Developing Brunei Darussalam as an ASEAN hub for International Islamic Finance dispute resolution: Opportunity or over-ambition?

• Main Author: TERAMURA, Nobumichi
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2022
• Subjects: Commercial Law; Dispute Resolution and Arbitration
• Online Access: https://ink.library.smu.edu.sg/ccla/3; https://ink.library.smu.edu.sg/cgi/viewcontent.cgi?article=1002&context=ccla
• Institution: Singapore Management University

International dispute resolution is only at an early stage of development in Brunei. Although the government established the Brunei Darussalam Arbitration Centre (BDAC) in 2014 to provide domestic and international users with arbitration and mediation services, the institution has yet to attract a significant caseload. This is in contrast with neighbouring countries such as Singapore (a regional hub for international dispute resolution) and Malaysia (an active and rising centre of dispute settlement). Their flagship arbitration institutions, the Singapore International Arbitration Centre (SIAC) and the Asian International Arbitration Centre (AIAC) (formerly known as the Kuala Lumpur Regional Centre for Arbitration), handle several hundred cases every year and have generated substantial cashflow into their respective legal sectors. This trend has still to materialise in Brunei.