The Al Etihad Credit Bureau charges a fee of Dh10 plus VAT to assess each cheque's risk. Photo: Getty Images
The Al Etihad Credit Bureau charges a fee of Dh10 plus VAT to assess each cheque's risk. Photo: Getty Images
The Al Etihad Credit Bureau charges a fee of Dh10 plus VAT to assess each cheque's risk. Photo: Getty Images
The Al Etihad Credit Bureau charges a fee of Dh10 plus VAT to assess each cheque's risk. Photo: Getty Images

Al Etihad Credit Bureau introduces app to assess real-time risk of cheques bouncing


Deepthi Nair
  • English
  • Arabic

Al Etihad Credit Bureau has unveiled a new mobile application that allows users to instantly assess the risk of a cheque bouncing.

The move follows the UAE government's decision to decriminalise bounced cheques earlier this year.

The ChequeScore app covers cheques issued by UAE-licensed banks and calculates the issuer’s credit score, payment behaviour, cheque issuance and clearance history in real time, the credit bureau said on Tuesday.

The app is free to download on both iOS and Android. The bureau charges a fee of Dh10 plus VAT to assess each cheque. A user can register for the ChequeScore app with an email address and phone number.

ChequeScore will help reduce the number of bounced cheques in the UAE
Marwan Ahmad Lutfi,
chief executive of Al Etihad Credit Bureau

“ChequeScore will help reduce the number of bounced cheques in the UAE,” said Marwan Ahmad Lutfi, chief executive of the credit bureau.

“Last year, bouncing a cheque was a criminal offence; however, with the new law decriminalising this at the beginning of this year, it has become imperative that UAE businesses and individuals assess the risks associated with cheques they have on hand.”

In October 2020, the UAE Cabinet updated the country’s Federal Law on Commercial Transactions with several new provisions aimed at discouraging criminal lawsuits against people and businesses over bouncing cheques.

The updated law, which came into effect across the country on January 2, 2022, redefines crimes involving bounced cheques and the issuance of cheques without value.

Under the amendments, the Central Bank of the UAE, Ministry of Economy and Ministry of Justice introduced changes relating to the partial payment of cheques and toughened administrative penalties in cases when they are issued without funds.

The scope for criminalisation of bounced cheques owing to insufficient funds has been narrowed and confined to cases of bad faith and other cheque crimes.

People who issue cheques that bounce in Dubai, with a transaction value of up to Dh50,000, will be fined Dh2,000.

Bounced cheques with a value of between Dh50,000 and Dh100,000 will attract a Dh5,000 penalty.

A Dh10,000 fine will be levied for cheques issued in bad faith, with a value between Dh100,000 and Dh200,000.

Once a user registers on the ChequeScore app, they can scan a cheque, upload an image of it or enter the information manually. The details are then sent to AECB’s credit database and the user will immediately be shown the cheque's score, which ranges from 1 per cent to 99 per cent and indicates the probability of a cheque that could bounce in the next nine months.

The cheque score is also colour-coded: a low probability of bouncing is green, medium is amber and high is represented in red, the credit bureau said.

“We look at positive and negative cheques that the person has issued in the past few years,” Mr Lutfi said.

“The cheque receiver has an indication of how risky a cheque is. Once the score is known, the onus is on the receiver’s appetite for risk to accept the cheque.”

The cheque score will be dynamic because a person’s risk profile keeps changing, the AECB said. Silvia Razgova / The National
The cheque score will be dynamic because a person’s risk profile keeps changing, the AECB said. Silvia Razgova / The National

This app will increase the sophistication of transactions in the market and promote awareness of risks associated with cheques, Mr Lutfi said.

The cheque score is “dynamic” because a person’s risk profile changes over time, so the information has to be used instantly, he added.

There were 21 million cheques issued in the UAE last year, with an average value of Dh51,000 per cheque, the central bank’s image cheque clearing system shows. Bounced cheques from individuals and companies were cumulatively worth Dh41.6 billion in 2021.

