Jurisdiction over Banking Disputes in Saudi Arabia

Jurisdiction over Banking Disputes in Saudi Arabia © Koninklijke Brill NV, Leiden, 2011 DOI: 10.1163/157302511X551455 Arab Law Quarterly 25 (2011) 221-228 brill.nl/alq Arab Law Quarterly Jurisdiction over Banking Disputes in Saudi Arabia Zuhair S. Al-Herbish * Legal Counsel, Riyadh, Saudi Arabia Abstract The establishment of the Committee for the Settlement of Banking Disputes (CSBD) was a milestone in the development of the Saudi Arabian banking system. Its mere existence as a dispute settlement forum for eligible claims has provided the Kingdom’s commercial banks with a significant measure of assurance that their valuable services to the Kingdom’s economy will not be derailed through lengthy litigation by non-specialized entities. In the opinion of the author, however, the role of the CSBD can be significantly enhanced and reinforced by the implementation of two measures: restructuring the CSBD so that it has two levels; and establishing various ‘first instance’ committees of the CSBD in the King- dom’s major commercial hubs in the interest of speedy settlement of eligible disputes. Keywords jurisdiction; banking dispute; Committee for the Settlement of Banking Disputes (CSBD); Saudi Arabia 1. Introduction The role of commercial banks in developing and developed countries alike cannot be over-emphasized. Commercial banks are, indeed, the pillars of any economy; acting http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Arab Law Quarterly Brill

Jurisdiction over Banking Disputes in Saudi Arabia

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Publisher
BRILL
Copyright
© 2011 Koninklijke Brill NV, Leiden, The Netherlands
ISSN
0268-0556
eISSN
1573-0255
D.O.I.
10.1163/157302511X551455
Publisher site
See Article on Publisher Site

Abstract

© Koninklijke Brill NV, Leiden, 2011 DOI: 10.1163/157302511X551455 Arab Law Quarterly 25 (2011) 221-228 brill.nl/alq Arab Law Quarterly Jurisdiction over Banking Disputes in Saudi Arabia Zuhair S. Al-Herbish * Legal Counsel, Riyadh, Saudi Arabia Abstract The establishment of the Committee for the Settlement of Banking Disputes (CSBD) was a milestone in the development of the Saudi Arabian banking system. Its mere existence as a dispute settlement forum for eligible claims has provided the Kingdom’s commercial banks with a significant measure of assurance that their valuable services to the Kingdom’s economy will not be derailed through lengthy litigation by non-specialized entities. In the opinion of the author, however, the role of the CSBD can be significantly enhanced and reinforced by the implementation of two measures: restructuring the CSBD so that it has two levels; and establishing various ‘first instance’ committees of the CSBD in the King- dom’s major commercial hubs in the interest of speedy settlement of eligible disputes. Keywords jurisdiction; banking dispute; Committee for the Settlement of Banking Disputes (CSBD); Saudi Arabia 1. Introduction The role of commercial banks in developing and developed countries alike cannot be over-emphasized. Commercial banks are, indeed, the pillars of any economy; acting

Journal

Arab Law QuarterlyBrill

Published: Jan 1, 2011

Keywords: banking dispute; Committee for the Settlement of Banking Disputes (CSBD); jurisdiction; Saudi Arabia

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