BIAC signs MoU with IFIC Bank to resolve loan disputes

Recently Bangladesh International Arbitration Centre (BIAC) signed a Memorandum of Understanding (MoU) with IFIC Bank Limited to assist resolution of commercial and money loan disputes through alternative dispute resolution (ADR).

Chief Executive Officer of BIAC Mr. Muhammad A. (Rumee) Ali and Managing Director of IFIC PhotoBank Mr. Shah A Sarwar signed the MoU on behalf of their respective institutions.

Senior officials from both the institutions were present during the signing ceremony at IFIC Bank Head Office at Motijheel C/A in the capital.

The signing took place following a meeting between BIAC and IFIC Bank where BIAC made a presentation on the need and use of ADR, particularly Arbitration and Mediation, for the banking sector.

The MoU will provide a framework to facilitate resolution of contractual and commercial disputes (if arises) of IFIC Bank by using ADR methods – namely Arbitration and Mediation, through ADR.