Bank Credit & Statistical Bureau (BCSB)
Central Bank of Oman (CBO) established the Bank Credit & Statistical Bureau (BCSB) in 1978 under the powers vested in CBO by the Banking Law, as amended. BCSB is the only public credit information bureau operating in the Sultanate of Oman.
In terms of CBO Regulation (BM/REG/53/9/2011), it is mandatory for the licensed banks and financial institutions (member institutions) to report data relating to borrowers and obtain a CIR from BCSB system prior to granting or enhancing credit facilities to any applicant.
A robust Credit Information System is a prerequisite for a well-established and sustainable credit market in any economy. Like any other credit bureaus in other parts of the world, BCSB collects credit information (negative & positive) of the borrowers (Individuals and Corporate) from member institutions. In return, BCSB provides consolidated credit information to member institutions in the form of credit information report (CIR) through BCSB System on-line.
Member institutions which are not allowed to disclose banking transaction of their customers to third parties use such CIRs to make timely and informed decisions on the applications for various types of credit facilities by individuals and businesses. These CIRs save time and administrative costs of the member institutions and help disburse the credit quickly and at a reasonable rate of return. It is also envisaged the borrowers will be more disciplined to repay the loans in timely manner as they know their credit information will be shared and screened by other institutions prior to granting of any new facility.