Banking Arbitration Authority on anvil Bahrain Association of Banks (BAB), Ministry of Justice and Islamic Affairs in deal
An agreement has been made to create a banking arbitration authority in the Kingdom, which could be called ‘a court’ to accelerate banking procedures and strengthening Bahrain’s position as a financial centre in the region.
The decision was jointly taken by the Bahrain Association of Banks (BAB) and the Ministry of Justice and Islamic Affairs during a meeting held yesterday. The move 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 precise expertise to speed up decisions and to implement its provisions”.
The meeting also agreed to request expert enrollment for a training course at the Institute of the MoJ. BAB, however, suggested providing a list of banking experts in the field.
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