KUALA LUMPUR, Sept 23 -- The Asian International Arbitration Centre (AIAC) and Saudi Centre for Commercial Arbitration (SCCA) yesterday inked a Memorandum of Understanding (MoU) in an effort to promote arbitration and mediation services, and to advance the Alternative Dispute Resolution (ADR) industry internationally.
The MoU signed virtually between AIAC director Tan Sri Suriyadi Halim Omar and SCCA chief executive officer Dr Hamed Hassan Merah will strengthen the partnership between two international institutions and promote the use of ADR services to business sectors and develop, support, and enable the ADR practices.
In a statement, Suriyadi Halim said the MoU will complement AIAC’s efforts in its bid to promote its i-Arbitration Rules, primarily from the perspective and application of Syariah principles for users in Saudi Arabia, Malaysia, the Middle East as well as Southeast Asian region.
“The AIAC i-Arbitration Rules are a set of procedural rules covering all aspects of the arbitration process that are Shariah-compliant and suitable for the arbitration of disputes arising from commercial transactions premised on Islamic principles.
“The rules are currently being revised, and the AIAC hopes to launch it by the end of this year,” he said.
Suriyadi Halim said the MoU also aims for the respective institutions to administer the arbitration and mediation sessions. Besides, it encourages the exchange of recommendations on arbitrators or mediators, the establishment of joint educational and training programmes and knowledge-sharing.
“I am delighted to share that AIAC’s vision of placing Malaysia on a strong footing to spearhead the growth of conventional and Islamic arbitration in the region and beyond,” he added.
Meanwhile, Hamed Hasan also expressed hope that the MoU would enhance the SCCA's national stature in the ADR industry in its efforts to be the best international partner with world-renowned institution arbitration centres such as the AIAC.
-- BERNAMA
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