The International Chamber of Commerce Qatar (ICC Qatar) recently held a Banking Commission meeting at the Qatar Chamber headquarters with the participation of trade, finance, and legal experts from most of the national banks operating in Qatar.
The meeting discussed the final version of the Demand Guarantee Letter in preparation for submission to the Central Bank of Qatar for adoption.
In a media statement, ICC Qatar said 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 Ghassan Azar, vice chairman of the ICC Qatar Banking Commission. He stressed that the ICC Qatar Banking Commission is always keen to adopt best practices related to the banking industry.
He emphasised that the meeting with Bank Guarantee and Legal experts of national banks operating in the country was aimed at finalising the draft letters of credit and bank guarantees before submitting them to the Central Bank of Qatar.
Azar expressed his thanks and appreciation to Qatar Chamber chairman Sheikh Khalifa bin Jassim bin Mohamed al-Thani and ICC Qatar for the continuous support to the Banking Commission. He also thanked Sheikha Tamader al-Thani, director of International Relations and Chamber Affairs of ICC Qatar, 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.