ICC Qatar Prepares Demand Guarantee Letter Final Version

Doha, June 30 (QNA) - The International Chamber of Commerce (ICC) Qatar discussed the final version of the Demand guarantee letter in preparation for submission to Qatar Central Bank for adoption. This came during a banking commission meeting held with Trade Finance and Legal experts from most of the national banks operating in Qatar. A press release issued by ICC Qatar said that the final wording of the Demand guarantee letter was based on the rules of the International Chamber of Commerce for Security Letters (URDG 758), considering international laws and practices in this regard. The meeting was chaired by Vice Chairman of the ICC Qatar Banking Commission Ghassan Azar. He stressed that the ICC Qatar Banking Commission is always keen to adopt best practices related to the banking industry. He emphasized that this meeting with Bank guarantee and legal experts of national banks operating in the country aimed at finalizing the draft letters of credit and bank guarantees before submitting them to the Qatar Central Bank. Azar expressed his thanks and appreciation to HE Chairman of Qatar Chamber and ICC Qatar Sheikh Khalifa bin Jassim bin Mohammed Al-Thani for his continuous support to the Banking Commission. He also thanked Director of International Relations and Chamber Affairs of ICC Qatar Sheikha Tamader Al-Thani for her efforts in developing the work of the Commission. Qatar Central Bank is scheduled to hold a meeting with representatives of national banks operating in Qatar to discuss the Demand guarantee letter, with the participation of ICC Qatar and representatives of Qatari companies. (QNA)