Bangladesh Bank governor Fazle Kabir on Monday expected that the country would become one of the alternative dispute resolution-friendly nations within the region.
He expressed the aspiration at a workshop on ‘Resolving Financial Disputes through ADR’ held at Hotel Sonargaon in the city.
Bangladesh International Arbitration Centre (BIAC), World Bank Group and Association of Bankers, Bangladesh (ABB) jointly organised the event.
Apart from the BB governor, BIAC chairman Mahbubur Rahman, World Bank Group senior financial sector specialist Nina Mocheva, Financial Industry Disputes Resolution Centre director Ho Meng Hee, Standard Chartered Bank Bangladesh managing director and country head of global banking Enamul Huque and City Bank acting chief executive officer Sheikh Mohammaf Maroof, among others, spoke at the discussion.
Kabir highlighted Bangladesh’s position in various indicators such as resolving insolvency done by World Bank Doing Business Index, the average Non Performing Loans (NPLs) recovery rate.
He appreciated BIAC’s role in helping banks and financial institutions, and mentioned that Bangladesh Bank had convened a committee along with ABB and BIAC to frame draft guideline on ‘Resolving Commercial and Financial Disputes Effectively Using ADR’ for the banks.
Mahbubur Rahman hoped that the governor would continue to provide leadership in introducing ADR mechanism.
Muhammad A Rumee Ali mentioned that Artha Rin Adalat Ain 2003 was the only medium to resolve financial disputes through ADR.
Nuzhat Anwar stressed on the importance of reliable credit infrastructure with efficient procedures for improving the country’s business environment.
She also highlighted IFC’s work with the Government of Bangladesh to develop the concept of ADR and expedite the settlement process.
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