The Daily Star
BEIRUT: The Union of Arab Bank officially inaugurated Tuesday the Brokerage and Arbitration Center at its headquarters in Beirut in a bid to resolve legal disputes among Arab banks and private enterprises. Joseph Torbey, the head of the Association of Banks in Lebanon and executive president of the UAB, underlined the importance of the new center.
“The significance of this center is to secure alternative means of resolving disputes and work to resolve all domestic and international disputes within distinct speed. The center will play an impartial role among litigants and provide elite senior arbitrators from Arab and European countries. The number of these internationally certified arbitrators is 38 at present,” Torbey explained.
He added that the center can also use the services of other arbitrators if the need arises.
Torbey stressed that the center will depend on confidentiality during the arbitration process among the members.
He added that this confidentiality will give credibility to the center.
Torbey said that the arbitration will use simple and uncomplicated methods so that the members can benefit from these services.
The center also aims to promote a culture of mediation and arbitration between banks and enterprises and commercial and investment companies at local, regional and international levels; solve the banking and commercial dispute settlement; hold conferences, seminars and workshops and training on mediation and arbitration and provide counseling and legal services in the field of mediation and arbitration.
