#UAE Debt Collection Market Aggregators

[kenresearch1]

UAE Debt Collection Market is Expected to Reach More Than AED 5Bn by 2027 Owing to Rise in digital collection techniques and Improvement in UAE legal system related to debt collection, bankruptcy and insolvency: Ken Research

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UAE Debt Collection Market Ecosystem

Tahseel, First Solution Management Service are the market leaders in UAE Debt Collection Market; the market is highly fragmented consisting of many players. The UAE Debt Collection Market is composed of many players which are operating across the borders and not just within the UAE.

 Key Market Findings:

Digital collections are being extensively used which leverages analytics to make the process more

Collection agents are being trained to equip them with latest technology and to adept them to various consumer situations for providing more feasible solutions.

The industry is slowly becoming more customer-centric in its approach.

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IT Policies and Proper Documentation: Companies are maintaining proper documentation and proof for all debt provided by them to corporates and individuals. This makes it much easier for debt collection agencies to recover the debt in case of a default both amicably and legally as well through payment order method. Collection companies which provide settlement plans to debtors have start taking post-dated cheques as a proof for future payment. Changing IT policies require companies to maintain complete confidentiality of client information due to threat of data breach. All this factors will provide more growth to collection industry.

Emphasis on NLP Techniques: Collection agencies are extensively using various speech analytics tools to record and analyse customer conversations. This enables to maintain security and gain insights into client expectations. In addition, the information gathered can further be used for training of employees adapting them to different situations while negotiating and hence, improving their performance which would act as a key growth driver for debt collection companies.

Favorable Changes in UAE Legal System: The new legal system at UAE makes it possible to recover debts via court in merely within 7 days if all the documents are readily available. The new Bankruptcy law also provides safety for debtors and changes the shape of debt collection industry. Ultimately, act as catalysts for the industry.

Analysts at Ken Research in their latest publication- “UAE Debt Collection Market Outlook to 2027- Characterized by fierce competition and high growth prospects” by Ken Research provides a comprehensive analysis of the potential of the debt collection market in UAE. Rise in digital collection techniques and increasing use of AI and ML for recovery predictions are expected to contribute to the market growth over the forecast period.

UAE debt collection market is expected to grow at a robust CAGR over the forecasted period 2022-2027.

Key Segments Covered

Segmentation by Segment

Non-Finance

Finance

Insurance

Segmentation by Type of Firm

Debt Collection Agency

Law Firm

Segmentation by Age of Firm:

0 to 10 yrs

10 to 20 yrs

20 to 30 yrs

Segmentation by Geographical Presence

Abu Dhabi

Dubai

Fujairah

Sharjah

Ajman

Umm Al-Quwain

Ras Al-Khaimah

Sub-segmentation of insurance segment & financing segment

Sub-segmentation of insurance segment:

Motor & Transportation

Property/Fire

Liability & Others

Sub-segmentation of financing segment:

Real State

Personal

Financial institution

Services

Manufacturing

Trade

Others

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Key Target Audience

Existing Debt Collection Companies

Law Firms

Financing Companies

Non-Financing Companies

Insurance Companies

Debt Collection & Management software providers

Government Agencies

Finance Consultants

Others

Time Period Captured in the Report:

Historical Period: 2017-2022

Base Year: 2022

Forecast Period: 2022–2027

Companies Covered:

SUPPLY SIDE:

Debt Collection Companies

Tahseel

CMS

Aman Debt Collection

First Solution

Credit Recovery

AW Holding

Bilkish

Derby Group of Companies

Alpha Debt Collection

Fort Equity

Quick Action

ATDC

com

ALQADA

Law firms/Debt Collection

Taswiyeh

ASKTHELAW

HHS LAWYERS

DUBAI DEBT RECOVERY

STA

AE

AL ROWAAD

AL SAFAR

BIN EID

Regulatory Bodies and Judiciary

Central Bank of the UAE

Judicial Department

DEMAND SIDE:

