Bahrain Association of Banks (BAB) is considering the establishment of a specialised banking court to help speed up procedures and strengthen the kingdom's position as a developed financial centre in the region and attracting foreign investments in the financial and banking sectors.

 

BAB pointed out that its cooperation with the Ministry of Justice, Islamic Affairs and Endowments, and the Supreme Judicial Council, has attained a progressive stage with regard to the setting up of the banking court or arbitration body.

 

Its primary task will be to resolve disputes arising from financial and banking transactions in Bahrain quickly and efficiently in a manner that takes into account the privacy of financial and banking issues and the speed of settlement and implementing its provisions, it stated.

 

"The banking court would be play a crucial role in saving time, effort, and reducing costs, in addition to speeding up litigation procedures besides enhancing the investment environment and meeting the modern requirements of the commercial sector and the financial and business community in general, remarked its CEO Dr Waheed Al Qassim.

 

Al Qassim said all sectors were working in harmony in an integrated environment thanks to the close follow-up by HRH Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister and his contribution to achieving the goals of the Economic Vision 2030. 

 

"In the field of judicial work, BAB is impressed with the initiatives implemented by the Ministry of Justice, Islamic Affairs and Endowments, and the Supreme Judicial Council regarding the automation of courts and the provision of new judicial services, keeping in pace with developments in various sectors in the kingdom and abroad, and the electronic transformation that accompanied the corona pandemic constitutes a evident proof to that," he stated. 

 

All these advanced steps emanating from the administration of distinguished judicial and legislative bodies have made it easier for the Association to finish the agreed model of specialized banking court, he added.

 

Al Qassim said the Ministry of Justice was initially provided with the names of some retired chief executives from banks and the insurance sector for consultation in financial and banking issues professionally. 

 

"However, there will be a need to provide judges and experts who are able to make this effort successful and who secures a distinct legislative environment at the local and international levels, guaranteeing the rights of all parties and to remain attractive to international investments," stated the banking body head.

 

Al Qassim pointed out that the recent developments in the field of courts work and facilitating their procedures motivates BAB to speed up work by demanding the establishment of this court.

 

"We have been getting tremendous support from members and government agencies in this regard, he added.-TradeArabia News Service