MUSCAT: Oman Chamber of Commerce and Industry (OCCI), on behalf of its Finance and Insurance Committee and in association with the Oman Commercial Arbitration Centre, conducted a seminar on Commercial Arbitration in Banking, Insurance and Finance Contracts on Sunday, September 14.
The seminar underlined the importance of mediation and arbitration in resolving such contract-related disputes. The seminar stressed their contribution towards establishing a robust business climate that is attractive and causing a safe and transparent investment environment assuring local and overseas investors of the availability of quick and fair mechanisms of dispute settlement.
Held under the auspices of Dr Abdullah bin Mohammed al Saeedi, Minister of Justice and Legal Affairs, the event was also attended by Faisal bin Abdullah al Rawas, Chairman of Oman Chamber of Commerce and Industry.
The seminar also witnessed the announcement of Oman hosting the Muscat Arbitration Days Conference by Oman Commercial Arbitration Centre during December 2-4 at St Regis Al Mouj Muscat. The conference, which will be held under the auspices of Abdulsalam bin Mohammed al Murshidi, Chairman of Oman Investment Authority, will attract around 45 regional and international speakers and approximately 1,000 participants.
Dr Khalid bin Salim al Saidi, Chairman of the Board of Directors of the Oman Commercial Arbitration Centre, stated: "The event this year places particular focus on arbitration in banking, insurance and reinsurance contracts, emphasising its role as a successful alternative to traditional litigation. Speakers drew attention to the necessity of educating stakeholders regarding the concept of arbitration in the nature of contracts, setting out the advantages that it has to provide, including speed, efficiency and access to specialists familiar with the nature of the disputes at issue".
The forum emphasised that arbitration not only offers quicker dispute resolution but also a professional, expert mode that heightens the confidence of commercial and financial transactions.
OCCI Board Member and Chairman of the Finance and Insurance Committee, Mustafa bin Ahmed Salman, commented: "Arbitration and mediation are critical tools for solving conflicts in bank, insurance and finance contracts, which form the bedrock of trade and investment".
Bader al Kharousi, National Finance Company Legal Consultant stated, "Arbitration in financial, banking and financing contracts is today a significant pillar in fostering trust in the finance sector, a sector which by its nature is founded on transparency, commitment and confidence".
The seminar featured a paper entitled, "The Reality and Challenges of Arbitration in Banking Disputes", by Dr Tariq bin Hilal al Busaidy, a professional arbitrator and proprietor of the Dr Tariq al Busaidy Law Office. He highlighted arbitration as a significant option to conflict resolution between banks or financial institutions and companies or clients, especially with heightened sophistication in banking products and investment instruments. He stated that arbitration is a speedy, confidential mechanism and emphasised the significance of legal awareness and skill in banking and finance laws.
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