Insurance companies

Etihad Credit Insuranc

Atradiuse

CIGNA

COFACE

PACIFIC PRIME

MetLIFE

ACE

Emirates RE

Financing companies

Emirates NBD

ADCB

DUBAI FIRST

Mashreq

Commercial Bank of Dubai

Dubai Islamic Bank

HSBC

RAKBANK

ADIB

FAB

CITYBANK

Non-Finance companies

Etisalat

Emircom

Etihad Water and Electricity

Abu Dhabi Distribution Companies

Emaar

Nakheel

Lufthansa

Choithrams

Asian Paints

Majid UL Futaim

Naseej

Key Topics Covered in the Report                            

Global Debt Collection Market Overview

Ecosystem of UAE Debt Collection Market – Demand and Supply Side

Value Chain Analysis – Amicable Settlement and Litigation Settlement

Market Size and Segmentation of Debt Collection Industry in UAE, 2017-2022

UAE Debt Collection Market Industry Analysis

Software used in UAE Debt Collection Market

Market Shares of Major Debt Collection Companies in UAE on the basis of Debt Collected, 2022

Competitive Analysis

Future Outlook and Projections, 2022-2027

For More Insights On Market Intelligence, Refer to the Link Below: –

UAE Debt Collection Market Outlook to 2027

Related Reports by Ken Research: –

KSA Debt Collection Market Outlook to FY’2026

[soulwallet]

5 Smart Ways to Make Your Credit Card Work for You

UAE certainly has the highest credit card, internet and e-commerce penetration in the MENA region. However, a significant percentage of transactions are still made through cash. Visa and Mastercards are popular and are widely accepted by merchants in the region.

There have been several changes in recent years, which are moving the needle on credit card usage in the market. Some customers would have witnessed their credit cards being reissued by the issuers with a chip around 2016/17. This was due to a mandate from the Central bank of UAE for the issuers to comply with EMV (Europay, Mastercard and Visa global standard for chip-secured credit cards) standards a few years ago.

Credit cards are extremely convenient, secure and what’s more, also reward cardholders on usage as well. There are more than 200 credit cards issued by banks and financial institutions in the UAE. While the number of banks is shrinking with the recent M&A announcements, there are several new credit cards that keep popping up with innovative and irresistible offers to the customer.

Many of us would have had a difficult experience with our first credit card. Not understanding differences between a credit or debit card, we would likely have dashed to the nearest ATM to withdraw some cash and spend on stuff which we really did not have any plans of buying. A scenario that would most likely have ended finally with some sort of settlement with the bank after weeks and perhaps months of painful collections calls and negotiations.

As we got a little more aware of how credit cards work, we generally end up with one or two cards (ideally issued to us by the banks where our salary gets credited) and have built some sort of loyalty to these cards over the years.

This article gives a credit card user 5 useful tips on how to use a credit card and maximize savings. These are simple and proven steps that can help one save thousands of dirhams.

No one Credit Card is best suited for everyone

Credit cards are diverse in their offerings. One must understand that 200+ credit cards in the market come with several differences. Some of them being:

Fees and Charges: Annual Fees, Interest rates, International transaction charges, cash advance charges and so on.

Reward Features: Cashback, Airmiles, Reward Points, No Rewards no fee, Reward earn rates, Redemption or burn rate, etc., Note- The value of the rewards might vary based on spend amounts, type, location, etc.,

Features: Airport Lounge, Free Cinema, Complimentary Golf, Valet Offers, etc.,

Apart from the above, there are also credit limits, co-brands (Skywards, Etihad and so on), etc., which differentiate cards. With so many differences among them, it is important to spend a few minutes to compare the features and identify the most suitable credit card for your specific needs.  Soulwallet’s  “Best Fit” comparison tool uses smart algorithms that can match one’s individual spend pattern and feature preferences with the most suitable credit cards among all options available. One will also get a good indication of annual saves in dirhams earned through credit card rewards. Do check how your current credit cards stack up against the ones which are best for you. Click here to find out.

Also, do look at the feature-wise rankings to find out which is the best card for your favorite credit card feature (Cinema, Golf, etc.,)

No one Credit Card can give you the best value

Why do banks have multiple credit cards under their offering? These are typically to cater to different segments of customers who are keen on a specific feature or a reward program. Cashback and Airmiles are a couple of popular reward categories.

After evaluating credit cards in the UAE and the reward offering across their products, it is quite evident that there is no one card that may fit in the best for you. In order to optimize your savings (reward value for the transactions you make on the credit card), you probably might have to keep 2 or 3 credit cards in your wallet which satisfy all your requirements with a high rating.

For example, John travels frequently. He spends his weekends generally watching movies with his wife and two school-going children. The best option for John is to look at the below combinations:

Credit cards that:

Reward him with maximum reward rates for a) School Fees b) Grocery expenses c) Travel spends

Includes complimentary features such as a) Cinema Offer b) Airport Lounge c) Airport Transfer

Has low international (foreign currency) transaction charges.

