The establishment of a specialized banking court is currently under consideration by the Bahrain Association of Banks (BAB).
The matter is brought to attention to help quicken up procedures, as well as power up Bahrain’s position as a developed regional financial hub, and attract foreign financial and banking investments to the country.
BAB noted that the collaboration with the Ministry of Justice, Islamic Affairs and Endowments, and the Supreme Judicial Council, has reached a developed stage in terms of the setting up of the banking court or arbitration body.
The main goal of the court will be to resolve disputes that arise due to financial and banking transactions in Bahrain as efficiently and quickly as possible, also in a manner puts in consideration the privacy of financial and banking matters, in addition to the speed of settlement, and executing its provisions, it stated.
BAB’s CEO, Dr. Waheed Al Qassim, has stated: “The banking court would be play a crucial role in saving time, effort, and reducing costs, in addition to speeding up litigation procedures besides enhancing the investment environment and meeting the modern requirements of the commercial sector and the financial and business community in general.”
He further explained that due to the close follow-up by His Royal Highness Prince Salman bin Hamad Al Khalifa, Crown Prince, Deputy Supreme Commander and First Deputy Prime Minister, all sectors were working in harmony in an integrated environment. Not to mention his focus and contribution to achieving the goals of the Economic Vision 2030.
“In the field of judicial work, BAB is impressed with the initiatives implemented by the Ministry of Justice, Islamic Affairs and Endowments, and the Supreme Judicial Council regarding the automation of courts and the provision of new judicial services, keeping in pace with developments in various sectors in the kingdom and abroad, and the electronic transformation that accompanied the corona pandemic constitutes a evident proof to that,” Al Qassim shared.
All these advanced steps are emerging from the administration of distinguished judicial and legislative bodies, who have made it a lot easier for BAB to wrap up the approved model of the specialized banking court, he added. Al Qassim mentioned that the Ministry of Justice was at first provided with the names of some retired bank and insurance CEs for consultation in financial and banking matters in a professional manner.
“However, there will be a need to provide judges and experts who are able to make this effort successful and who secures a distinct legislative environment at the local and international levels, guaranteeing the rights of all parties and to remain attractive to international investments,” shared the banking body head. Al Qassim noted that the recent developments in the area of courts work and facilitating their procedures motivates BAB to speed up work by demanding the establishment of this court.
“We have been getting tremendous support from members and government agencies in this regard, he added.