In an era of digits, figures might be dealt with out of sight to make remarkable
visible ends. Information has the power to shape all stories where each figure has a
value. At SIMAH, we have consistently trusted that information can fundamentally
change lives and make a brighter tomorrow. To make this happen, we deeply dive into
the pool of information right from the highest surface of mere numbers to the bottom
of final conclusions. Our philosophy is that we work closely with you to not only
make smart decisions but also develop wise ongoing decisions mechanisms.
Founded in 2002 and started operation in 2004, Saudi Credit Bureau (SIMAH) is the
first national credit bureau in Saudi Arabia licensed to provide both consumer and
commercial world class products and services. Innovativity of SIMAH stems from its
robust ability to meet stakeholders’ needs in both government and private sectors.
Our marketing concept is FINDATA while more than 323 key data providers contribute
big data to SIMATI, SIMAT and MOARIF. SIMAH means characteristic and this is the
genuine role of SIMAH; characterizing credit reporting industry.
By achieving maturity of credit information industry, maximizing stability of
existing financial systems and develop credit information sharing industry
perception through promoting it as a neutral towards the local community and adding
to the national economy, SIMAH works to contribute remarkably to competitive
position of the Saudi Arabia’s financial sector in the Middle East and in the world
in line with Financial Sector Development Program (FSDP) and Vision 2030.
The idea to establish an independent Saudi Arabian credit bureau was first conceived
at the end of 1998. Shortly after, a team of specialists was formed to further
explore the concept, working closely with the International Finance Corporation (
IFC) , a member of the World Bank Group , to lay out the initial framework. Looking
at several credit bureaus and consumer reporting agencies around the world, the team
identified the necessary steps and technological system to be implemented in order
to establish a bureau and overcome any barriers, technical or otherwise, to its
SIMAH began operations in 2004, thus becoming the first national credit bureau
licensed under the supervisory umbrella of the Saudi Central Bank (SAMA)
(SAMA) and marking a true leap forward towards reducing credit risk in the Kingdom.
SIMAH's work centers around the collection, categorization and analysis of its
members' credit information, applying the Credit Information Law and its
Implementing Regulations within the context of the current banking act and
regulations issued by SAMA.
In 2014, in a decision handed down by the Court and His Excellency the Minister of
Commerce in ruling No. 99/Q, issued on 2 Jumada al-Owal, 1435H, SIMAH was
transformed from a limited liability company into a closed joint-stock company,
marking the start of its second chapter as a pioneer in the realm of credit
information in Saudi Arabia.
In line with its legislative mandate, SIMAH's bylaws clearly delineate the rights and
responsibilities of SIMAH and its stakeholders, outlined within a clear and balanced
framework. Working to ensure the rights of all information owners, this guarantees
the quality, confidentiality and the mechanism for the exchange of credit
information. It also clarifies the duties entrusted to SIMAH and its members,
reaffirming SIMAH's philosophy of complete transparency in information sharing.
World Class Bureau in terms of products, services and standards
Providing comprehensive credit information services and added value products by
utilizing best business practices in order to sustain and afford the highest level
of stakeholder satisfaction.
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