The answer might be more than 1 card and if the saves are significant, why not?

Pay on time and if possible, in full

Making payments on time is probably the most important criterion which helps build one’s credit score. Having a healthy credit score means keeping your credit options available. There is always going to be a need for some sort of credit requirement, for example, a home loan, salary transfer loan and so on. Find out more on Credit scores in the UAE

Making your credit card payments on time is extremely critical and if possible, try to make them in full. This means one would save money on the interest which can be in thousands of dirhams.

Most banks have options such as Standing Instructions (from your bank account to your credit card if both are with the same bank), Direct Debit (a standard transfer instruction on your bank account), exchange house payments, etc. One has the option of setting this up for a minimum payment or full and sometimes a fixed recurring amount as well. Enquire with your bank and set up a payment instruction that will ensure you don’t miss a payment date.

Regular payments build one’s credit history well and allow banks to re-underwrite your credit lines periodically and automatically.

Balance Transfer - If you are incurring interest by not paying your credit card dues in full each month

Balance transfer in simple terms is moving debt from one credit card to another. If you are not paying the total outstanding and incurring interest on your statement balance, a balance transfer is a smart and easy method to save money on interest.

Balance transfers normally come with an interest-free offer period. This is a no brainer - it can help you save interest that you would otherwise end up paying on your current card for 3 to 12 months (and more in most cases), depending on the balance transfer offer period.

Example: If a cardholder has an AED 5,000 balance on a credit card with a 20% interest rate. Such a balance would incur interest of approximately AED 1,000 in a year. By transferring his credit card balance the cardholder can save on the AED1,000 of interest with only a small balance transfer fee instead.

Note:

Balance transfer does not earn you rewards on transferred debt.

Once you have transferred your balance to a low-interest card, do review the need of continuing to keep the high-interest credit card active. Any unnecessary spend on this open credit card can delay your payoff on the new card.

Defaulting on the new credit card might trigger a standard or higher interest rate as per bank policies.

Before you make the balance transfer move, do the math to ensure that you end up saving. Points to consider are Annual fees, Interest rates, etc.,

Change with the industry- Adapt to smarter payment methods

In recent years, banks have evolved and are continuously evolving in the digital space to stay updated and relevant to future customers. Smart payment methods have gained a lot of momentum and acceptance among UAE consumers.  Apple pay, Samsung pay are already common names and are quite popular.

These smart payments make the process seamless and are focused primarily on convenience and security.  While Apple and Samsung are already building the culture of adapting and shifting to newer technologies in the mobile space, one must be more adaptive and embrace future technologies to leverage the benefits available.

Takeaway

Credit cards are convenient and a popular payment method for purchasing products or services. While it is quite a privilege to flash a prestigious credit card from your wallet for a purchase, it is important to make sure that the credit card works best for you.

As a personal finance aggregator, Soulwallet has analyzed various credit card features and rated them to identify the best credit cards for each feature. Be it golf offers, complimentary airport transfers, valet services or even cinema offers, one can easily find the best credit cards with the ratings provided. For more details visit us at www.Soulwallet.com.

[debtcollection]

Committed Workplaces Are Essential For Debt Recovery

Commitment aggregation has transformed into a commonplace practice in a couple of areas of the world. A basic addition of commitment specialists and commitment gathering workplaces is found in the present years. In the earlier years, debt collection was not seen by various associations. Unless the associations didn't start feeling money related disasters affecting their market, the commitment gathering workplaces created. The business needs to keep its salary smooth, not withstanding, if the terrible commitment happens, the wage is seriously impacted.

The association needs to contract cash related debt recovery agency in Sharjah that benefits as soon they can feel and see the situation of their fiscal records. There is a whole legal system for commitment recovery that is trailed by the commitment gathering workplaces. Regardless, the leaser does not have to worry over the frameworks made by the commitment gatherers for commitment recovery, since whatever they are doing, the law licenses them.

Types of debt recovery agencies

The best debt recovery agencies can be found in UAE. There are two sorts of commitment recovery organizations; first assembling association and outside office.

1. Assembling association

The past association is the individual who truly asserts the commitment. That infers that the credit supervisor's association is the essential office. The commitment specialists of the main office should be responsible for a sound association between the two get-togethers; credit manager and obliged individual. The commitment gatherers need to recall that the two social occasions' association reputation should be guaranteed.

