BIAC held discussions with several banks in the past two weeks, namely Standard Chartered Bank, AB Bank Limited, Eastern Bank Limited (EBL), International Finance Investment and Commercial Bank (IFIC). In the discussion, BIAC explained need and use of alternative dispute resolution (ADR) in the financial sector. Following the meeting, prospective co-operation between the banks and BIAC was conversed to avail of BIAC’s ADR services.
Default loans are an unfortunate but a common scenario in the banking industry. Financial institutions require efficient and effective means of resolving such disputes that will allow parties to keep matters confidential and preserve their relationship. As our over-burdened court system does not provide expeditious resolution, aggrieved parties are left to look for solution outside the formal litigation system. BIAC as the alternative dispute resolution (ADR) institution of the country provides quick and easy resolution options to businesses and organisations.
BIAC is Bangladesh’s first and only alternative dispute resolution institution. BIAC facilitates arbitration, mediation and other forms of alternative dispute resolutions in Bangladesh. BIAC is a not-for-profit organization established by the three prominent business Chambers of Bangladesh, namely, International Chamber of Commerce-Bangladesh(ICC-B), Dhaka Chamber of Commerce & Industry(DCCI) and Metropolitan Chamber of Commerce & Industry(MCCI), Dhaka.
BIAC will soon be holding similar discussions with other banks in order to sensitise the financial sector on the need and the signification use for ADR.