emirates development bank holds workshop on electronic registry
Last Updated : GMT 06:49:16
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Last Updated : GMT 06:49:16
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Emirates Development Bank holds workshop on electronic registry

Arab Today, arab today

Arab Today, arab today Emirates Development Bank holds workshop on electronic registry

Emirates Development Bank
Abu Dhabi - Arab Today

Emirates Development Bank, in cooperation with the International Finance Corporation, IFC, member of the World Bank Group, held a dedicated workshop in Abu Dhabi and Dubai regarding the UAE law for mortgaging of movable properties as security for debts.

Attended by over 150 representatives from UAE banks and financial institutions, the workshop reviewed the UAE law for mortgaging of movable properties as security for debts and examined its objectives. It also looked at the registry of mortgaged movable assets, and the law’s main role and mechanism in publicising and prioritising lenders’ rights through the electronic registry of mortgaged movable properties as security for debts and its benefits for lenders and borrowers. The aim of the workshop was to ensure a swift and successful transition of mortgage of movable properties towards electronic registration.

The workshop was organised following the UAE’s Federal Law No. 20 of 2016, which was issued last December concerning the mortgaging of movable properties as security for debts, which entailed the establishment of a registry to regulate the registration process of movable assets, publicise and prioritise lenders’ rights and cover the processes of terminating or transferring the possession of moveable assets as well as their penalties and compensations. The law’s objective is to provide a legislative framework for the mortgaging of moveable assets as security for debts in order to encourage lenders to accept these assets as collateral in exchange for loans. In addition, to offer establishments greater opportunities to receive financing at a lower cost, which ensures better evaluations in relation to business transactions, global competitiveness, innovation, entrepreneurship and development’s indicators.

The workshop comes in line with the joint cooperation agreement signed between Emirates Development Bank and the Ministry of Finance on July 10th, 2017, assigning the bank to establish and manage the electronic registry to publicise the rights associated with the mortgage of movable properties as security for debts, to start the legal and legislative environment that enables projects, corporations and institutions mortgage their movable assets as security for debts in exchange for loans from banks and financial institutions within a legal framework that regulates the operation of the electronic registry and allows the public to access information published in the registry through the database.

This project will reinforce the ability of financial institutions to expand their lending operations in exchange for movable securities and movable funds, which may include inventory and receivables used as collateral. Economic analysis has shown that small and medium-sized enterprises have more access to financing in countries that adopt effective secure transactions laws in the process of movable assets registration and increases their business competitiveness due to the presence of a legal and legislative framework governing secure lending transactions.

The UAE Law for mortgaging of movable properties as security for debts includes 47 articles covering all legislative and executive aspects guaranteeing the rights of all parties. It also establishes a clear system for the process of movable assets, to publicize and prioritize lenders’ rights and cover the processes of terminating or transferring the possession of moveable assets as well as their penalties and compensations, as well as asserting the right of the lender, borrower and any other relevant party to access the information that is published in the registry.

The workshop agenda included a comprehensive introduction to Emirates Development Bank, its mission and vision, followed by an overview on the best international practices in relation to movable assets, a presentation of the UAE Law and the registry of security as debts, and how lenders can sure their movable assets. The workshop also clarified the electronic registry’s main features, objectives and expected outcome, and was concluded by an interactive questions and answers session.

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emirates development bank holds workshop on electronic registry emirates development bank holds workshop on electronic registry

 



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