Unified Form for Demand Guarantee Letter will be issued soon

ICC Qatar, Sunday 1 Sept. 2019

The International Chamber of Commerce Qatar (ICC Qatar) announced on Sunday that Qatar Central Bank (QCB) will adopt and circulate the unified form of the Demand Guarantee Letter soon.

The move aims to build a unified template for the guarantee letter consistent with the international regulatory standards, a press release issued by ICC Qatar said.

The announcement came during a seminar held by the ICC Qatar Banking Commission at Qatar Chamber of Commerce and Industry.

The seminar was attended by Mr. Ghassan Azar, Vice chairman of the ICC Qatar Banking Commission, HE Sheikha Tamader Al Thani, Director of International Relations and Chamber Affairs of ICC Qatar, and a number of banks’ and companies’ representatives.

Speaking to media following the meeting, Sheikha Tamader said that this step is a result of enormous effort made by the Commission with a view to creating a unified system for the demand guarantee letter.

She stressed that it would have a positive impact on the investment climate in Qatar and attract more foreign investments to the local market.

“The form will be introduced in the very near future,” she added.

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