UAB to launch independent center for settling banking disputes in early 2019
Secretary General of the Union of Arab Banks (UAB)
Wissam Fattouh said that the union is preparing to launch a unified center for
mediation and arbitration, specialized in settling banking disputes of the Arab
banks early next year.
The new center is established with an aim to unify
the arbitration procedures in accordance to global standards and with lower
costs for all banks, Fattouh added.
The center has been ready for operation, two weeks
ago, Fattouh said, adding that coordination is underway with all Arab banks to
inform them about the center's system, statutes and the kinds of disputes that
can be settled through it.
Work is currently underway to activate the center
and finalize all legal procedures, Fattouh noted.
Contacting banks is going on in accordance to a well-designed
plan that will take between 45 days to two months, then the center will start
receiving the banking disputes, he said.
He added that the center will be an independent
body.
