BIAC to assist ONE Bank Ltd for ADR

Bangladesh International Arbitration Centre (BIAC) has signed a Memorandum of Understanding (MoU) with ONE Bank Ltd (OBL) to assist resolution of commercial and money loan disputes through Alternative Dispute Resolution (ADR) at a  simple ceremony held on 21 August, 2019 at the BIAC office , 69/1 Pantha Path,  Dhaka.

Muhammad A. (Rumee) Ali, Chief Executive Officer of BIAC and   M. Fakhrul Alam,
Managing Director   of ONE Bank Ltd signed the MoU on behalf of their respective institutions. Senior officials from both the institutions were present during the signing ceremony.

 

This agreement provides a framework to facilitate resolution of contractual and commercial disputes of One Bank Ltd using ADR methods such as Arbitration and Mediation, through ADR expert services of BIAC.

Bangladesh Bank has already encouraged all scheduled banks to try ADR at BIAC through an advisory letter on 19th April 2016. A committee formed by Bangladesh Bank comprising representatives from BIAC, Association of Bankers Bangladesh (ABB) and Bangladesh Bank has recently submitted a draft guideline on “Resolving Commercial and Financial disputes effectively using Alternative Dispute Resolution (ADR)” to the Bangladesh Bank.