MANAMA: Bahrain Association of Banks (BAB) held a meeting with the Justice, Islamic Affairs and Endowments Ministry to review its project to establish a banking arbitration, which will help accelerate banking procedures, strengthen Bahrain’s position as a developed financial centre in the region, and attract foreign investment in the financial and banking sectors.
A statement from BAB said both parties agreed to develop a preliminary vision of what could be called a court or a banking arbitration authority that aims to resolve disputes arising from financial and banking transactions in Bahrain quickly and efficiently, taking into account privacy policies of financial and banking issues and the required expertise to speed up decisions and implement its provisions.
They also decided to request expert enrolment at the training institute of the ministry. However, BAB suggested providing a list of banking experts that are experienced in the field.
The meeting also discussed collaboration between BAB, the Justice, Islamic Affairs and Endowments Ministry, and the Industry and Commerce and Tourism Ministry to implement “Bankruptcy Laws Awareness Campaign” to inform and provide the banking sector with latest updates regarding the Bankruptcy Law that was issued last May.
Justice, Islamic Affairs and Endowments Ministry under-secretary for justice affairs Wael Buali, under-secretary for court and notarisation Mohammed Bucheeri, court affairs director Nayef Althawadi and BAB chief executive Waheed Al Qssim were among those present at the meeting.
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