Mr.Fazeel Najeeb (Governor and Chairman of Maldives Monetary Authority)

بسم الله الرحمن الرحيم

الحمد لله، الصلاة والسلام على اشرف المرسلين محمد صلى الله وسلم، وعلى آله وصحبه اجمعين

Honourable Minister for Economic Development, Mahmood Razee,
Deputy Governor, Aishath Zahira,
Board Directors of MMA,
Senior Economist at the ADB, Mr Kyun Nam Shin,
Regional Manager of IFC, Mr Per Kjellerhaug and other representatives of IFC,
Senior Vice President of Dun & Bradstreet, Mr Artak Melkonyan
Resident Senior Project Manager of Dun & Bradstreet, Ms Rohini Gambhir,
CEOs and Resident Managers of banks,
CEOs of non-bank financial institutions, utilities companies, and of telephone and mobile operators,
My fellow colleagues, members of the media,

السلام عليكم و رحمةالله وبركاته

Good afternoon.
Thank you all for coming this afternoon, and it’s a pleasure to extend a warm welcome to all of you to the launching of the first credit information bureau in the Maldives.
I am very pleased and grateful that some of you have accepted our invitation and flown in from overseas for this event.
I would like to extend a special welcome to them.
This afternoon, we are witnessing the achievement of a great milestone in the development of the financial sector in the Maldives.
Our main objective in adding this remarkable facility to our financial sector architecture is to facilitate credit decisions, by banks, by non-bank financial institutions, by utility companies, or even by fixed line or mobile telephone operators.
The Bureau provides standardized credit information as reported by credit providers in a standardized format.
It gives more information, much more quickly, and above all, the information is reliable.
This addresses the issue of lack of credit history of borrowers.
What I would like to see is that credit providers, especially to SMEs, will consider lessening the burden of providing collateral when considering applications for credit, especially by SMEs.
MMA’s contribution to the development of the financial sector has been remarkable – after all MMA is responsible for financial sector stability, an essential for steady and sustainable growth of the economy.
Two of the successful development projects completed by MMA include the Maldives Finance Leasing Company project, and the Capital Market Development Authority Project.
MMA was also closely involved in the Housing Development Finance Corporation project.
Presently, MMA is working with the World Bank and the First Initiative as well as the IFC, to formulate a long-term plan for the financial sector of the Maldives.
The project is quite advanced, and we are organizing a seminar later this month to discuss some of the findings of a consultancy on financial sector development in the Maldives.
I am pleased that despite the very trying situation our economic is in, we are making progress in our development ventures, and I am grateful to the government for their cooperation and support in this and other projects.
Before I conclude, I also thank the Asian Development Bank, the International Finance Corporation, and Dun & Bradstreet for their tremendous support and cooperation in this credit information bureau project.
In this regard, I’d like to name Ms Rohini Gambhir from D&B, and Mr Collin Raymond, an IFC consultant.
Finally I offer much deserved credit to MMA’s MCIB team led by Executive Director Ms Neeza Imad.
I would also like to recognize the names of Abdullah Musthafa, Fazleena Fakir, and Hussain Afeef from the project team.
Last, but by no means least, I would like to thank Deputy Governor, the Senior Advisor to the Governor, the Executive Directors of MMA, and the rest of the staff of MMA for their spirit of cooperation, friendship and excellent work attitude.
Thank you.

Ms. Rohini Gambhir(Senior Project Manager of Dun & Bradstreet)

