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Business and Finance

Shura Council Approves Draft Law on Mortgaging Movable Funds

19 Jan, 2021 09:07 AMAl Watan Newspaper, The PeninsulaIntended Audience
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News Details

The Shura Council (Advisory Council) held its regular weekly meeting yesterday, Monday, 18 January 2021 under the chairmanship of HE Speaker of the Shura Council Mr. Ahmed bin Abdullah bin Zaid Al Mahmoud.

During the session, the Council discussed a draft law on mortgaging movable funds.

The draft law includes 9 chapters and 49 articles. The draft law aims to enable companies and individuals to acquire bank loans guaranteed by mortgaged movables and contribute to lowering the cost of loans by finding guarantees for banks that reduce the risk of default. This, the move will benefit small and medium-sized enterprises and their contribution to the national economy.

The draft law also includes provisions related to the scope of application, establishing an electronic record at the Qatar Central Securities Depository (QCSD) and data needed to be recorded, establishing the right to mortgage and its entry into force, establishing the rights of mortgagee and establishing penalties, as well as general provisions.

After the discussion, the Council decided to refer the abovementioned draft law to the Financial and Economic Affairs Committee to discuss and submit a report thereon to the Council.

After the discussion of the report, the Council decided to approve the draft law and refer its recommendations to the esteemed government.

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