Business Hub – Cairo:
Dr. Mohamed Omran, Chairman of the Financial Supervisory Authority, issued 3 decisions that amend the contract forms issued by the Authority, allowing the possibility of resorting to the Egyptian Center for Voluntary Arbitration and Settlement of Non-Banking Financial Disputes to settle disputes and disputes arising from the provisions and clauses of contracts concluded regarding benefiting from non-bank financial services Whether the capital market, insurance activities or non-bank financing activities, This is within the framework of the Financial Supervisory Authority’s keenness to end disputes that arise due to contracts concluded between companies subject to the control and supervision of the Authority and its clients in a manner that ensures the stability of non-bank financial markets and preserves the interests of the parties to the dispute.
Dr. Omran said that the Egyptian Center for Voluntary Arbitration and Settlement of Non-Banking Financial Disputes is considered the first center in Egypt and the Middle East specialized in settling disputes arising from non-bank financial activities, and includes a selection of arbitrators from whom the parties to the dispute can choose as an arbitrator in the dispute. The Center’s Board of Trustees had previously specified the conditions to be met by arbitrators wishing to be registered with the Center in a manner that ensures adequate qualification, efficiency and impartiality of those who have the authority to settle disputes arising from contracts related to non-banking financial activities.
He added that within the framework of the center’s aspiration to become a leading center in arbitration and dispute settlement in non-bank financial disputes in Egypt and the Middle East, The arbitration and mediation rules at the Center have been prepared in accordance with the best internationally applicable rules in this regard. It was also taken into account when preparing the rules of the center in an effort to enhance its position and help it perform its role in an efficient and effective manner. Adoption of rules to avoid conflict of interest, in application of the principles of good governance in the management of arbitration institutions and alternative means of dispute settlement, Rules have also been established that allow the use of modern technological means in providing the center’s services in a manner that ensures speed and transparency in the provision of these services, and on the other hand, in line with the state’s vision aimed at building a digital Egypt and reaching an Egyptian society that deals digitally in all aspects of life. Which ultimately leads to facilitating the conflicting parties and arbitration bodies in the conduct and management of the dispute.
It is worth noting that the President of the Republic had previously issued Resolution No. (335) of 2019 establishing a center for arbitration and settlement of disputes arising from the application of the provisions of laws relating to non-bank financial transactions, The Prime Minister’s Decision No. (2597) of 2020 was also issued to issue the statute of the Egyptian Center for Voluntary Arbitration and the Settlement of Non-Banking Financial Disputes, and the rules and procedures for regulating its work.