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Union of Arab Banks is preparing to launch a unified center for mediation and arbitration in early 2019

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Union of Arab Banks is preparing to launch a unified center for mediation and arbitration in early 2019

Post by claud39 on Wed Dec 05, 2018 11:05 am


Union of Arab Banks is preparing to launch a unified center for mediation and arbitration in early 2019


The Union of Arab Banks is preparing to launch a unified center for mediation and arbitration in the settlement of banking disputes for Arab banks early next year, with the aim of unifying arbitration procedures with global procedures and lower costs for all banks without exception. 
He stressed to the 'Economist' Union of Banks, readiness of the Center for two weeks, but is currently being introduced the new center system through extensive contacts and coordination of all Arab banks, and rules and rules of arbitrators and the quality of disputes and arbitrators. 
He pointed out that the actual operation of the center after the completion of the definition plan, pointing out that the Union is currently in the stage of activating the center and work on legal matters. 
He explained that communication with banks is in a deliberate manner within an organized plan that takes between 45 days to two months, and then will begin to receive the first issues of the banking dispute.
He said that the center will be independent of banks to resolve their disputes, and will focus on all disputes between Arab and foreign banks alike. 
He reported the introduction of a new system introduced, the UNCITRAL Arbitration Rules, which is a comprehensive set of procedural rules that parties can agree to facilitate arbitration procedures to be applied internationally. 
He pointed out that the new system was approved and a plan of action was put in place to activate the center directly during the first meeting of the Supreme Council of Arbitration which was held recently. 
He pointed out that in the past the banks resorted in disputes to other arbitration centers do not operate under the umbrella of the Union, noting that they are currently seeking to unify Arab banking arbitration in one place.
The period of work for the center lasted 18 months, during which the procedures, rules and regulations to be applied at the Federation's headquarters were set up by Arab arbitrators, which to date have reached 38 internationally accredited Arab arbitrators. 
The Center would later include statistics, data and a database on the quality and number of issues of banking conflict.

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