CAIRO: The Kuwait Institute for Judicial and Legal Studies and the Union of Arab Banks (UAB) signed on Sunday a memorandum of understanding (MoU) that focused on the exchange of expertise, experiences, and studies in the legal and judicial fields, under the auspices of the Secretary General of the League of Arab States, Ahmad Aboul Gheit.

Director General of the Kuwait Institute for Judicial and Legal Studies Counselor Hani Al-Hamdan and UAB’s Secretary General Dr Wissam Fattouh inked the MoU, with dignitaries present at the ceremony such as Kuwait’s Permanent Representative to the Arab League Ambassador Talal Al-Mutairi and the Assistant Secretary General, Head of the Economic Affairs Sector Ambassador Ali Al-Maliki, representing the League’s Secretary General, along with Dr Raed Al-Juboori, director of the Arab organizations and federations department at the League.

During the ceremony, in a speech, Al-Maliki emphasized the League’s commitment to supporting collaborative endeavors, viewing them as vital initiatives to advance joint Arab efforts and expressing optimism for the positive impact of this cooperation on the judicial, legal, and banking sectors, fostering a unified Arab approach.

Speaking at the ceremony, Al-Hamdan underscored the strategic significance of the agreement, presenting it as an opportunity to exchange ideas, enhance visions, and develop specialized training programs in banking, highlighting the memorandum’s focus on addressing challenges posed by modern financial transactions, particularly within the evolving landscape of artificial intelligence.

The collaboration is expected to yield not only the exchange of curricula, programs, and scientific materials but also well-defined training and scientific plans that are envisaged as foundational elements in developing a knowledgeable and experienced generation, prerequisites for achieving excellence, success, and innovation in legal, judicial, and banking fields, he added.

In a statement to KUNA, Dr Fattouh highlighted the MoU’s importance in harmonizing laws and banking, crucial for resolving disputes within the Arab banking sector, anticipating joint studies and research on laws and banking, with plans for an international conference in Kuwait later this year that focuses on mediation, arbitration, and the development of laws supporting banking.

Speaking to KUNA, Al-Mutairi underlined the significance of the memorandum in enhancing cooperation in the judicial, legal, and banking sectors, pointing out the distinguished position of the Kuwait Institute for Judicial and Legal Studies and anticipating benefits for UAB through the institute’s expertise in specialized legal and judicial studies in banking.

The MoU is poised to contribute new experiences and build specialized legal expertise in financial aspects, marking a significant step toward strengthening collaboration between the two entities and contributing to the development of legal and banking practices in the Arab world. Al-Mutairi clarified that the Arab League possesses mechanisms for addressing financial matters, including institutions like the Arab Investment Court and the Administrative Court. — KUNA