Ladies and gentlemen, dignitaries and members of the press, it is indeed my honor and privilege to address you on this very wonderful occasion; the inauguration of MMA Credit Information Bureau
I would like to extend my thanks to Honorable Governor Mr. Fazeel Najeeb,Honorable Deputy Governor Ms.Aishath Zahira, Executive director Ms. Neeza Imad, for affording me this opportunity.
I would like to extend our special thanks to Chief Guest Mr. Mahmoodh Raazy for honoring us with his presence today by officially launching the Credit Information Bureau of Maldives
Today heralds a landmark event for the financial infrastructure landscape of Maldives.
We move from the era of opinion reports to Credit Information reports where in MCIB will serve as the central hub of credit information from financial/non financial sectors to BCCI data.
The initiative undertaken by MMA alongwith the assistance of IFC and ADB to establish the Credit bureau will signify the beginning of awareness for Maldivains on the importance of maintaining a good credit profile.
The MMA CIB will enable Maldives credit grantors to make more informed credit decisions, and will lead to the strengthening of the credit risk sector. As has been the case in many other countries, we are witnessing the birth of next major breakthrough for the Maldives economy.
The major challenge in the formation of any credit bureau is the lack of a legal framework. I would like to thank Mr. Collin and Mr. Victor from IFC for their ample support and guidance at every step of this rigorous process and mentoring us through the entire project that helped us built a robust foundation for the Maldives Credit Bureau.
With the world still recovering from the global economic downturn, the need for the establishment of credit bureaus couldn’t be more important. Credit Bureaus have proven throughout the world that they bring stability, security and lending confidence to the credit granting sector.
MMA credit bureau establishment will enhance information sharing across sectors, thereby facilitating transparent, efficient and deserving access to finance.
It will enable banks and other financial institutions to increase their lending volume and extend credit to underserved segments of the population, such as small and medium-sized firms.
The successful implementation of the credit bureau has been the relentless efforts of the MMA Credit Bureau team, Financial and non financial sectors of Maldives, ADB & IFC and D&B. This success was made possible through exemplary display of teamwork and a desire to see this Bureau go-live from all the participants involved in this initiative.
This inaugural today is the beginning of a new journey for Maldives Credit Bureau with different sectors such as Telecom and Utility sector soon to join us in this journey.
Dun & Bradstreet are proud to be the implementation partners for establishing the Credit Bureau for MMA. I can speak of the many strengths that I know will lead to the success of the bureau. With world-class Credit Bureau software, a technological platform that is cutting edge, operational and business processes that are best in class, the assistance provided from IFC, ADB and different business sectors, and most importantly, the desire to see this bureau succeed I can confidently say that they have all the right attributes in place to give this venture the foundation upon which world-class credit bureaus are built.
We look forward to a longstanding relationship with MMA Credit Bureau, and will be here to support the team whenever necessary
To the MMA Credit Bureau team, I say: The road ahead will be paved with challenges, and flashes of doubt, but I know that it will also be paved with numerous victories and many moments of joy and jubilation.With Governor as your pillar of support and guidance and under the strong leadership of Deputy Governor Ms.Aishath Zahira and Ms.Neeza Imad this venture is ready to be catapult into the successes that awaits it
To the Maldives financial and Non-financial sector - you have been an integral part of both the initiative till date and will continue to contribute towards the future shape that the Bureau would take. Please embrace MMA Credit Bureau and together you will build a stronger, richer and safer Maldives for every citizen of this wonderful country.
In the end I would like to thank you all for the support you provided us to achieve this successful implementation
Thank you.

Ms. Neeza Imad (Executive Director of Maldives Monetary Authority)

Bismillah (In the name of Allah, the most beneficent, the most merciful)
Hon. Chief Guest Mr. Mahmood Razee,
Hon Governor, Mr. Fazeel Najeeb,
Hon. Ministers, Distinguish Guest and my Colleagues of MMA.
Assalaim Alaikum
Good Evening.
First of all let me extend our hearty welcome and sincere gratitude to all those who have crossed miles, and have taken time out from their busy schedule to attend this function.
The past 14 months have been both challenging and exciting, during this time period we have managed to persuade the most brilliant bankers and financial institution in the country, to hold hands and provide their valuable contribution to the bureau.
As for me it was particularly challenging, to have made decisions that would later nurture in to what we witness today “The Credit Information Bureau”. Amongst all things we have learnt things that we had little or no knowledge of.
We may have heard of bureaus existing in other countries, also we may have heard of its benefits. But to establish one, with no technical expertise and zero level of knowledge have been an audacious task, which we undertook with great determination and the tremendous motivation of our team to make this a reality.
Today, I stand here with great pride as we hold the ownership of the nations first credit information bureau, but let me tell you that the crisis that we went through were many but not unattainable.
Sir Winston Churchill once said,
.. Stumble over the truth from time to time,
but most pick themselves up and
hurry off as if nothing happened”

