FRA To Propose Bylaw Amendments Enabling Digital Arbitration: Farid

(MENAFN- Daily News Egypt) Mohamed Farid, Chairperson of the Financial Regulatory Authority (FRA), delivered the keynote address at the inaugural“Egyptian Arbitration Day,” organized by the Egyptian Center for Voluntary Arbitration and Non-Banking Financial Dispute Resolution under the theme“Bridging Business with Solutions and Facilitation.”

In his remarks, Farid underscored the Center's pivotal role in fostering a culture of arbitration and expanding the use of mediation to resolve disputes in Egypt's non-banking financial sector. He praised the Center's diverse roster of seasoned arbitrators and its broad suite of services, highlighting its growing importance in enhancing market trust.

Farid announced that the FRA will soon propose amendments to the Center's bylaws-subject to approval by the Prime Minister-to formally introduce frameworks supporting digital arbitration. These reforms aim to streamline the dispute resolution process through secure electronic platforms, improving speed and accessibility while preserving confidentiality.

He emphasized that voluntary mediation and rapid dispute resolution are essential to building trust in non-banking financial markets, and are instrumental in fostering market stability and sustainable growth.

Established by Presidential Decree No. 335 of 2019, in accordance with Article 10 of Law No. 10 of 2009 governing non-banking financial markets and instruments, the Center is recognized as a pioneering institution in Egypt and the broader Middle East. It offers confidential, efficient, and expert-led dispute resolution, reflecting the Egyptian state's commitment to legislative stability, legal clarity, and protection for all financial actors.

Farid also highlighted recent positive trends in the non-banking financial services sector, including growth in financing volumes, increased market participation, and proactive regulatory initiatives. These include updates to derivatives market regulations and the launch of Egypt's first voluntary carbon credit market-developments that further underscore the need for a modern arbitration mechanism to manage emerging types of disputes.

He concluded by noting that a fast, efficient, and specialized arbitration system enhances investor confidence, supports Egypt's investment climate, and contributes to sustainable economic development.

From his side, Minister of Justice Adnan Fanjari affirmed the state's commitment to creating a robust and adaptive legal framework that supports investment, aligns with market dynamics, and ensures timely justice.

Marian Kaldas, Executive Director of the Egyptian Center for Voluntary Arbitration, highlighted the significance of organizing the first Egyptian Arbitration Day. She described it as part of the Center's broader strategy to raise awareness about alternative dispute resolution mechanisms and promote financial literacy.

Kaldas expressed confidence in Egypt's potential to become a regional hub for arbitration and dispute resolution, not only in the non-banking sector but across the wider financial landscape. She also emphasized the importance of expanding public understanding of amicable settlement tools and empowering individuals through legal education and the adoption of international best practices.

She concluded by calling the event a successful first step toward advancing voluntary arbitration as a fair, efficient, and accessible path to justice in Egypt.

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