Increasing Access to Credit through Reforming Secured Transactions in the MENA Region

This paper provides a comparative summary of secured transactions systems related to the use of movable property as collateral in the MENA region vis a vis international practices in countries with modern secured transactions systems. The paper set...

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Bibliographic Details
Main Author:	Alvarez de la Campa, Alejandro
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ACCESS TO CREDIT ACCOUNT RECEIVABLES ACCOUNTS RECEIVABLE ARBITRATION ASSET VALUE AUCTIONS BAILIFFS BANK ACCOUNT BANK ACCOUNTS BANK DEBT BANK FINANCING BANK LOANS BANKRUPTCY BANKRUPTCY LAWS BANKRUPTCY PROCEDURES BENEFICIARIES BID BIDS BONDS BORROWER CAPITAL STOCK CASH FLOW CASH FLOWS CENTRAL BANK CHECKS CIVIL CODE CIVIL CODES CIVIL LAW CLAIMANTS COLLATERAL COLLATERAL AGREEMENTS COLLATERAL FOR LOANS COLLATERAL IN SATISFACTION COLLATERAL LAWS COLLATERAL REGISTRATION COLLATERAL REGISTRIES COLLATERAL REGISTRY COLLATERAL REQUIREMENTS COLLECTION PROCESSES COMMERCIAL CODE COMMERCIAL CODES COMMERCIAL LAW COMMERCIAL MORTGAGES COMMERCIAL REGISTRY COMMON LAW CONSUMER GOODS CORPORATE GOVERNANCE COURT ORDER CREDIT ACCESS CREDIT BUREAU CREDIT BUREAUS CREDIT DECISION CREDIT ENHANCEMENT CREDIT INFORMATION CREDIT INFORMATION SYSTEM CREDIT INFORMATION SYSTEMS CREDIT LINES CREDIT PROVIDERS CREDIT SYSTEM CREDITOR CREDITOR PROTECTION CREDITOR PROTECTIONS CREDITORS CREDITWORTHINESS DEBT DEBT COLLECTION DEBT RECOVERY DEBTOR DEBTORS DEBTS DECENTRALIZATION DEFAULTS DERIVATIVE DERIVATIVE PRODUCTS DEVALUATION DEVELOPING COUNTRIES DISPUTE RESOLUTION DOMESTIC BANKS EMERGING MARKET EMERGING MARKET COUNTRIES EMERGING MARKETS ENFORCEABILITY ENFORCEMENT MECHANISMS ENFORCEMENT OF SECURITY ENFORCEMENT PROCEDURES ENFORCEMENT PROCESS ENFORCEMENT SYSTEM ENFORCEMENT SYSTEMS EQUIPMENT ESTATE FAIR MARKET VALUE FAIR VALUE FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL SECTOR REFORMS FINANCIAL SYSTEM FINANCIAL SYSTEM STABILITY FINANCIAL SYSTEMS FLOATING PLEDGES FORM OF COLLATERAL FUTURE ASSETS FUTURE DEBTS FUTURES HOLDING HOUSING FINANCE IMMOVABLE ASSETS IMMOVABLE PROPERTY INFORMATION ASYMMETRY INFORMATION ON BORROWERS INSTITUTIONAL FRAMEWORK INSTITUTIONAL INFRASTRUCTURE INSURANCE INSURANCE POLICIES INTANGIBLE INTANGIBLE MOVABLE PROPERTY INTANGIBLE PROPERTY INTANGIBLES INTELLECTUAL PROPERTY INTEREST RATES INTERNATIONAL BANK INVENTORY INVESTMENT CLIMATE ISLAMIC BANKS ISLAMIC FINANCE ISLAMIC LAW JUDGMENT LIEN JUDGMENT PROCEDURE JUDICIAL AUCTION JUDICIAL ENFORCEMENT JUDICIAL PROCESS JUDICIAL SYSTEM JURISDICTION JURISDICTIONS LEGAL FRAMEWORKS LEGAL REFORMS LEGAL RIGHT LEGAL RIGHTS LEGAL SYSTEM LENDER LENDERS LENDING DECISIONS LEVEL OF CREDIT LEVERAGE LIENS LINE OF CREDIT LOAN LOAN AGREEMENTS LOAN DEFAULT MARKET VALUE MATURITY MONETARY FUND MORAL HAZARD MORTGAGE MORTGAGES MOVABLE ASSET MOVABLE ASSETS MOVABLE COLLATERAL MOVABLE PROPERTY MOVABLE PROPERTY AS COLLATERAL MOVABLE PROPERTY REGISTRIES NEGOTIABLE INSTRUMENTS NON-PERFORMING LOANS NONPERFORMING LOANS NOTARIES ORIGINAL ASSETS ORIGINAL CONTRACT PAYMENT OF DEBTS PLEDGES POSSESSORY SECURITY PRIVATE CREDIT PRIVATE CREDIT BUREAUS PRIVATE ENFORCEMENT PRIVATE PARTY PRIVATE SALE PRIVATE SALES PRIVATE SECTOR CREDIT PROPERTY RIGHTS PROTECTION OF CREDITOR PUBLIC ENFORCEMENT PUBLIC RECORD PUBLIC REGISTRY REAL ESTATE AS COLLATERAL RECEIVABLES FINANCING REGISTRATION SYSTEM REGISTRY SYSTEM REGISTRY SYSTEMS REGULATORY FRAMEWORKS REPAYMENT REPAYMENT PERIODS REPOSSESSION RETENTION OF TITLE RIBA RIGHTS TO PAYMENT RISK MANAGEMENT SALARIES SALE OF ASSETS SECURITIES SECURITIES REGISTRATION SECURITY AGREEMENT SECURITY INTEREST SECURITY INTERESTS SEIZURE SEIZURE OF ASSETS SEIZURE PROCEDURE SETTLEMENT STATUTORY LIEN STOCK EXCHANGE STOCKS TANGIBLE ASSETS TANGIBLE MOVABLE PROPERTY TAX TOTAL DEBT TRADE CREDIT TRANSACTION TRANSACTIONS LAW TRANSACTIONS LAWS TRANSACTIONS SYSTEM TRANSACTIONS SYSTEMS TRANSITION ECONOMIES TRANSPARENCY UNSECURED LOANS VALUABLE ASSETS WRITTEN CONTRACT
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110324112706 http://hdl.handle.net/10986/3379

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Summary:	This paper provides a comparative summary of secured transactions systems related to the use of movable property as collateral in the MENA region vis a vis international practices in countries with modern secured transactions systems. The paper sets out the importance of introducing reforms in the area of secured transactions with the objective of increasing access to credit for businesses, particularly SMEs. The MENA region clearly lags behind all other regions in the introduction of secured transactions reforms. The paper summarizes many of the weaknesses common across the region. The two main critical areas that need urgent reforms are the creation of modern secured transactions laws and electronic movable collateral registries, and the need to improve enforcement mechanisms for security interests in movable property.

Increasing Access to Credit through Reforming Secured Transactions in the MENA Region

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