Malaysia eyes arbitration role in Islamic financing

KUALA LUMPUR: Malaysia has a wealth of experts in Islamic banking and financing to develop the countryinto a major international hub for arbitration and dispute resolutions.

Prime Minister Datuk Seri Abdullah Ahmad Badawi said Malaysia aspired to play a major role in international Islamic finance.

“We have the expertise and longer experience in Islamic banking compared to many other countries.

“We can be the centre of arbitration with regards to Islamic financing,” he said in his keynote address when opening the two-day International Dispute Resolution Conference on Monday.

He said Malaysia was ideal for foreign investors as it was well-equipped to resolve disputes on international terms.

“Our laws do not impose restrictions on foreign arbitrators, mediators or counsel appearing at arbitration,” he said.

The Arbitration Act passed in 2005 was a model for many others, he said, and the country’s adoption of the New York Convention for Enforcement of Arbitral Awards provided much needed support required for arbitration.

On the conference, he said it was timely as there were draft laws in adjudication and mediation in review.