Kuwait Credit Information Network Company
Symbol CiNet OTC Code 359 Type of Trade NEGDEAL
Date of last trade/ date of last hybrid deal:   03 April 2024
Last Price:   Last Price is available exclusively to certain of our subscriptions. Refer to the features of our different packages.

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Company Name Kuwait Credit Information Network Company
Sector Services
Sub-sector
Legal form Closed Kuwaiti Shareholding Company
Company establishment date 04 May 2002
Company purpose  The company gathers information on consumer, housing, and commercial loans, credit cards, and other credit facilities from goods and services sold in installments. This data is provided to the Central Bank of Kuwait, as well as data providers from various financial institutions and commercial establishments under the Ministry of Commerce and Industry. Authorized users, such as banks and companies, can inquire and obtain credit reports for natural and legal persons holding credit records with the company. The company also collaborates with local and foreign entities approved by the Central Bank of Kuwait, adhering to laws regulating credit reporting systems.

Their services include designing, importing, selling, and operating automated systems, establishing operational centers, forming a credit database, collecting and processing credit information, preparing credit records, and providing credit inquiry services without making recommendations on granting credit. The company also invests financial surpluses in managed portfolios, owns necessary real estate and assets, and can engage with entities in similar businesses.
Company profile

Kuwait Credit Information Network (CINET) was established in 2001 under the provisions of the Companies Law and amendments thereto, and Law No. 2 of 2001 for establishing a system for collecting information and data on consumer loans and credit facilities related to retail sales issued on 14 January 2001, and cancelled under the provisions of Law No. 9 of 2019 regarding the regulation of credit information, exchange issued on 10 February 2019.

Kuwait Credit Information Network (CINET) is a closed Kuwaiti shareholding company specialized in the business of requesting, collecting, preserving, analyzing and using credit information for preparing credit records, and issuing credit reports and credit classification for individual and corporate clients. The company is also preparing and developing risk tools and standards and its related information and data in accordance with the provisions of Law No. 9 of 2019 regarding the regulation of credit information exchange and its executive regulations. CINET places all its capabilities to provide the financial, banking and commercial sectors with a wide range of services in the field of credit reporting, credit rating and other value-added services.

Company capital:
The company has an authorized capital of KD 2.28 million distributed over 22.8 million shares of 100 fils each. All shares are fully paid in cash according to the financial report for the year ended September 30, 2022.  Capital remained the same between the 2021 and 2022 financial years.
Shareholding records Kuwait Clearing Company (KCC)
Auditor KPMG Safi Al-Mutawa & Partners
Date of joining the OTC Platform 18 November 2018
Type of deal NEGDEAL
Sharia'a compliant Yes
Source of Data Various credible sources
Last Updated On 19 December 2024
Location

Qibla - Ali Al-Salem Street - Building 1 Complex - 6th Floor

Tel

22431540 - 22431503 - 22438160

Fax

22492653

Email Address

cinet@cinet.com.kw

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If a company wishes to remove the available information from this website, the management of the company can do so through the provided link and by contacting Almowazi telephonically on the numbers provided on its website.

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