KUALA LUMPUR, June 27 (Bernama) -- The Kuala Lumpur Regional Centre for Arbitration (KLRCA) is making robust efforts to expand its role in promoting Islamic arbitration globally and will launch Islamic arbitration rules to cover other sectors such as construction and maritime. (source)
Currently, the centre serves as a platform to deal with cases involving Islamic banking and finance, takaful, Islamic development financial business, Islamic capital market products or services, and other transaction business based on syariah principles.
KLRCA director, Sundra Rajoo, said the centre would develop a generic set of Islamic arbitration rules to enable it to have a competitive advantage over other arbitration centres in the world.
"We believe there is great potential for KLRCA and Malaysia to become a global Islamic banking and finance dispute resolution hub that is both syariah-compliant and of international standard.
"We are in constant consultation with the relevant stakeholders, including Bank Negara Malaysia and the International Syariah Research Academy for Islamic Finance, to develop these new rules," he told Bernama in an interview.
He said the new rules were expected to be launched next year and would be marketed globally, a move to further position Malaysia as among the top destinations for disputing parties to seek arbitration as well as a renowned business centre.
Sundra said the KLRCA was poised for future growth as it would be the first arbitration institution in the world to have a new set of rules.
"We are also looking to hire a syariah law expert to help us develop the new rules, which will enable us to have the competitive advantage over other arbitration centres in the world," he said.
He said as the businesses were increasingly exploring alternative dispute resolution mechanisms, such as arbitration, and moving away from the traditional approach of litigation via the courts, the new set of rules would complement the existing arbitration rules of Kuala Lumpur Regional Centre for Arbitration (Islamic Banking and Financial Services) 2007, which were currently being revised for improvement.
The revised rules would be launched in 2012, he said.
"We will play a different role and promote the rules of law worldwide with our own identity. When we have all in place, we target more people will come and arbitrate in Malaysia," he said.
The centre, with over 600 local and international arbitrators with various expertise and qualifications, managed over 70 cases last year, he said.
The centre had also been appointed the official conference host and secretariat of the 4th Asia Pacific Regional Arbitration Group (APRAG) general meeting and conference from July 9-10 here.
Chief Justice of the Federal Court of Malaysia, Tun Zaki Azmi, will officiate the conference.
Over 350 delegates, comprising arbitrators, the legal fraternity and members of the construction, financial services and commodities trading companies from the region and beyond would attend the conference.
The APRAG 2011, themed, "International Arbitration in a Challenging Region", aims to improve the standards and knowledge of international, commercial and investment arbitration.
Source : http://www.bernama.com/bernama/v5/newsbusiness.php?id=597088 - June 27, 2011
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