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Monday | September 21, 2026 | Dhaka

JS passes bill to allow bank loans with movable property

 New Nation
 Published: 12:00 AM, 29 October 2023

Business Desk :
The Secure Transactions of (Moveable Assets) Bill 2023 was passed in Parliament on Thursday to bring movable property under the definition of collateral for bank loan borrowing.

Law Minister Anisul Huq, in absence of Finance Minister AHM Mustafa Kamal, moved the Bill and it was passed by voice vote.

If enacted, the new law will bring a broader definition of collateral for bank loans, reports UNB.

As a result, not only the immovable property, but also fixed deposits or movable property like gold, silver, intellectual property can be taken as collateral for loans from banks, and financial institutions.

However, the movable property must be registered for a mortgage.

For this purpose, it has been decided to have a separate authority for the registration of movable assets for which valuation of those is possible, mentioned in the proposed law.

As a result, both banks and borrowers will benefit, and providing loans will be easier, as stated in the text of the Bill.

In order to borrow a certain amount of money from a bank or financial institution, a visible asset or equal value like land or building must be deposited or mortgaged in the bank.

With the new ‘Secured Transactions’ Bill, banks will be able to hold other floating assets to market value as collateral instead of tangible assets to borrow from banks.

As per the proposed law, from now on anyone can take loans against fixed deposits in banks, gold and silver or raw materials kept for export.

Anything that is copyrighted can be pawned to the bank. Also, products like furniture, electronics, software, and apps can also be kept with the bank while taking loan, subject to pricing.

Besides, the bank will also give loans against fish in ponds, tree gardens, and cattle.

The law would pave the way for the small and medium-level entrepreneurs to take bank loans. Opposition Jatiya Party MPs heavily criticised the Bill.

They said that those who have defaulted on loans with immovable property now they will take loans with movable property as they have no immovable property to give.

“The Act was brought in to facilitate looting of immovable property. The law has put a hand in people’s pockets,” they said.

Jatiya Party MP Fakhrul Imam claimed that the government is enacting this law as a part of the long-term plan as the economic situation will worsen in the future.

“The bank has gone bankrupt. People will go bankrupt in this way. Can you handle it? It wasn’t necessary. This will increase the chaos a lot,” he said.

Questioning why the Finance Minister is not present in Parliament, Fakhrul Imam said, “I have seen the Law Minister performing the duties of the Finance Minister for two or three days.”

Another Jatiya Party MP Pir Fazlur Rahman complained that this law is being made to provide benefits to big loan defaulters and said that the condition of loans given by banks with immovable property is dire.