AECB does not require customers' consent to access the data, Mr Lufti said. “We are not disclosing any confidential information. This is only a risk indicator and the final decision needs to be made by the cheque beneficiary.”

The app also features a reminder notification that is sent to the issuer at predefined intervals to inform them that the cheque is due.

During the app’s trial period, more than 11,000 cheques with a total value of Dh788 million were scanned through it. More than 6,000 users signed up for the trial, AECB said.

The specs

Engine: 3.8-litre, twin-turbo V8

Transmission: eight-speed automatic

Power: 582bhp

Torque: 730Nm

Price: Dh649,000

On sale: now  

Profile

Company: Justmop.com

Date started: December 2015

Founders: Kerem Kuyucu and Cagatay Ozcan

Sector: Technology and home services

Based: Jumeirah Lake Towers, Dubai

Size: 55 employees and 100,000 cleaning requests a month

Funding:  The company’s investors include Collective Spark, Faith Capital Holding, Oak Capital, VentureFriends, and 500 Startups. 

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Essentials
The flights: You can fly from the UAE to Iceland with one stop in Europe with a variety of airlines. Return flights with Emirates from Dubai to Stockholm, then Icelandair to Reykjavik, cost from Dh4,153 return. The whole trip takes 11 hours. British Airways flies from Abu Dhabi and Dubai to Reykjavik, via London, with return flights taking 12 hours and costing from Dh2,490 return, including taxes. 
The activities: A half-day Silfra snorkelling trip costs 14,990 Icelandic kronur (Dh544) with Dive.is. Inside the Volcano also takes half a day and costs 42,000 kronur (Dh1,524). The Jokulsarlon small-boat cruise lasts about an hour and costs 9,800 kronur (Dh356). Into the Glacier costs 19,500 kronur (Dh708). It lasts three to four hours.
The tours: It’s often better to book a tailor-made trip through a specialist operator. UK-based Discover the World offers seven nights, self-driving, across the island from £892 (Dh4,505) per person. This includes three nights’ accommodation at Hotel Husafell near Into the Glacier, two nights at Hotel Ranga and two nights at the Icelandair Hotel Klaustur. It includes car rental, plus an iPad with itinerary and tourist information pre-loaded onto it, while activities can be booked as optional extras. More information inspiredbyiceland.com

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Tamkeen's offering
  • Option 1: 70% in year 1, 50% in year 2, 30% in year 3
  • Option 2: 50% across three years
  • Option 3: 30% across five years 
Company%20Profile
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COMPANY PROFILE

Name: Xpanceo

Started: 2018

Founders: Roman Axelrod, Valentyn Volkov

Based: Dubai, UAE

Industry: Smart contact lenses, augmented/virtual reality

Funding: $40 million

Investor: Opportunity Venture (Asia)

Timeline

2012-2015

The company offers payments/bribes to win key contracts in the Middle East

May 2017

The UK SFO officially opens investigation into Petrofac’s use of agents, corruption, and potential bribery to secure contracts

September 2021

Petrofac pleads guilty to seven counts of failing to prevent bribery under the UK Bribery Act

October 2021

Court fines Petrofac £77 million for bribery. Former executive receives a two-year suspended sentence 

December 2024

Petrofac enters into comprehensive restructuring to strengthen the financial position of the group

May 2025

The High Court of England and Wales approves the company’s restructuring plan

July 2025

The Court of Appeal issues a judgment challenging parts of the restructuring plan

August 2025

Petrofac issues a business update to execute the restructuring and confirms it will appeal the Court of Appeal decision

October 2025

Petrofac loses a major TenneT offshore wind contract worth €13 billion. Holding company files for administration in the UK. Petrofac delisted from the London Stock Exchange

November 2025

180 Petrofac employees laid off in the UAE

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Updated: February 22, 2022, 11:39 AM