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Union of Arab Banks Launches Brokerage and Arbitration Center DinarDailyUpdates?bg=330099&fg=FFFFFF&anim=1

Union of Arab Banks Launches Brokerage and Arbitration Center

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Union of Arab Banks Launches Brokerage and Arbitration Center Empty Union of Arab Banks Launches Brokerage and Arbitration Center

Post by claud39 on Wed Mar 13, 2019 9:49 am


Union of Arab Banks Launches Brokerage and Arbitration Center


Union of Arab Banks Launches Brokerage and Arbitration Center Rc_155246568422_23

The Union of Arab Banks launched the 'Mediation and Arbitration Center', pointing out that its statute was amended and approved by the Board of Directors of the Union (20 Arab countries) at its 106th meeting in Beirut last year, in accordance with the internationally adopted UNCITRAL Rules. The project was announced at a press conference at the headquarters of the General Secretariat of the Union in Beirut, in which the President of the Association of Banks in Lebanon, the Chairman of the Executive Committee of the Union Joseph Tarbih, the President of the Arab Arbitration Commission, member of the Higher Arbitration Council of the Center Abdul Hamid Al-Ahdab, Lebanon, a member of the Supreme Council of Arbitration of the Center, Judge Ghaleb Ghanem, Press Captain Awni Kaki, and the Secretary General of the Union Wissam Fattouh.

Tarbih said that the importance of the center is to be the first reliable and specialized in providing alternative means of resolving banking disputes, and working to resolve all local and international disputes in a distinct framework quickly and effectively, and to provide neutrality and justice between the opponents, through a distinguished elite of Arab and European arbitrators, Internationally recognized. "He explained that the system of the center 'has noticed the possibility of the use of arbitrators from outside the list approved by him, to arbitrate between the parties after the approval of the Supreme Council of Arbitration, as well as mediation and arbitration procedures in front of this center is less expensive'. 

He said that the center "depends on confidentiality in all that is going on during its arbitration sessions, and this guarantee that the Supreme Council is completely neutral towards banks and financial institutions or individuals, which gives the Center the credibility necessary for the process of arbitration.
"The culture of alternative media for conflict resolution, foremost arbitrations, is spreading, particularly in countries whose economic growth requires encouragement or attraction of national or foreign capital, which seeks the best way to resolve disputes if they happen," Ghanem said. "The success of this medium is linked to at least three catalysts: speed, confidence and technical know-how," he said. 

Ghanem said that the Union's mediation and arbitration center, with its sophisticated system, emulates the most efficient and efficient systems, and is well positioned to resolve disputes at the maximum speed required to be trustworthy and rich in its diverse legal, economic, financial, banking and technical expertise. It is then in the right place to enrich the arbitral justice in our world '.

He believed that 'the resort to it ultimately eliminates the idea that prevailed for a time, namely that foreign arbitral tribunals were sometimes tilted to layoffs on Arab rights, especially in the contracts of investment and major privileges'. 

Al-Ahdab said that the huge investments 'need arbitration because it guarantees a set of freedoms from the choice of judge, to the country of arbitration and law chosen by the opponents'. He pointed out that arbitration at the international level 'has become the basis, while the judiciary is the branch, so it was necessary to be an arbitral tribunal at the level of Arab banks to meet the urgent need, because banking arbitration needs law professionals specializing in banking laws ». 

Al-Ahdab hoped that the arbitration center of the Union would be worthy of competition in the Arab region in terms of disputes with regard to Arab banks, in the transparency that it holds and assumes responsibility, and will be a pioneer in its missions.
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