Qatar Chamber’s Qatar International Centre for Conciliation and Arbitration (QICCA) recently participated in a webinar about the role of mediation and arbitration in resolving banking and commercial disputes.
The webinar was organised by the Arab Centre for Legal and Judicial Research in the League of Arab State in cooperation with the Union of Arab Banks (Mediation and Arbitration Center).
The virtual meeting included two discussion panels. The first one entitled “Arbitral award between the decisions of the judge in the country of origin and the decisions of the judge in the country of implementation’ was moderated by Dr Anis Owaidat, while the second panel moderated by Dr. Ghaleb Ghanem touched on the cases and arbitrator of the expedited proceedings and their benefits for banks.
Speaking during the webinar, Qatar International Center for Conciliation and Arbitration Board Member for International Relations Sheikh Dr. Thani bin Ali Al Thani stresses the importance of arbitration in resolving banking disputes, especially in terms of the speed of settlement, noting that the banking sector is the backbone of the economy through which most projects and businesses are financed, and therefore it is important to resolve banking disputes at a swift manner to ensure that projects and businesses are not disrupted, which negatively affects the economy.
He also underscored the importance of disseminating the arbitration culture in resolving commercial and banking disputes, indicating that the Qatari Arbitration Law No (2) of 2017 explicitly stipulated arbitration in banking disputes.
He referred to the article that stipulated this: “In applying the provisions of this Law, the Arbitration shall be deemed commercial if the dispute arises out of a legal relationship of an economic nature, whether it is contractual or not, including any commercial, investment, financial, banking, industrial, insurance or tourism transactions, or any other transaction of an economic nature”.
Sheikh Thani said that QICCA is always keen to spread the culture of arbitration and inform the business and legal community of the most important international developments and practices in the field of arbitration and its multiple applications, whether through events, seminars and conferences organized by the center, or those in which it participates.