Using arbitration and ADR to resolve banking and finance disputes
ICC Qatar, with the support of the ICC Banking Commission, the ICC International Court of Arbitration and the ICC International Centre for ADR hosted a one-day symposium on Arbitration and Alternative Dispute Resolution (ADR) in Banking and Financial Disputes on 29 March in Doha.
Inaugurated by Sheikh Khalifa Bin Jassim Al-Thani, Chairman of Qatar Chamber of Commerce & Industry and ICC Qatar, the Doha Summit featured four panels covering crucial topics including, how to use the new ICC Rules of Arbitration and the ICC ADR Rules for the resolution of financial transactions disputes, the use of arbitration in resolving disagreements in Islamic finance contracts, the use of the ICC Documentary Instruments Dispute Resolution Expertise (DOCDEX), and lastly the enforcement of arbitral awards in the different Gulf countries.
"As we gather here today, Qatar is ranked one of the most stable and safe countries in the world. The recognition is a result of a prudent, long-term vision of investing in the human capital of the country through the right utilization of natural resources. The stability is evident in various aspects of social, political, economic and financial realms. Most importantly, it has allowed us to reach out and serve as a reliable and trusted arbitrator on the international stage," Sheikh Khalifa said.
He continued: "Arbitration is the future because of speedy justice, simple procedures and low fee rates. Aggrieved parties save time and money by settling their disputes through arbitration. Qatar’s efforts to arbitrate go beyond the finance and business sectors. We remain the biggest proponent that conflict can be resolved through dialogue and harmony."
Selim Al Sayegh, former Minister of Social Affairs of Lebanon, gave the keynote speech during the summit. "Amicable dispute resolution could be an added value to arbitration as much as arbitration could be mixed with mediation or conciliation to produce settlement. This evolution opens new venues and challenges for dispute settlement processes. It is more so the case with growing awareness of the cultural dimensions, including religion, in the Arab world. All social and economic activities in different sectors, including banking and finance, will be affected," he said.
International finance experts and arbitration and dispute resolution practitioners also discussed important issues including, the specificities of finance agreements, the role played by banks and similar financial institutions, the specificities of arbitration and when and how arbitration can be complimented with mediation. Further, members of the Secretariat of the ICC International Court of Arbitration and the ICC International Centre for ADR, presented ICC’s unique experience in administering international commercial financial disputes and shared with the audience their know-how on how to most efficiently use ICC arbitration and ADR.
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