Bangladesh to allow movable assets to be mortgaged

The assets include fixed deposits, gold, intellectual property, software, app, and car

Published : 18 May 2023, 06:07 PM
Updated : 18 May 2023, 06:07 PM

The government has approved a draft law to allow the mortgaging of movable assets to banks or financial institutions.

The assets include fixed deposits, gold and other metals, intellectual property, software, apps and car, according to the draft passed by the cabinet in a meeting presided over by Prime Minister Sheikh Hasina on Thursday.

The movable assets that can be mortgaged under the Secured Transaction (Movable) Act 2023, once it is passed, are shares of listed firms, furniture, electronic goods, preserved agricultural goods, processed fish or seafood, wildlife or animals that are sources of income and leases.

Cabinet Secretary Md Mahbub Hossain said small businesses, ICT entrepreneurs who own mobile phone apps and intellectual property owners will be able to take loans against these properties by registering them through valuation.