New banking law in forum spotlight

MANAMA: A new draft law in Bahrain seeks to improve small and medium enterprises (SMEs) access to finance and also benefit banks involved in the lending process.

Observers expect the Secured Transactions Law to positively impact the financial services sector in a number of ways, according to a statement from the Economic Development Board (EDB), Bahrain’s investment promotion agency.

This follows two specialised workshops on the law organised by the Central Bank of Bahrain and the Judicial and Legal Studies Institute in co-operation with the EDB.

Both workshops were attended by lawyers and professionals from the banking sector.

In co-operation with its partners, the EDB is advancing the kingdom’s progressive legislative environment as a competitive asset to attract direct investment and create quality jobs.

The Secured Transactions Law and the workshops are just the latest effort from the EDB and its stakeholders to advance emerging investments and protect key economic sectors, all while raising awareness and knowledge.

The aim of the workshops was to provide in-depth awareness and understanding of the Secured Transactions Law, which is based on the legal model adopted by the United Nations Commission on International Trade Law (UNCITRAL).

The workshops introduced participants to lending opportunities that may become available under the draft law.

A number of legal and other experts spoke at the workshops, including David Carey, legal adviser at the US Department of Commerce and a specialist in commercial law development; Joseph U Schürer, lawyer at Kirkland & Ellis International, based in Chicago; and Jae Sung Lee, a legal expert from UNCITRAL, the legal body of the UN system for international trade law.

This was in addition to Blake Candler, a legal expert on commercial law development at the US Department of Commerce and Dr Jameel Alalawi, senior legal adviser at the EDB.



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