The Egyptian Center for Arbitration and Settlement of Non-Banking Financial Disputes 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 flourishing of the Non-Banking financial markets.
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, which has the added danger of further friction erupting between the parties, can easily be avoided through the means of arbitration. As one of the fastest growing dispute resolution mechanisms in the world, arbitration is highly compatible with the fast pace trend of the modern day business world. With its quick and economical qualities, arbitration is the smart choice to solving a wide range of commercial disputes
The Center is a not-for-profit institution that offers an alternative means of settling disputes that shortens 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 settlement method, the applicable law, the arbitrators, the language, the place, and other elements of the case until the final judgment is issued.
The statute established a set of rules that ensure the confidentiality of the dispute, statements and sessions, thus ensuring the continuity of future financial relations between the parties to the dispute.
The Center has established the conditions and criteria that ensure 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 .
The inauguration of the center’s activities is an outcome of the continuous work of professional and visionary efforts. The issuance of the 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, which complement each other; the first is to provide a prompt justice, 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 for arbitration as an alternative method of dispute resolution. It has become the optimal method for the settlement of disputes due to it being a path 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 the consumption finance and funding the small and medium-sized enterprises.
In the end, I can assure 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 the equality and justice among the disputed parties.