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Posted On: 9 December 2020 04:14 pm
Updated On: 9 December 2020 04:30 pm

Draft law on mortgaging movable property approved by Qatar Cabinet

Vrinda Abilash
Vrinda Abilash
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H.E. Prime Minister and Minister of Interior Sheikh Khalid bin Khalifa bin Abdulaziz Al-Thani chaired Wednesday the cabinet's regular meeting held at its seat at the Amiri Diwan.

Following the meeting, H.E. Minister of Justice and Acting Minister of State for Cabinet Affairs Dr. Issa bin Saad Al Jafali Al Nuaimi said the following statement:

At the beginning of the meeting, the Cabinet listened to the explanation provided by H.E. Minister of Public Health on the latest developments to limit the spread of the coronavirus (COVID-19), and the council affirmed the continuation of work with regard to the precautionary measures that have been taken in order to combat this pandemic.

After that, the Council considered the topics on the agenda as follows:

First, the cabinet approved a draft law on mortgaging movable property and agreed to refer it to the Shura Council. The project aims to allow companies and individuals to obtain bank loans guaranteed by their movable property. This would help lower the cost of loans by finding guarantees for banks that lowers the risk of default, and supports small and medium enterprises in making a bigger contribution to the national economy. Some of the draft law's provisions include establishing an electronic record at the Qatar Central Securities Depository, mentioning the required documents for establishing the electronic record, and the rights of the borrowers and lenders.

The cabinet then approved taking the necessary measures to ratify a contribution agreement between the government of the State of Qatar and the United Nations represented in the Office of Counter-Terrorism to support the International Hub on Behavioural Insights to Counter Terrorism.

The cabinet also approved a draft cooperation agreement in the legal field between the Ministry of Justice in the State of Qatar and the Ministry of Justice and Human Rights in the Republic of Mali.

Source: QNA
Cover image source: Shutterstock