The International Chamber of Commerce (ICC) Qatar discussed the final version of the demand guarantee letter in preparation for submission to Qatar Central Bank (QCB) for adoption.
This came during the Banking Commission meeting held with trade finance and legal experts from most of the national banks operating in Qatar in Doha recently.
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 the commission is always keen to adopt best practices related to the banking industry.
He said the meeting aimed at finalising the draft letters of credit and bank guarantees before submitting them to the QCB.
Azar hailed Qatar Chamber Chairman Sheikh Khalifa bin Jassim bin Mohammed al Thani for his 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.
QCB is scheduled to hold a meeting with representatives of national banks operating in Qatar to discuss the Demand guarantee letter, with the participation of International Chamber of Commerce Qatar (ICC Qatar) and representatives of Qatari companies.