The introductory meeting
BAB enhances ties with Dispute Resolution Centre
MANAMA, December 4, 2023
The Bahrain Association of Banks has committed to enhancing collaboration with the Dispute Resolution Centre of the Bahrain Chamber of Commerce and Industry.
Dr Waheed Al Qassim, CEO BAB and a Board of Trustees member said this collaboration aims to foster the growth of a sophisticated commercial legal environment, facilitating swift and specialised resolution of commercial disputes among Chamber members and between them and external parties, and to expedite adjudication through a team of expert mediators well-versed in both legal and commercial domains.
This was stated at an introductory meeting hosted by the Dispute Resolution Centre and BAB. The meeting was attended by representatives from the Dispute Resolution Centre, as well as financial and banking institutions in Bahrain. During the session, financial and banking institution representatives were briefed about the Centre by Youssef Zine El Abidine Zainal, chairman of the supervisory authority for the settlement of commercial disputes, and Amal Ahmed Al-Abbasi, also a member of the Authority.
Participants were briefed on the latest developments at the centre, which currently boasts 21 registered brokers possessing professional certificates in mediation across diverse specialisations. These specialisations encompass finance, insurance, taxes, law, food, health, industrial, tourism, real estate, transport and logistics, technology, digital economy, education, training, and more. The opportunity for additional intermediaries to join remains open.
Furthermore, participants received an overview of the mediation procedures offered by the Centre. These steps include the submission of applications through the Bahrain Chamber website, subsequent approval by the supervisory body following compliance with mediation requirements, mediator appointment, commencement of the mediation process, and ultimately, resolution of disputes with the agreement of the involved parties.
Dr Al Qassim acknowledged the efforts of the Centre's leadership, led by the Board of Trustees chaired by Basem Mohammed Al-Saei. He commended the contributions of prominent figures in trade, economics, and legal expertise who are part of the Centre's membership.
He also praised the rapid developments achieved by the Centre since its establishment.--TradeArabia News Service