Collaboration between Egypt’s Voluntary Arbitration Centre and the Habib Al Mulla Academy.

The President of the Financial Regulatory Authority, Dr. Mohamed Farid, recently witnessed the signing of a memorandum of understanding (MoU) between the Egyptian Center for Voluntary Arbitration and Settlement of Non-Banking Financial Disputes and the Habib Al Mulla Academy from the United Arab Emirates (UAE). The signing ceremony was attended by various officials, including Counselor Ahmed Saeed Khalil, Head of the Anti-Money Laundering and Combating the Financing of Terrorism Unit, and Counselor Nabil Sadek, former Attorney General.

The MoU aims to facilitate joint work and the exchange of information and experiences between the two entities in the fields of arbitration, mediation, and legal studies related to non-banking financial activities. The primary goal is to promote the culture and awareness of the importance of arbitration and dispute settlement mechanisms, particularly within the non-banking financial sector. This collaboration will involve the development and training of individuals involved in non-banking financial markets on dispute settlement through arbitration.

During his speech, Dr. Mohamed Farid emphasized the significant role played by the Egyptian Center for Voluntary Arbitration in spreading the culture of arbitration and expanding the use of arbitration and mediation processes to settle non-banking financial disputes. He also highlighted the growth in non-banking financial services and the measures taken by the Financial Regulatory Authority to develop and enhance non-banking financial markets. These measures include amending the financial derivatives market and launching the first voluntary market for the issuance and trading of carbon certificates. The establishment of an optional arbitration mechanism aims to ensure prompt and credible justice for all parties involved, thereby enhancing confidence in non-banking financial markets and supporting their stability.

The partnership between the Egyptian Center for Voluntary Arbitration and Habib Al Mulla Academy is seen as a continuation of the historical ties and cooperation between Egypt and the UAE. By spreading the concepts and culture of arbitration, the collaboration intends to create a conducive environment for promoting and sustaining businesses. The exchange of experiences and best practices between the two entities will contribute to the achievement of efficient and fair dispute resolution.

Overall, the MoU signing highlights the importance of voluntary mediation and the expeditious resolution of financial disputes in non-banking financial markets. It underscores the commitment of both the Egyptian and UAE entities to promote the principles of arbitration, foster trust, and ensure the stability and growth of non-banking financial activities.