Royal Company signs an agreement with the Monetary Authority
In a new step towards developing our financial and administrative systems, Royal Industrial Trading Company signed an agreement with the Monetary Authority to obtain the unified credit information system service. Where Mr. Magdy Zghair, Executive Manager of Royal Company, and Mr. Mazen Zghair, Vice Chairman of the Board of Directors, signed a memorandum with the Governor of the Monetary Authority, Dr. Firas Melhem, at the headquarters of the Monetary Authority. that provides the company with a unified credit inquiry system service, in order to benefit from the system developed by the Monetary Authority, which includes a database that provides some relevant credit and demographic information about borrowers and their guarantors, individuals or institutions, and classifies them on the returned checks system.
Mr. Magdy Zghair thanked the Monetary Authority for its efforts in developing credit systems that aim to protect private sector companies and praised its efforts to involve private sector companies with these systems that work to protect them and maintain their sustainability and achievements in order to develop and develop the national economy.
For his part, the Governor of the Monetary Authority confirmed that the memoranda of understanding with the private sector companies aim to enhance their position and investment capabilities and protect them from exposure to cash and credit liquidity problems. In compliance with the principles of banking secrecy, the company will be able to determine the creditworthiness of the customers it deals with on a deferred sale basis based on post-dated cheques, and make a sound credit decision that avoids the company's exposure to credit risk.