BIAC to provide ADR services for ONE Bank

FE Team | Published: August 22, 2019 14:57:56

M. Fakhrul Alam, Managing Director of ONE Bank Ltd. (4th from left), and Muhammad A. (Rumee) Ali, Chief Executive Officer of BIAC (4th from right), exchanging documents after signing an agreement on Alternative Dispute Resolution (ADR) services at the BIAC office in the city on Wednesday

The Bangladesh International Arbitration Centre (BIAC) has signed a memorandum of understanding (MoU) with ONE Bank Ltd. to assist in the resolution of commercial and loan disputes through Alternative Dispute Resolution (ADR), says a statement.
Muhammad A. (Rumee) Ali, Chief Executive Officer of BIAC, and M Fakhrul Alam, Managing Director of ONE Bank, signed the MoU on behalf of their respective institutions at a simple ceremony at the BIAC office in the city on Wednesday.
Senior officials from both the institutions were present.
This agreement provides a framework to facilitate resolution of contractual and commercial disputes of One Bank using ADR methods such as arbitration and mediation, through ADR expert services of BIAC.
The Bangladesh Bank, in an advisory letter on April 19, 2016, encouraged all scheduled banks to try ADR at BIAC.
A committee, formed by Bangladesh Bank, comprising representatives from the BIAC, the Association of Bankers Bangladesh (ABB) and the Bangladesh Bank has recently submitted a draft guideline on 'Resolving Commercial and Financial disputes effectively using Alternative Dispute Resolution (ADR)' to the Bangladesh Bank.