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FNC passes draft law on credit information sharing.

Byline: New company will provide client data to banks and finance firms.

Abu Dhabi: The Federal National Council (FNC) on Tuesday passed a draft law allowing for the creation of an independent company, to keep credit information on every Emirati and expatriate resident.

Obaid Humaid Al Tayer, Minister of State for Financial Affairs, said the proposed company will provide banks and financing firms, licensed by the Central Bank, with information concerning the clients applying for loans or credit cards.

Al Tayer told the House the legislation will provide assurances of confidentiality. The customer's consent will be required to pass on his data to those who demand them.

The FNC also expressed concern over the number of dismissals of Emiratis from the private sector. The FNC questioned the Labour Minister on the topic.

Saqr Gobash Saeed Gobash, Minister of Labour, assured the House that while the ministry is taking the matter seriously, it should not be blown out of proportion.

He added the new ministerial decision sets conditions on termination of Emirati workers. Private sector companies will face legal action if they sack Emiratis who have not violated the labour law.

Self-employed Emiratis may soon receive pension following a recent Cabinet decision, the FNC was told. The General Authority for Pensions and Social Insurance is currently working on study to cover self-employed professionals, said Al Tayer.

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Publication:Gulf News (United Arab Emirates)
Date:Mar 11, 2009
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