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Sunday, 11 November 2007

International Commercial Arbitration: A Stimulant for Economic and Financial Growth and A Support to Islamic Banks


MANAMA: Bahrain has the potential to become a commercial arbitration hub in the region based on its background in the field, an international commercial law expert said yesterday.
International Chamber of Commerce Institute of World Business Law chairman Serge Lazareff said at the opening of the Arbitration Industry Conference and Workshop yesterday that Bahrain has an arbitration system since the end of the 19th century.
The three-day event is being held at the Diplomat Radisson SAS Hotel, Residence and Spa under the theme International Commercial Arbitration: A Stimulant for Economic and Financial Growth and A Support to Islamic Banks.
Justice and Islamic Affairs Minister Shaikh Khalid bin Ali Al Khalifa, Bahrain Chamber of Commerce and Industry president Dr Essam Fakhro and former UN General Assembly president Shaikha Haya bint Rashid Al Khalifa attended the opening ceremony.
Shaikh Khalid stressed the need to push for the introduction of alternative methods to settle commercial and financial methods. This, he noted, would contribute to attracting foreign investments.
A series of workshop sessions have been lined up to explore crucial issues, such as the legislative and practical obstacles to international commercial arbitration and relationship between Islamic banks and modern arbitration. - (DN, 11 Nov 07)

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