The Bahrain Association of Banks (BAB), in partnership with Judicial & Legal Studies Institute, hosted a seminar titled “Implementation Law in Civil and Commercial Matters: Current Challenges Facing Financial and Banking Institutions.”
The event brought together representatives from various government and private agencies, including the Supreme Judicial Council, the Ministry of Justice, Islamic Affairs and Endowments, the Ministry of Interior, the Public Prosecution, the Ministry of Industry and Trade, the Central Bank of Bahrain, the Survey and Land Registration Bureau, the Bahrain BAR Society, Mazad Company, members of BAB, and others concerned with the pertinent issues.
Dr. Waheed Al Qassim, the CEO of the Bahrain Association of Banks, stated that the organization of this seminar aligns with the implementation of directives from His Excellency Nawaf bin Mohammed Al Maawda, Justice, Islamic Affairs and Endowments Minister. These efforts aim to facilitate meetings among authorities involved in the enhancement of litigation and enforcement procedures concerning financial and banking transactions. Given the pivotal role of this matter in the operations of Bahraini banks and financial institutions, particularly in the field of extending loans to individuals and companies, ensuring efficiency, and maintaining financial stability, the seminar underscored the significance of advanced legislation and laws in fostering an environment conducive to attracting investors.
Dr. Riyadh Seyadi, the Director of the Judicial & Legal Studies Institute and the moderator of the seminar, emphasized the significance of this event in familiarizing all stakeholders with the key provisions of the new implementation law and its application process. He highlighted the importance of hearing suggestions and perspectives, as well as engaging in discussions aimed at further refining and advancing the law to effectively achieve its intended objectives.
Dr. Seyadi underscored the collaborative efforts with the Bahrain Association of Banks in organizing such productive events. These initiatives aim to enhance new laws and their implementing regulations, staying abreast of ongoing legislative developments, and ensuring the effective application of these laws to achieve their goals optimally. He emphasized the role of judicial development in supporting the growth of the financial services sector, recognizing it as a crucial driver of investment attraction and a key player in stimulating various economic sectors.
The seminar showcased a noteworthy working paper on the new implementation law by His Excellency Judge Rashid Abdul Latif Al-Sahhaf, the distinguished President of the Grand Civil Court of the Supreme Judicial Council. Joining him were Mr. Sayed Hussein Sabt, the Head of Implementation Court Procedures at the Ministry of Justice, and Mrs. Maryam Abdul Rahman, the Head of Legal Affairs at BCFC Company, who delivered two insightful working papers, adding valuable perspectives to the discussion.
Participants gained valuable insights into the particular provisions of the mandatory law, aligned with the specifications outlined in Decree Law No. 22 of 2021. Furthermore, the seminar provided illuminating perspectives on the regulations governing the private port, boasting an impressive count of 39 companies currently holding licenses in accordance with these provisions.
In his concluding statement at the seminar, Dr. Waheed Al Qassim emphasized the commitment to closely monitor the outcomes and recommendations generated during the seminar, underscoring the ongoing nature of developing legislation, laws, and procedures in tandem with the swift advancements in the financial and banking sector. He highlighted the judiciary’s crucial role in adapting to changes within the Kingdom, be they demographic shifts, cultural nuances, or technological advancements, and emphasized the necessity for robust and stringent laws to ensure stability and safeguard rights.
Drawing attention to the seminar’s insights, Dr. Al Qassim pointed out the imperative to leverage digital services provided by various authorities and enhance collaboration among them. This, he noted, would expedite and ensure the transparency of the litigation process and the implementation of judgments.
Expressing gratitude, Dr. Al Qassim extended thanks to all those involved in organizing the seminar, particularly acknowledging the Judicial & Legal Studies Institute. He underscored that the broad participation of relevant authorities in the seminar reflects a shared commitment to collaborate with the Bahrain Association of Banks to offer comprehensive support for enhancing the litigation environment, with a specific focus on the implementation law.
