The Kuwait Institute for Judicial and Legal Studies and the Union of Arab Banks (UAB) have signed a memorandum of understanding (MoU) with a focus on the exchange of expertise, experiences, and studies in the legal and judicial fields. The signing took place under the patronage of Ahmad Aboul Gheit, the Secretary-General of the League of Arab States. The MoU was signed by Counselor Hani Al-Hamdan, Director-General of the Kuwait Institute for Judicial and Legal Studies, and Dr. Wissam Fattouh, Secretary-General of the UAB. Dignitaries present at the ceremony included Kuwait's Permanent Representative to the Arab League Ambassador Talal Al-Mutairi, Ambassador Ali Al-Maliki, representing the League's Secretary-General, and Dr. Raed Al-Juboori, the director of the Arab organizations and federations department at the League.
During the ceremony, Al-Maliki highlighted the League's dedication to backing collaborative initiatives, considering them crucial endeavours to propel unified Arab efforts. He expressed optimism about the positive influence of this cooperation on the judicial, legal, and banking sectors, fostering a cohesive Arab approach. Al-Hamdan, discussing the event, emphasized the strategic importance of the agreement, portraying it as a chance to exchange ideas, improve perspectives, and create specialized training programs in banking. He particularly highlighted the memorandum's emphasis on tackling challenges arising from contemporary financial transactions, especially within the dynamic realm of artificial intelligence.
The partnership is anticipated to result not only in the exchange of curricula, programs, and scientific materials but also in the formulation of well-defined training and scientific plans. These plans are seen as essential components in nurturing a knowledgeable and skilled generation, fundamental prerequisites for achieving excellence, success, and innovation in the legal, judicial, and banking fields, he further explained. Dr. Fattouh, in a statement to KUNA, underscored the significance of the MoU in aligning laws and banking, which is critical for resolving disputes within the Arab banking sector. He foresaw collaborative studies and research on laws and banking, with upcoming plans for an international conference in Kuwait later this year. The conference will center around mediation, arbitration, and the development of laws that support the banking sector.
