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Electronic registries for arbitration and mediation procedures is one of the issues discussed in the first meetings of the Board of Trustees of the Arbitration Center for Settlement of Non-Banking Financial Disputes – Wednesday 25/12/2019

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• Dr. Omran: The Arbitration Center is concerned with settling disputes between clients or beneficiaries of non-banking financial activities

The first meeting of the Board of Trustees of “the Egyptian Arbitration Center for Settlement of Non-Banking Financial Disputes” was held at FRA’s headquarters this morning headed by Dr. Mohammed Omran – Chairman of the Board of Trustees. In this meeting, the Board to draw up the Center’s general policies and agreeing on the Center’s statute, in preparation for Prime Minister’s approval to enable the Center to practice its competencies mentioned in Presidential Decree No. 335 of 2019. The Arbitration Center was formed to activate Article 10 of Law no. 10 of 2009. The said Article includes the establishment of an Arbitration Center – an independent entity – that allows dealers in non-banking financial services to settle the dispute through arbitration in order to speed the settlement of conflict resolution.

Dr. Omran said that the Arbitration Center is concerned with arbitration and dispute settlement that arise due to the application of the provisions of laws regulating non-banking financial transactions. The Arbitration Center settles dispute  especially arise between partners, shareholders, or members of companies and entities working in the field of non-banking financial markets , as well as disputes of clients or beneficiaries of non-banking financial activities,  noting that the Center shall apply the provisions of the Egyptian laws regulating arbitration and settling disputes.

The Chairman of the Board of Trustees added that the meeting witnessed the agreement of the Board of Trustees to nominate a full-time Executive Director of experts and specialists in the field of arbitration and dispute settlement. The Center’s Executive Director shall follow up the Center’s daily work. The Executive Director was chosen from a list of experts and specialists in the field of arbitration and dispute settlement.  This procedure was performed according to number of rules and principles laid down by the Board of Trustees, which in large part favored expertise in non-banking financial activities.
Dr. Omran noted that the meeting discussed usage of technology in the Arbitration Center. He added that the third article of the Republican decision establishing the Arbitration Center authorized the submission of arbitration requests or settling disputes to the center by the electronic way, which paves the way towards receiving and submitting disputes electronically in preparation for registration and consideration. Using technology shall  reduce the time and speed of settling disputes by linking the parties involved in the dispute (the two parties – the Arbitration Board) electronically, and notifying them of all the details and what may be required to submit requests and notes without the need to come to the Center headquarters.

It is worth noting that in the middle of this year, Presidential Decree no. 335 of 2019 was issued to establish an Arbitration Center to settle disputes arise due to the application of the provisions of laws regulating non-banking financial transactions. The presidential decree stated that the Board of Trustees shall adopt the rules for registering experts who may perform arbitration or dispute settlement activities. Also, it shall adopt rules to avoid conflicts of interest for arbitrators, experts and those in charge of the center’s management or its employees. In addition, the Board of Trustees shall spread culture and awareness of the importance of arbitration and means of satisfactory settlement of disputes, especially in the field of non-banking financial activities through holding conferences, seminars, training courses and issuing specialized bulletins and publications.

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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