The Egyptian Center for Arbitration
and Settlement Non-Banking Financial Disputes
ECAS
and Settlement Non-Banking Financial Disputes
ECAS
The Egyptian Center for Arbitration and Settlement of Non-Banking Financial Disputes
The Egyptian Center for Arbitration and Settlement of Non-Banking Financial Disputes (ECAS), is a non-profit arbitration center that was established by the Presidential Decree No. 335 of 2019. Its main role is to facilitate settlement of Non-Banking financial disputes by means of arbitration, mediation, and conciliation.
ECAS also aims to provide prompt justice to ensure the protection of the beneficiaries’ rights, as well as to maintain the stability, sustainability, and prosperity of the Non-Banking financial markets.
Dispute Resolution
Why Resort to Alternative Dispute Resolution?
When a business suddenly finds itself in the midst of a conflict, the logical answer would usually be to find the quickest and cheapest way out. Hence, pursuing the litigation route in this respect may not always be a wise decision, as in most cases, this will entail a longwinded process of countless court appearances and the drafting of endless legal documents. This tempestuous scenario has the added risk of further friction erupting between the parties, which can easily be avoided through the means of arbitration, mediation, and conciliation.
ECAS provides quick methods such as arbitration, mediation, and conciliation to resolve non-banking financial disputes, which contributes to saving time and effort and ensures a high degree of confidentiality when considering the subject of the dispute.
ECAS also provides a list of experts specializing in the non-banking financial field, in addition to providing an electronic arbitration platform that parties can resort to.
The Center’s arbitration procedures have been established according to a secure work system and with organized steps to ensure the efficiency of the arbitration process and to maintain the speed and confidentiality factor. The procedures include all the details, starting with notification of the arbitration and the formation of the arbitration panel, through the pleading sessions, all the way to the issuance of the award.
The ruling issued by the Center also eliminates the need for resorting to the ordinary judiciary, and it is not permissible to appeal it for invalidity except in cases specified by law exclusively.
Benefits of Dispute Resolution
The Center is a non-profit institution that offers an alternative means of resolving disputes that saves time and effort through its final rulings that are implemented expeditiously. It also contributes to alleviating the burden on the courts.
The Center guarantees the freedom of the parties to the dispute to choose the method of settlement, the applicable law, the arbitrators, the language, the place, and other elements of the case until the final ruling is issued.
The statute established a set of rules that ensure the confidentiality of the dispute, data, and sessions, ensuring the continuity of future financial relations between the parties to the dispute.
The Center has established conditions, standards, and criteria that guarantee the availability of the necessary expertise in its list of accredited arbitrators, mediators, and experts.
The Center offers an electronic platform that allows the parties to submit their Arbitration Notice through it , and to notify them by all the required documents and memorandums that should be submitted without the need of their physical presence.
Message From the Executive Director
The inauguration of the center’s activities is an outcome of the continuous work of professional and visionary efforts. The issuance of Presidential Decree No. 335 of 2019 is the main basis that has led to the establishment of the Center. The Center plays a significant role in the development of the non-banking financial market as well as ensuring its stability. The Center aims to achieve two main goals that complement each other: the first is to provide prompt justice that is credible to the disputing parties. The second is to contribute to the sustainability of the non-banking financial markets in order to maintain and enhance the investment environment.
We are aware of the growing international and local acceptance of arbitration as an alternative method of dispute resolution. It has become the optimal method for the settlement of disputes due to its ability to resolve disputes with a high degree of privacy, professionalism, and complete justice.
We insist on perusing arbitration policy mechanisms as they guarantee a reliable and credible platform for settling non-banking financial disputes, especially after the growth of the market to include consumer finance and funding for small and medium-sized enterprises.
In the end, I can assure you that we are determined to move forward, adhering to our pioneering ambitions by constantly putting arbitration activities on the right track as well as continuously evaluating the Center. We frequently adapt to any new required procedures, guaranteeing equality and justice among the disputed parties.