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
success.
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.