BANGLADESH INTERNATIONAL ARBITRATION CENTRE
The Institution for Alternative Dispute Resolution
Bangladesh International Arbitration Centre (BIAC), IFC/ World Bank Group and Association of Bankers Bangladesh (ABB) jointly organized an international workshop on Resolving Financial Disputes through ADR that was held in Pan Pacific Sonargaon Hotel, Dhaka on 17 June 2019.
Fazle Kabir, Governor, Bangladesh Bank graced the event as the Chief Guest. Mahbubur Rahman, Chairman of BIAC, chaired the inaugural session of the workshop. Nina Mocheva, Senior Financial Sector Specialist, Debt Resolution & Insolvency, Credit Infrastructure Group, IFC, World Bank Group, Sumant Batra, Managing Partner & Head – Insolvency Practice, Kesar Dass B & Associates, Corporate & Commercial Lawyers, former INSOL President, Ho Meng Hee, Director, ADR, Financial Industry Disputes Resolution Centre Ltd, Singapore, Sheikh Mohammaf Maroof, Acting CEO & Additional Managing Director, City Bank Limited and Enamul Huque, Managing Director & Country Head of Global Banking, Standard Chartered Bank Bangladesh presented papers on ADR issues in Bangladesh and the Asian region.
Speaking on the occasion as the Chief Guest, Fazle Kabir, Governor, Bangladesh Bank echoed the vision of Bangladesh aiming at becoming one of the regional ADR friendly jurisdictions. He highlighted Bangladesh’s position in various indicators such as Resolving Insolvency done by World Bank Doing Business Index, the average Non Performing Loans (NPLs) recovery rate, pointing out the status quo and how alarming the scenario is in relation with the case of resolving insolvency. He appreciated BIAC’s endeavor to help banks and financial institutions and mentioned that Bangladesh Bank has convened a committee along with Association of Bankers Bangladesh –ABB and BIAC to frame draft guideline on ‘Resolving Commercial and Financial Disputes Effectively Using ADR’ for the banks.
Mahbubur Rahman, Chairman of BIAC mentioned that BIAC has come a long way in the last 8 years since inception and continues to reach new milestones. The year 2018 in particular has been quite eventful. He expressed his confidence that the Governor, as head of the central bank, will continue to provide leadership in introducing ADR mechanism following the submission of this draft guideline by the Committee.
Muhammad A. (Rumee) Ali, CEO of BIAC in his address of welcome highlighted how important it is to have ADR as part of an ecosystem that is to be exercised before resorting to litigation and that Bangladesh Bank has stepped in for this role. He pointed out that currently only Artha Rin Adalat Ain 2003 is the only medium to resolve financial disputes through ADR.
Nuzhat Anwar, Acting Country Manager & Senior County Officer, IFC, World Bank Group, Dhaka, stressed that we need a reliable credit infrastructure with efficient procedures so we can continue to work towards improving the country’s business environment. She also highlighted IFC’s work with the Government of Bangladesh to develop the concept of ADR and expedite the settlement process.
Syed Mahbubur Rahman, Managing Director & CEO of Dhaka Bank Ltd stated that, BIAC is the first international arbitration institution in the Country which is providing state-of-the-art arbitration facilities and is working independently to resolve financial disputes through ADR.
The event was attended by several dignitaries including judges, Government officials, representatives from banks, the legal fraternity, corporate leaders, academics and ADR experts from home and the Asian region.