الهيئة العامة للرقابة المالية

Dr. Mohamed Farid – FRA Chairman:

• Egypt Arbitration Day (EGYAD)’s launch highlights the government’s firm commitment to resolve business disputes quickly, fairly and accurately
• There is a suggestion to amend the ECAS bylaws, allowing expedited and electronic arbitration to quicken the pace of dispute settlement.
• Expedited and voluntary arbitration are crucial for boosting confidence in Egypt’s non-bank financial markets.
• The establishment of the Egyptian Center for Arbitration showcases Egypt’s efforts to achieve legislative and legal stability and secure the rights of parties engaged in financial transaction.

Adnan Al-Fangary –  Minister of Justice:

• Egypt prioritizes building a stable legal environment that rigorously protects commercial rights and attracts new investments.

Dr. Marian Kaldas, Executive Director of the Egyptian Center for Arbitration and Settlement of Non-Bank Financial Disputes – ECAS:

• Egypt is ready to become a regional hub for arbitration and dispute resolution in the financial sector, leveraging its extensive expertise in the field.
• The launch of the inaugural Egypt Arbitration Day (EGYAD) marks an ambitious step toward enhancing voluntary arbitration and increasing awareness, thereby ensuring both swift and equitable justice.

Dr. Mohamed Farid, FRA Chairman delivered the keynote address at the inaugural Egypt Arbitration Day (EGYAD). This significant event organized by the Egyptian Center for Arbitration and Settlement of Non-Bank Financial Disputes (ECAS), under the theme “Where the Business Meets Solutions”.

The high-profile participation at the event clearly demonstrated its considerable importance to both the legal and financial communities. Prominent figures included Counselor Adnan Al-Fangary – Minister of Justice and Counselor Ahmed Saeed Khalil, Chairman of the Board of Trustees of the Egyptian Money Laundering and Terrorist Financing Combating Unit (EMLCU). Other notable attendees were Counselor Abdel-Razak Mahmoud Shoaib, President of the State Lawsuits Authority; Counselor Abel Rady Ahmed Sediq , Head of the Administrative Prosecution Authority; and Yasser Sobhi – Deputy Minister of Finance for Fiscal Policies and Dr. Marian Kaldas, Executive Director of the Egyptian Center for Arbitration and Settlement of Non-Bank Financial Disputes – ECAS. The event also drew key leaders from Financial Regulatory Authority, Ministry of Justice, Egyptian Exchange various federations and companies operating in non-banking financial activities and numerous legal consulting offices.

In his speech, Dr. Mohamed Farid emphasized the critical and central role of the Egyptian Center for Arbitration and Settlement of Non-Bank Financial Disputes (ECAS). He stressed the Center’s profound importance in actively promoting and disseminating the culture of arbitration. Furthermore, he highlighted its vital contribution to increase reliance on arbitral mediation processes as an effective mechanism for resolving non-bank financial disputes. Dr. Farid attributed the Center’s effectiveness to its comprehensive range of services and notably, to its impressive and diverse specialized arbitrators. These arbitrators, he underscored, possess extensive experience and demonstrable competence, making them exceptionally well equipped to efficiently and fairly resolve complex financial disputes within the non-banking sector.

Dr. Farid announced plans to propose amendments to ECAS’s bylaws. These proposed changes, which will be submitted to the Prime Minister soon, aim to formally allow for both expedited arbitration and electronic arbitration (e-arbitration). The overarching objective is to significantly speed up arbitration proceedings and enable the digital and secure resolution of disputes.

FRA Chairman underscored that voluntary mediation and rapid dispute resolution are crucial for fostering confidence in non-bank financial markets. He emphasized that quickly resolving financial disputes within this sector is fundamental to ensure market stability and sustainability.

He further stated that ECAS was formed under Presidential Decree No. 335 of 2019, specifically to implement Article 10 of Law No. 10 of 2009, which regulates non-bank financial markets and instruments. It stands as a leading institution for arbitration and non-bank financial dispute resolution throughout Egypt and the wider Middle East. Its reputation stems from providing confidential, swift and expert-led settlement services. Crucially, the Center reflects the Egyptian state’s strong dedication to legislative and legal stability, ensuring the protection of rights for all parties involved in various financial transactions.

Dr. Farid also highlighted the recent positive trends in non-bank financial services performance. This includes a notable increase in financing provided through these services and a growing number of beneficiaries. He pointed to the Authority’s strategic measures to develop and expand non-bank financial markets, citing the amendment of the financial derivatives market and the launch of the first Voluntary Carbon Market. He stressed that these advancements necessitate a robust voluntary arbitration mechanism to effectively resolve any disputes that may arise from these activities. The ultimate goal is to provide credible and swift justice to all stakeholders, thereby enhancing trust in non-bank financial markets and reinforcing their overall stability.

He also affirmed that an efficient, swift, confidential and specialized voluntary arbitration process for dispute resolution sends positive signals about the investment and business climate. Dr. Farid emphasized that this directly supports inclusive and lasting economic growth, acknowledging the crucial link between prompt dispute resolution and definitive outcomes.

Counselor Adnan Al-Fangary, Minister of Justice expressed his pleasure in participating in the inaugural Egypt Arbitration Day (EGYAD). He stated that the event demonstrates Egypt’s unwavering commitment to build and foster a stable, stimulating and investment-attractive legal environment. This environment, he added, accounts for all market developments, necessitating a justice system that keeps pace with this rapid rhythm and the evolving nature of such disputes and disagreements.

During her speech, Dr. Marian Kaldas, Executive Director of the Egyptian Center for Arbitration and Settlement of Non-Bank Financial Disputes – ECAS, emphasized the importance of organizing the inaugural Egypt Arbitration Day (EGYAD) by the Center. She stated that this initiative aligns with the Center’s strategy to raise awareness and financial literacy regarding alternative dispute resolution methods, with the aim of advancing dispute settlement through consensual means.

Dr. Kaldas stated that Egypt is uniquely positioned, leveraging its distinctive expertise, to become a regional leader in financial sector arbitration and dispute resolution, covering both bank and non-bank areas.

She further emphasized the importance of broadening legal awareness regarding amicable dispute resolution methods across all segments of society. This involves empowering individuals by enhancing their skills and understanding of internationally applicable laws. Dr. Kaldas concluded that the successful inaugural Egypt Arbitration Day (EGYAD) represents a promising step toward bolstering the principle of voluntary arbitration, thereby ensuring both swift and equitable justice.