Bangladesh International Arbitration centre (BIAC), country’s first and only ADR institution, visited Bangladesh Bank, the central bank of Bangladesh recently and explained the need and use of alternative dispute resolution (ADR) in the financial sector.
In the discussion meeting, BIAC gave a small presentation on how effectively ADR worked worldwide and how it can assist banks in recovery of bad debt and its other contractual disputes. Following the need and the use of ADR in Bangladesh, 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 established BIAC as a not-for-profit organization in 2011 under a license from the government. BIAC does arbitration and mediation and published its rules in 2012 and 2014 respectively.
In the meeting, the Deputy Governor of Bangladesh Bank Mr. Shitangshu Kumar Sur Chowdhury expressed that it is a cost and time effective initiative to try ADR in recovering money and can help both financial institutions and the parties to do business smoothly.
Dr. Atiur Rahman, the Governor of Bangladesh Bank mentioned that there is possibility tha Governor of Bangladesh Bank mentioned that there is possibility that the banking sector can gain from the use of ADR and the services provided by BIAC. It is not an un-ventured avenue for the Bank to reach a co-operation agreement with a private institution, the precedent for such co-operation has already been set.
Md. Abul Quasem, Deputy Governor, Abu Hena Mohd. Razee Hassan, Deputy Governor, Nazneen Sultana, Deputy Governor and other Executive Directors of Bangladesh Bank were also present at the meeting.