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BAB mulls setting up banking court in Bahrain

MANAMA, December 24, 2016

Bahrain Association of Banks (BAB) said it has started discussion with its members on the creation of what could be the first banking court or jury in the region with a primary mission to resolve disputes that arise from financial and banking transactions taking place in the kingdom with speed and efficiency.

The entity will possess the expertise required to resolve these cases and the speed to preside over them and implementing their rulings take into account the specialised nature of financial and banking cases, said a top official at the meeting organised by the banks of the BAB.

Leading experts and officials of legal departments from a number of banks and financial institutions and law firms, attended in order to exact their views and expertise, and take advantage of local, regional and international experiences in the field of processing of banking disputes.

BAB chief executive Dr Waheed Al Qassim lauded the huge effort exerted by the Central Bank of Bahrain and the banking sector to create a comprehensive judicial system specialising in financial and banking cases.

He drew attention to the keenness of the BAB to come out with a vision of the court to present to the board members, who have inveterate experience in the banking business. The vision will also be presented to the CBB.

Dr Qassim also thanked CBB governor Rasheed Al Maraj, for his efforts in proceeding with the project of establishing a comprehensive judicial system specialised in financial and banking cases, and his effective communication with stakeholders in the country in this regard to ensure its implementation in the near future, so as to reinforce the pioneering of the financial and banking sector in Bahrain.

At the meeting, Marina Al Ashqar, the head of legal matters in Al Ahli United Bank, stressed on the importance of strengthening the judicial body in Bahrain with more expertise that is capable of presiding on financial and banking cases professionally, especially given the precise and constantly evolving nature of financial cases.

Noora Janahi, a partner in the Hassan Radhi &Associates Law Firm, pointed out that the Bahrain Chamber for Dispute Settlement has been playing a major role in settling banking disputes.

"However, it only looks into cases worth more than half a million dinars. Hence there is an urgent need to apply chamber expertise to banking cases, no matter what their financial value," she added.-TradeArabia News Service




Tags: Bahrain | BAB | banking court |

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