience and previous experience, D&B in the establishment of Credit Bureau in due another told the same conditions and circumstances in Egypt.

Added Mr. Mohamed Refaat that a team from D&B will be arriving to Cairo in the next week to participate in the selection of the main supplier of devices and technical equipment required for the operation of programs contracted with D&B as well as training the team of the Egyptian Credit Bureau.

As announced by Mr. Mohamed Refaat, is expected to begin actual activity of the company in the third quarter of 2007, the company inquiry to begin marketing activity and service contract between them and their clients beginning of the month of December 2006.

The signing of a contract of partnership and transfer of information with D&B is the cornerstone of the actual change to the procedures and systems and the foundations of the credit industry in Egypt, that will lead to a reduction in credit risk and credit granting credit to those who owned which leads to the prosperity of the companies and financial institutions that falling sale retail and macroeconomic and provide a decent life for the citizens.

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November 22, 2006

I-Score: The new trade mark of the Egyptian Credit Bureau

Cairo, Egypt

The Egyptian Credit Bureau has recently started the procedures of registering its new trade mark under the name "I-Score". The name has been selected to reflect the individual's right in determining his credit score and his responsibility in building his credit reputation which consequently qualifies him for more credit facilities and benefits or limit his credit transactions.

The role of the Egyptian Credit is to provide Credit Facility Grantors with factual and accurate information concerning the history and payment habits of their current and prospective clients. This helps them assess the credit worthiness of their clients.

The company was officially established in September 2005. Founders and shareholders of the Bureau are 27 large banks operating in Egypt in addition to the Social Fund for Development. The previous trade mark of the Credit Bureau (Estealam) is the abbreviation of the company's full name, but the new trade mark "I-Score" has been selected and approved by the board of directors that comprises eleven members in order to reflect the company's real objective.

The literal meaning of this name is "I put my own score" or "I assess myself", as an individual's credit history which is known as the so called credit patterns that includes how he pays his credit obligations and his commitment to pay his obligations on time. This gives the individual a certain credit score that either qualifies him for getting more credit facilities such as credit cards or loans or purchases some commodities on installments or denies him that credit opportunity. Therefore,
"I-Score" does not assess an individual's credit worthiness but makes him do this assessment by himself.

It is worth mention that "I-Score" is planning to organize a public awareness campaign to educate the citizens on the importance of paying their credit obligations on time and how to organize and plan their financial commitments to affect a balance between their income and expenses which will contribute to create a new culture of commitment among the borrowing public.

The "I-Score" Managing director, Mr. Mohammed Refaat states that the main objective of the company is not only limited to helping lenders identify individuals with good credit history, but it extends to assisting them in scoring such a good record in order to enjoy all the credit benefits and products currently provided by banks and financial institutions.

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October 31, 2006

Calling the outstanding issued capital of L.E. 30 millions and setting a date for launching the service

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July 10, 2006

The Egyptian Credit Bureau "Estealam" announces the selection of Dun & Bradstreet, provider of business information services as its technology and know-how partner.

Cairo, Egypt.

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