The Bahrain Chamber for Dispute Resolution (BCDR-AAA) this week hosted a high-level roundtable discussion with industry experts in Bahrain to explore best practices in the field of dispute resolution in Islamic Finance.
The roundtable, entitled Islamic Finance Dispute Resolution Fora and Issues, was moderated by James MacPherson, CEO of the BCDR-AAA. The discussion forms part of a series of events hosted and conducted by the Chamber in order gauge stakeholder insight and opinion of the alternative dispute resolution (ADR) services available in Bahrain and the wider region.
Speaking after the event, James Macpherson said: "Bahrain is currently a leader in conventional and Islamic finance and has a professional and well-established commercial legal system and related services. ADR is growing in popularity as businesses seek the rapid and cost effective resolution of commercial disputes, with demand the greatest in the financial sector.
"This event is just one example of how the BCDR-AAA continuously strives to explore and respond to the dispute resolution needs of the business community, and we are grateful to our industry colleagues for joining us for such an informative discussion."
Oliver Agha, Partner and Head of Islamic Finance at Holland & Knight and Managing Partner of Agha & Co, led a discussion on the structural development of a world class Islamic dispute resolution centre.
Speaking after the event, Mr Agha, who is also a member of the Board of AAOIFI said: "Islamic finance is at a juncture in its evolution. Further development requires the establishment of a dedicated and specialist Islamic finance adjudication centre where adjudicators are well-versed in complex Islamic documentation, AAOIFI standards, applicable law and complex international and cross-border transactions.
"Establishing such a centre is critical in order to give stakeholders a reliable forum where they can have their complex Islamic transactions adjudicated by professionals that have the requisite background, training and capability. The need for such a centre is made more acute by the general lack of comprehensive regulatory legal frameworks that delineate the stakeholders' rights and obligations."
Mr. Richard Naimark, Senior Vice President of the American Arbitration Association (AAA) who also participated in the roundtable discussion said: "As Islamic finance becomes one of the key products of the financial transaction, there is a genuine need for establishing a dispute resolution centre to serve this important and growing market. Bahrain has demonstrated a cutting edge approach to ADR which, combined with a unique regulatory framework, makes it the perfect location for such a centre."
The BCDR-AAA provides international and regional businesses and governments, contracting in the Gulf and beyond, with purpose-built ADR solutions for the rapid, effective and binding resolution of commercial disputes.
About the Bahrain Chamber for Dispute Resolution (BCDR-AAA)
Providing the very latest in global ADR solutions with high-tech, custom-designed facilities, the Bahrain Chamber for Dispute Resolution (BCDR-AAA) was launched in partnership with the American Arbitration Association (AAA), the world's leading provider of conflict management and dispute resolution services. Under the chairmanship of Sheikha Haya bint Rashed Al Khalifa, one of the most eminent lawyers and arbitrators in Bahrain and former President of the United Nations General Assembly, the Kingdom of Bahrain is the first country in the world to establish a "Free Arbitration Zone" and to introduce the concept of Statutory ADR Tribunals.
Since the introduction of Bahraini Decree No. 30 of 2009 the Chamber has been providing: (A) the very latest in global ADR solutions with world class case management for effective mediation and arbitration (including the unique "Free Arbitration Zone" which assists parties by offering a mechanism to avoid local courts when holding arbitration proceedings in Bahrain) and (B) Statutory ADR Tribunals, for any claim exceeding BD500,000 (approximately US$1.3m) which would have come within the jurisdiction of the courts of Bahrain, and involves either an international commercial dispute or a party licensed by the Central Bank of Bahrain.
For further information please visit the BCDR-AAA website: www.bcdr-aaa.org
Contact Details:
Mahmood Ali, Bell Pottinger Middle East:
+973 33 44 1614 | mali@bell-pottinger.co.uk
© Press Release 2013