This is the team spirit that the CIB team has worked with in attaining the goals and objectives of this project.
I would be failing in my duty if I forget to extend our gratitude to those who had touched our lives and made the difficult times easier, and those who had placed their trust in us and believed in us, even when at times our self-belief falter. Governor Fazeel, has been more than an inspiration to us, in every challenge that we faced during the course of the project his sincere opinions and the “you can do attitude” instilled the dynamism and motivation to work till the end.
I standby here today grateful to those who have bestowed their trust in us, Deputy Governor and Executive Management, who had given their fullest confidence to our decision making.
Let me not forget D&B for having had the patience with us, while we learnt, as we went through. On the same note a special thank you to Mr.Artak Melkonyan and Ms. Rohini Gambhir, for generously passing to us, the valuable knowledge in the making of CIB and her proficient team for assisting us in realizing a dream held by the financial sector for a long time.
My list of Thank you’s is quite lengthy, however, I would like to pay my sincere gratitude for all those who have assisted and supported us. Also allow me to thank - the Government of Maldives, Ministry of Finance, Ministry of economic Development, Asian Development Bank and International Finance Corporation for the assistance extended to us both financially and technically. Mr Shin, Mr. Victor and Mr. Collin a simple thank you may not justify the assistance that you have provided to us during this project. However, I extend a heartfelt thank you on behalf of the management of MMA and CIB team.
Without your support this would have been a very difficult task both financially and technically.
Let me not forget in thanking the financial institutions of the Maldives for their unconditional support and assistance to make this project a reality. Thank you.
I am so fortunate to have been given the opportunity to work in a project that delivers such benefit to the financial sector of the country and with such dynamic young people with special talents, working willingly with dedication in every effort they have contributed. Thank you very much to one and all in my team
Let me also thank the brilliant support services from the professionals of MMA , legal, IT, and other support servicing areas for their unquestionable support.
Let us not believe that that this is the end, rather let’s believe that this is just the beginning. With this thought in our mind let us begin a new year, with forward looking goals and objectives.
Thank you one and all

Mr.Abdulla Musthafa (Assistant Manager of Maldives Monetary Authority)

بسم الله الرحمن الرحيم

Chief Guest Hon Minister of Economic Development and Trade, Mr. Mahmood Raazee, Governor and the Chairmen of Maldives Monetary Authority Mr.Fazeel Najeeb, distinguished guests, Members of First Credit Bureau in the Country and colleagues of MMA . Good evening and Assalaam Alikum.
First of all I would like to thank Ms. Neeza Imad and Ms. Rohini Gambir for giving me this opportunity to be a part of this project. I am going to highlight some technical aspects of the project.
I proudly say, our bureau has latest state-of-the-art ICT infrastructure. The credit verdict software is built on latest MVC (model view control) technology, coding was done on Microsoft’s latest framework .net 4.0; database is on oracle 11G on a UNIX like environment.
The system is built up on 8 physical servers running, different engines, which are capable of handling thousands of data coming through input files processed using a technology called multi threading.
We have taken all the security measures in data security; Disk storages are on RAID (Redundant Array of Independent Disks) 5 technologies using hot swappable disk derives. Daily scheduled backups take on magnetic tapes.
Input files are submitted through a secured ftp channel, with 2048 bit encryption, the files are encrypted and signed using PGP keys, a unique key pair for each member institution.
As we may agree information is the most valuable asset of this era, Business rules configured on each input file format, now our member institutes will be much familiar with these validation rules.
The most challenging task of any information system would be, getting valid inputs, as computer scientists say GIGO, a rule stating that the quality of the output is a function of the quality of the input; put garbage in and you get garbage out.
Finaly I would like to congratulate all the members’ intuitions who have worked hard to make this happen.
Thank you for attention. Assalaam alikum.

 Read the article in MCIB