The Bahrain Association of Banks (BAB) & Legal Studies Institute have hosted a Roundtable to create a unified interface, to expedite the implementation of judicial rulings in civil and commercial matters.

 

The focal point of the event centered on deliberating ways to synchronise the information systems of the participating entities. The objective was enabling the executing judge to promptly ascertain the assets and funds of the individual subject to execution, encompassing real estate, shares, bank balances and more.

 

This streamlined process aims to facilitate swift decision-making, safeguarding the rights of creditors, including financial and banking institutions.

 

Second roundtable

The second roundtable titled "Enhancing Interconnected Information Systems for Law Implementation", brought together representatives from various government and private entities invested in this domain, encompassing the Supreme Judicial Council, the Ministry of Justice, Islamic Affairs and Endowments, the Public Prosecution, the Ministry of Interior, the Legislation  and legal  Opinion Commission, the Department of Combating Economic Crimes, the Central Bank of Bahrain, the Information and eGovernment Authority, and the General Directorate of Traffic Services, Survey and Land Reiteration Bureau, as well as the Bahrain BAR Society, financial institutions, and banking establishments.

 

Dr Waheed Al Qassim, CEO of BAB, said the roundtable serves as a continuation of the outcomes derived from the initial session organised by the association last November. It is part of the association's commitment to collaborating with partners in the ongoing development of various laws pertinent to the financial and banking sector.

 

Dr Riyadh Mohamed Seyadi, Director of the Judicial & Legal Studies Institute, underscored the significance of the event in acquainting all stakeholders with the key provisions of the new implementation law and explaining the mechanisms of its application. Furthermore, he highlighted the significance of receiving suggestions and perspectives from participants, fostering an exchange of ideas aimed at advancing the law to fulfil its intended objectives. 

 

Diligent follow-up

Furthermore, Dr Seyadi emphasised the need for diligent follow-up on the roundtable's outcomes and recommendations to ensure the realisation of desired goals. This is particularly crucial as the evolution of legislation, laws, and procedures remains an ongoing and dynamic process, aligning with the swift advancements in the financial and banking industry. 

 

He emphasised the significance of the recently enacted enforcement law for Bahraini banks and financial institutions. This legislation streamlines their operations by establishing a legal framework for developing innovative approaches to tracking funds subject to execution, as these methods align with global technological advancements. 

 

Moreover, the introduction of private enforcers enhances access to justice by providing swift and high-quality execution services, which contributes to the efficiency and reliability of financial and civil transactions. --TradeArabia News Service