Description:
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.