2. Outside workplace

The outside association is the commitment gatherers who are accountable for budgetary commitment recovery for the advantage of the advance manager. There should be a whole gathering between the commitment gatherers and the credit supervisor about how things will work for their circumstance. The pioneer should give each one of the proof to recover the unpleasant commitment from the record holder in the briefest possible time.

Services given to their clients

This agency follows the rule of NO WIN, NO FEE policy. When the agent recovers debt then they will get some cash for their services or they will charge a certain amount of money. As told earlier debt collection agencies are not allowed to work in Dubai because of their rules, so a company from outside which works to recover unpaid cash and charge in return. Our company will provide you and facilitates you along with fruitful results. We have experience of many years. Because of the successful ratio of debt recovery in Sharjah our company is enlisted as one of the best companies for debt recovery services.

[kenresearch1]

Rise in Digital Collection Techniques and Improvement in UAE Legal System Related to Debt Collection Will Boost UAE Debt Collection Market: Ken Research

1.Debt Collection Market in UAE expanded at a CAGR of 11.6% between 2017 and 2022

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The collection industry witnessed increasing growth rates right before and during the COVID-19 pandemic due to a sharp rise in NPL’s, use of technology like digital collection, speech analytics, predictive dialers etc. and rise in collection efforts by the agencies to sustain themselves in the market. The total number of cases settled by debt collection companies in UAE in 2022 stood at more than 200,000 growing at a CAGR of 11.6% from 2017. The Financing segment has the highest ticket size with non-finance being the lowest. There was a sudden increase in debt collected and cases settled in 2021 due to increased defaults in 2020 due to pandemic leading to more cases being outsourced and hence, companies improved upon their efforts to collect more debt over the next period.

2.Most of the Debt Collection Agencies and Law Firms have their presence in Abu Dhabi and Dubai.

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The majority of the collection agencies are based out of Abu Dhabi, Dubai and Ras Al-Khaimah accounting for more than 70% of the total market. This happens due to ease of legal structure in these emirates as compared to the others as they have their own local judicial systems and do not follow the federal judicial systems present in emirates like Sharjah, Ajman etc. Presence of free zones including DIFC in Dubai and ADGM in Abu Dhabi also acts as a incentive for companies to establish themselves in these regions due to benefits.

3.Pandemic-induced trend, a greater emphasis on NLP techniques and maintaining proper documentation are acting as key growth drivers.

Collection agencies are extensively using various speech analytics tools to record and analyse customer conversations. This enables to maintain security and gain insights into client expectations. The information gathered can further be used for training of employees adapting them to different situations while negotiating and hence, improving their performance which would act as a key growth driver for debt collection companies. In addition, companies are maintaining proper documentation and proof for all debt provided by them to corporates and individuals. This makes it much easier for Debt Collection agencies to recover the debt in case of a default both amicably and legally as well through payment order method. Collection companies which provide settlement plans to debtors have start taking post-dated cheques as a proof for future payment. Changing IT policies require companies to maintain complete confidentiality of client information due to threat of data breach. All this factors will provide more growth to collection industry. Moreover, Covid-19 made the public more aware about the existence of debt collection services which motivated them to fulfil their debt obligations. Pandemic also increased the number of default accounts bringing more business for collection agencies and inducing growth.

[debtcollection]

Role of Different Debt Recovery Agencies

Commitment aggregation has transformed into a commonplace practice in a couple of areas of the world. A basic addition of commitment specialists and commitment gathering workplaces is found in the present years. In the earlier years, debt collection was not seen by various associations. Unless the associations didn't start feeling money related disasters affecting their market, the commitment gathering workplaces created. The business needs to keep its salary smooth, not withstanding, if the terrible commitment happens, the wage is seriously impacted.

 The association needs to contract cash related debt recovery benefits as soon they can feel and see the situation of their fiscal records. There is a whole legal system for commitment recovery that is trailed by the commitment gathering workplaces. Regardless, the leaser does not have to worry over the frameworks made by the commitment gatherers for commitment recovery, since whatever they are doing, the law licenses them.

Types of debt recovery agencies

 The best debt recovery associations can be found in UAE. There are two sorts of commitment recovery organizations; first assembling association and outside office.

