Summit probes role of arbitration
Manama, June 11, 2012
The Bahrain Chamber for Dispute Resolution (BCDR) took part in the Third World Islamic Banking Conference (WIBC) Asia Summit in Singapore which was attended by 450 leaders in international Islamic banking industry.
The BCDR's chief registrar and assistant chief executive for arbitration Ahmed Husain discussed the benefits for the industry of arbitration in dispute resolution and alternative solutions offered by the chamber at the key summit.
Chief registrar and assistant chief executive for mediation Ali Al Aradi attended.
"The Islamic finance industry is currently valued at $1 trillion and is growing at a significant rate of 10 per cent per year," he said. "With this growth comes the demand for alternative solutions to traditional means of settling legal disputes," he noted.
"As such, arbitration and mediation have an increasingly important role to play in the financial and legal sectors," remarked Al Aradi.
"We have already seen a shift towards using alternative solutions for dispute resolution in the region due to the considerable advantages they offer."
"Since opening our doors in 2010, the BCDR has presided over 54 cases with a value in excess of over $1.1 billion," he stated.
"The process is simple, flexible and cost effective. Parties are able to hand-pick an arbitrator or mediator with credentials and expertise that best suit their needs. This is particularly important when considering the complexities of the Islamic finance industry," he said.
The BCDR-AAA was the official dispute resolution partner for the summit held under the theme 'Islamic Finance in Asia: Strengthening International Connectivity and Capturing Cross-Border Opportunities'.-TradeArabia News Service