Increase in demand for alternative dispute resolution mirrors growth of the $1 trillion Islamic finance industry
The Bahrain Chamber for Dispute Resolution (BCDR-AAA) this week participated in the 3rd World Islamic Banking Conference (WIBC) Asia Summit in Singapore.
Speaking at the event, which was attended by 450 leaders in international Islamic banking, the BCDR's Chief Registrar and Assistant CEO for Arbitration, Mr. Ahmed Husain, discussed the benefits for the industry of arbitration in dispute resolution and the alternative solutions offered by the chamber.
Husain said, "The Islamic finance industry is currently valued at $1 trillion and is growing at a significant rate of 10 per cent per year. With this growth comes the demand for alternative solutions to traditional means of settling legal disputes. As such, arbitration and mediation have an increasingly important role to play in the financial and legal sectors.
The Bahrain Chamber for Dispute Resolution (BCDR-AAA) this week participated in the 3rd World Islamic Banking Conference (WIBC) Asia Summit in Singapore.
Speaking at the event, which was attended by 450 leaders in international Islamic banking, the BCDR's Chief Registrar and Assistant CEO for Arbitration, Ahmed Husain, discussed the benefits for the industry of arbitration in dispute resolution and the alternative solutions offered by the chamber.
Husain said, "The Islamic finance industry is currently valued at $1 trillion and is growing at a significant rate of 10 per cent per year. With this growth comes the demand for alternative solutions to traditional means of settling legal disputes. As such, arbitration and mediation have an increasingly important role to play in the financial and legal sectors.
"We have already seen a shift towards using alternative solutions for dispute resolution in the region due to the considerable advantages that these solutions offer. Since opening our doors in 2010, the BCDR has presided over 54 cases with a value in excess of over $1.1 billion.
"The process is simple, flexible and cost effective. Furthermore, parties are able to hand pick an arbitrator or mediator with the credentials and expertise that best suit their needs. This is particularly important when considering the complexities of the Islamic finance industry."
The BCDR-AAA was the official dispute resolution partner for the 3rd WIBC Asia Summit which was held this year under the theme, Islamic Finance in Asia: Strengthening International Connectivity and Capturing Cross-Border Opportunities.
The Bahrain Chamber for Dispute Resolution (BCDR-AAA) delegation to the 3rd World Islamic Banking Conference (WIBC) Asia Summit in Singapore, includes as well as Hussain, Ali Abdulla Al Aradi Chief Registrar and Assistant CEO for Mediation and Mr Ali Dawani Business Development Assistance Director.
(C.P.I Financial / 10 June 2012)
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Alfalah Consulting - Kuala Lumpur:
www.alfalahconsulting.com
Islamic Investment Malaysia:
www.islamic-invest-malaysia.com
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