1. Assembling association

The past association is the individual who truly asserts the commitment. That infers that the credit supervisor's association is the essential office. The commitment specialists of the main office should be responsible for a sound association between the two get-togethers; credit manager and obliged individual. The commitment gatherers need to recall that the two social occasions' association reputation should be guaranteed.

2. Outside workplace

The outside association is the commitment gatherers who are accountable for budgetary commitment recovery for the advantage of the advance manager. There should be a whole gathering between the commitment gatherers and the credit supervisor about how things will work for their circumstance. The pioneer should give each one of the proof to recover the unpleasant commitment from the record holder in the briefest possible time.

[debtcollection]

Debt Collection Agency Helps You in Collection Of Debt

The problem of debt is not only faced by the companies, but there are a lot of businesses that face problems related to debt recovery. There are many hospitals that also go through by this problem. At the end of the year, when they are going to make a sheet for profit and loss, they come to know that there are still some bills that are unpaid. Sometimes the hospital management tries to communicate with the debtors of their own, but it is not as easy. Don’t be disappointed with this situation.

Hiring agency

All you need is to hire a professional debt collection agency.  The debt collection agency will solve your problem in a skillful manner and without affecting your reputation in the market. If the debt is not recovered in time, it will become bad debt, to solve a case of a bad debt is not as easy. The debt collection agencies can analyze the case and based on the situation, they will provide a suitable result. The debt collection agencies in UAE agency will solve your cases.

Business Debt recovery can in like way take after more convoluted reprobate aggregates; similar to Debts happened after various advances for business supporting. Right when the social occasion technique begins, business DCAs focus on associations' cash reel Land law and their accountings office remembering the true objective to recover the past-due Debts.

Provision of Fruitful results

The debt collection agencies are trying their best to provide the fruitful results for their client’s. The debt collection agencies can claim for the fee, when the debt has been recovered. The debt collection agencies cannot claim for the fee until the debt is not recovered. Most of the debt collection agencies are working on the policy of “no win no fee”.

[debtcollection]

Debt Settlement Agencies Types And Their Benefits

Commitment aggregation has transformed into a commonplace practice in a couple of areas of the world. A basic addition of commitment specialists and commitment gathering workplaces is found in the present years. In the earlier years, debt collection was not seen by various associations. Unless the associations didn't start feeling money related disasters affecting their market, the commitment gathering workplaces created. The business needs to keep its salary smooth, not withstanding, if the terrible commitment happens, the wage is seriously impacted.

Benefits of debt settlement

The association needs to contract cash related debt settlement UAE benefits as soon they can feel and see the situation of their fiscal records. There is a whole legal system for commitment recovery that is trailed by the commitment gathering workplaces. Regardless, the leaser does not have to worry over the frameworks made by the commitment gatherers for commitment recovery, since whatever they are doing, the law licenses them.

Types of agencies

The best debt settlement associations can be found in UAE. There are two sorts of commitment recovery organizations; first assembling association and outside office.

1. Accumulating association

The past association is the individual who truly asserts the commitment. That infers that the credit supervisor's association is the essential office. The commitment specialists of the main office should be responsible for a sound association between the two get-togethers; credit manager and obliged individual. The commitment gatherers need to recall that the two social occasions' association reputation should be guaranteed.

2. Outside place of work

The outside association is the commitment gatherers who are accountable for budgetary commitment recovery for the advantage of the advance manager. There should be a whole gathering between the commitment gatherers and the credit supervisor about how things will work for their circumstance. The pioneer should give each one of the proof to recover the unpleasant commitment from the record holder in the briefest possible time.

Introducing new things

Things are changing rapidly in big cities, every day there are new things being introduced in the market. Dubai is one the biggest country in which things is moving towards betterment and advancement rapidly. With the passage of time economy is also thriving. Many new industries and businesses are being set up. So many people are moving towards Dubai in order to utilize their skills in the best possible way in such big market. Different debt collection agencies are also establishing in Dubai along with the increase in business.

Improvement in debt settlement

Like improvement in other fields, the debt settlement in Dubai has also improved. Debt settlement in Dubai is expert and skillful in their work. They finish their tasks professionally. Debt settlement in Dubai is normal because the huge numbers of businesses are running in Dubai and most of them are providing their services to the clients to survive in the competitive environment. Debt collection agencies help numerous companies to settle their unpaid debt without wasting any time.We are also providing debt collection services in Dubai, since two decades.