As part of its efforts to raise the legal culture in general and those related to Islamic Banking and Finance in particular, the Bahrain Institute of Banking and Finance (BIBF) has organised a workshop on Commercial Arbitration and Legal Analysis of Islamic Financial Contracts.
The workshop highlighted the importance of International Arbitration in Conflict Resolution; due to the major role it plays in the selection of the appropriate law to resolve the dispute and the selection of arbitration panel members from experts in the area of dispute.
The workshop was moderated by Dr. Abdul Sattar Khouildi, a renowned legal and banking expert and former Secretary-General of the International Islamic Centre for Reconciliation and Arbitration.
The workshop was attended by a group of lawyers headed by the Chairman of the Bahrain Bar Association Dr. Hassan Ahmed Bedaiwi, in the light of a Memorandum of Understanding (MoU) signed between the BIBF and the Bar Association earlier this year. The workshop was also attended by a number of legal professionals working in the financial sector.
The workshop addressed several topics, such as, the importance of Arbitration and its role in Dispute Resolution; the Arbitration Agreement, its terms and effects; how to appoint the right Arbitrator, his/her role, rights and duties; and the arbitral award and implementation.
Furthermore, the participants were provided with practical models such as the Arbitration document and the contract between the Arbitrator, the Arbitration Centre and others, in addition to an overview on Islamic finance and its most important contracts.