QCB to issue unified form for Demand Guarantee Letter, says ICC Qatar

The Qatar Central Bank (QCB) will adopt and circulate a unified form of the Demand Guarantee Letter “soon,” according to the International Chamber of Commerce Qatar (ICC Qatar).

This was announced by the ICC Qatar Banking Commission during a seminar held at the Qatar Chamber headquarters on Sunday. The seminar was attended by ICC Qatar Banking Commission vice chairman Ghassan Azar, ICC Qatar director of International Relations and Chamber Affairs Sheikha Tamader al-Thani, and representatives of banks and local companies.

According to ICC Qatar, the move aims to build a unified template for the guarantee letter consistent with the international regulatory standards.

Speaking to the media on the sidelines of the seminar, Sheikha Tamader said that this step is “a result of enormous efforts made by the commission with a view to creating a unified system for the demand guarantee letter.”

She also stressed that the move 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.