Syed Hussein Al -Qassab
The Chairman of the Finance and Economic Committee of the Shura Council, Khaled Al -Muscati, stressed, during the discussion of a draft law to amend some provisions of the Trade Law issued by Decree Law No. (7) of 1987 AD, accompanying Decree No. (44) of 2024, that the draft law comes within efforts to enhance confidence in commercial transactions and regulate the exchange of checks.
He explained that one of the most prominent goals and justifications for the draft law contributing to achieving the smooth flow of checks and facilitating their circulation, in addition to preserving the right of the check holder or the beneficiary in the remainder of the value of the check by activating the partial payment mechanism of checks.
He also pointed out that the project seeks to revive the economic movement and grant greater confidence in the use of the check as a fulfillment tool, in addition to allowing the partial payment of checks in order to reduce cases of checks of checks for insufficient balance, and to enhance confidence in dealings.
Al -Muscati indicated that the amendments aim to provide the option of partial loyalty to the value of the check, so that the check holder can fulfill a portion of the amount if the full balance is not available, with the ability to re -submit the check to collect the rest. He also stressed the importance of enabling the drawee (the bank) to adopt the check in whole or in part whenever it is available in exchange for the fulfillment, and the inadmissibility of refusing to accredit if the drawer (the account owner) or the check holder requests it.
He added that the amendments obligate the bank to refrain from disbursing the value of the check in whole or in part when receiving an opposition regarding its loss or damage, while delegating the Central Bank of Bahrain to issue a decision specifying an alternative mechanism to prove the partial fulfillment (other than marking the check), as well as organizing the conditions, controls and procedures related to the application of the partial fulfillment of the check.
He pointed to the importance of enabling the check holder to refer to the drawer and the two appearances if the value of the check is not paid completely when it is submitted on the legal date, provided that it is proven that refrain from paying completely or partially by protesting or by any other means stipulated by the law.
Al -Muscati noted that the project considers the check indicated that there is no balance or partial fulfillment of an executive support that may be implemented in accordance with the law of implementation in civil and commercial articles, while granting the minister concerned with justice affairs the authority to organize the rules and procedures of this implementation after the approval of the Supreme Judicial Council.
He concluded by emphasizing that the amendments criminalize the issuance of checks on white for the purpose of using them as a credit or guarantee tool, with financial penalties imposing on everyone who issues a check on white for use as a credit or guarantee tool, with a fine of not less than 200 dinars, and not exceeding 2000 dinars, as well as everyone who carries a check on white, and fills his data and submit it to fulfill, with a fine of not less than 10% of the value Which was recorded in the check, and does not exceed twice that value, provided that the value of the fine is not less than 500 dinars, and does not exceed 10 thousand dinars in all cases.
