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Business and Finance

Cabinet Approves Draft Law on Mortgaging Movable Property

10 Dec, 2020 09:46 AMAl Arab Newspaper, The PeninsulaIntended Audience
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News Details

HE Sheikh Khalid bin Khalifa bin Abdulaziz Al Thani, Prime Minister and Minister of Interior, chaired the Cabinet's regular meeting held at the Amiri Diwan yesterday's noon. 

At the beginning of the meeting, the Cabinet listened to the explanation made by HE Dr. Hanan Mohammed Al Kuwari, Minister of Public Health, on the latest developments to curb the spread of the Coronavirus (COVID-19), and the Cabinet affirmed the continuation of the precautionary measures taken to combat this pandemic.
Then, the Cabinet has approved a draft law on mortgaging movable property and agreed to refer it to the Shura Council (Advisory Council).  

The draft law aims to empower companies and individuals to obtain bank loans guaranteed by their movable property. This also would contribute to reducing the cost of loans by finding guarantees for banks in order to reduce the risk of default, thus supporting small and medium-sized enterprises and their contribution to the national economy. 

Some of the draft law's provisions include provisions related to the scope of application, establishing an electronic record at the Qatar Central Securities Depository and data needed to be recorded, establishing the right to mortgage and its entry into force and establishing the rights of mortgagee.

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