Arab Banks Union: Plan to set up arbitration center

CAIRO, President of the Union of Arab Banks Sheikh Mohammad Al-Jarrah Al-Sabah on Tuesday said the union would launch “the mediation and arbitration” center.

Sheikh Mohammad Al-Jarrah, speaking during inauguration of the “conference of the Arab Banks Union,” affirmed significance of THE planned center for securing alternative means for resolving banking disputes justly.

Elaborating, he says the union seeks to meet needs of the Arab banking sector and boost aspirations for justice in the field.

For his part, Kamal Ali, the Assistant Arab League Secretary General, affirmed the need for such an arbitration body noting that speedy settlements of disputes among entrepreneurs constitute a criterion to measure competition potentials.

Source: Kuwait News Agency