+ A
A -
Satyendra Pathak
Doha
In a major step towards attracting more foreign investment to the local market, Qatar Central Bank (QCB) is all set to adopt and circulate the unified form of the Demand Guarantee Letter soon.
An announcement to this effect was made by The International Chamber of Commerce Qatar (ICC Qatar) during a seminar held by the ICC Qatar Banking Commission at Qatar Chamber of Commerce and Industry in Doha on Sunday.
“The move aims to build a unified template for the guarantee letter consistent with the international regulatory standards,” ICC Qatar said.
ICC Qatar Banking Commission Vice Chairman Ghassan Azar addressed the seminar attended by a number of representatives from banks and companies. ICC Qatar International Relations and Chamber Affairs Director Sheikha Tamader al Thani was also present on the occasion.
Speaking on occasion, Azar said that ICC Qatar was working on the unified form for Demand Guarantee Letter in consultation with the officials of QCB and representatives from Qatar’s private sector.
“The format on which we all have agreed upon is very simple and effective. All the banks operational in Qatar will use the same formant once it is notified by QCB. The unified form will make things easier for all parties,” Azar said.
Azar clarified that as long as the new unified form is not officially introduced, the current forms for Demand Guarantee Letter will be accepted.
Talking to Qatar Tribune on the sidelines of the seminar, Sheikha Tamader said the unified form would have a positive impact on the investment climate in Qatar and attract more foreign investments to the local market.
“This step is a result of enormous effort made by the ICC Qatar Banking Commission with a view to creating a unified system for the demand guarantee letter. In the new format, we have taken utmost care to ensure that highest of international standards are met while issuing Demand Guarantee Letter. It’s very easy to fill,” she said.
The form will be introduced in the very near future, she said.
According to an official of ICC Qatar, the QCB will notify all the banks about the new form and make an announcement before launching it officially in the country.
Copies of the new format were handed over to all the participants on the occasion. The ICC Qatar official said that many more seminars will be organised in the future to explain the benefits of the new form to Qatar’s business community.
Doha
In a major step towards attracting more foreign investment to the local market, Qatar Central Bank (QCB) is all set to adopt and circulate the unified form of the Demand Guarantee Letter soon.
An announcement to this effect was made by The International Chamber of Commerce Qatar (ICC Qatar) during a seminar held by the ICC Qatar Banking Commission at Qatar Chamber of Commerce and Industry in Doha on Sunday.
“The move aims to build a unified template for the guarantee letter consistent with the international regulatory standards,” ICC Qatar said.
ICC Qatar Banking Commission Vice Chairman Ghassan Azar addressed the seminar attended by a number of representatives from banks and companies. ICC Qatar International Relations and Chamber Affairs Director Sheikha Tamader al Thani was also present on the occasion.
Speaking on occasion, Azar said that ICC Qatar was working on the unified form for Demand Guarantee Letter in consultation with the officials of QCB and representatives from Qatar’s private sector.
“The format on which we all have agreed upon is very simple and effective. All the banks operational in Qatar will use the same formant once it is notified by QCB. The unified form will make things easier for all parties,” Azar said.
Azar clarified that as long as the new unified form is not officially introduced, the current forms for Demand Guarantee Letter will be accepted.
Talking to Qatar Tribune on the sidelines of the seminar, Sheikha Tamader said the unified form would have a positive impact on the investment climate in Qatar and attract more foreign investments to the local market.
“This step is a result of enormous effort made by the ICC Qatar Banking Commission with a view to creating a unified system for the demand guarantee letter. In the new format, we have taken utmost care to ensure that highest of international standards are met while issuing Demand Guarantee Letter. It’s very easy to fill,” she said.
The form will be introduced in the very near future, she said.
According to an official of ICC Qatar, the QCB will notify all the banks about the new form and make an announcement before launching it officially in the country.
Copies of the new format were handed over to all the participants on the occasion. The ICC Qatar official said that many more seminars will be organised in the future to explain the benefits of the new form to Qatar’s business community.
