Why Arbitration Should Be Your First Choice for Resolving Commercial Disputes in Oman: Key Insights from Latest Seminar
Muscat: The Oman Chamber of Commerce and Industry (OCCI), representing its Finance and Insurance Committee in collaboration with the Oman Commercial Arbitration Centre, held a seminar on Commercial Arbitration in Banking, Insurance, and Finance Contracts on Sunday, September 14.
The seminar highlighted the crucial role of mediation and arbitration in resolving disputes related to these contracts. It emphasized their importance in creating a resilient business environment that is attractive, secure, and transparent for investors, both local and international. This environment assures stakeholders of access to swift and fair dispute resolution mechanisms.
The event took place under the patronage of Dr. Abdullah bin Mohammed al Saeedi, Minister of Justice and Legal Affairs, and was attended by Faisal bin Abdullah al Rawas, Chairman of OCCI.
During the seminar, it was announced that Oman will host the Muscat Arbitration Days Conference, organized by the Oman Commercial Arbitration Centre, from December 2-4 at the St. Regis Al Mouj Muscat. This conference, held under the auspices of Abdulsalam bin Mohammed al Murshidi, Chairman of the Oman Investment Authority, is expected to feature around 45 regional and international speakers and draw approximately 1,000 participants.
Dr. Khalid bin Salim al Saidi, Chairman of the Board of Directors of the Oman Commercial Arbitration Centre, remarked, “This year’s event focuses specifically on arbitration in banking, insurance, and reinsurance contracts, underscoring its effectiveness as an alternative to traditional litigation.” He added that speakers emphasized the need to educate stakeholders about arbitration, highlighting its advantages such as speed, efficiency, and access to experts experienced in the nature of the disputes.
The forum stressed that arbitration provides not only faster dispute resolution but also a professional and expert process, boosting confidence in commercial and financial transactions.
Mustafa bin Ahmed Salman, OCCI Board Member and Chairman of the Finance and Insurance Committee, stated, “Arbitration and mediation are essential tools for resolving conflicts in banking, insurance, and finance contracts, which are fundamental to trade and investment.”
Bader al Kharousi, Legal Consultant at the National Finance Company, noted, “Arbitration in financial, banking, and financing contracts is a key pillar in building trust within the finance sector, which is inherently based on transparency, commitment, and confidence.”
The seminar also featured a presentation titled “The Reality and Challenges of Arbitration in Banking Disputes” by Dr. Tariq bin Hilal al Busaidy, a professional arbitrator and head of Dr. Tariq al Busaidy Law Office. He pointed out arbitration as a vital mechanism for resolving conflicts between banks, financial institutions, companies, and clients, especially given the increased complexity of banking products and investment instruments. Dr. al Busaidy emphasized arbitration’s speed, confidentiality, and the critical importance of legal expertise in banking and finance laws.
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The emphasis on arbitration in banking, insurance, and finance contracts marks a strategic move towards faster, expert dispute resolution, enhancing investor confidence and fostering a transparent business environment in Oman. This presents a prime opportunity for businesses and investors to leverage efficient conflict management mechanisms that reduce litigation risks and costs, making Oman more attractive for both local and international investment. Smart investors and entrepreneurs should now prioritize understanding arbitration frameworks to safeguard their interests and capitalize on the streamlined legal processes supporting the financial sector’s growth.
