Maldives International Arbitration Centre (MIAC) has stated arbitral awards administered by the centre can now be enforced in 165 countries across the world.
Speaking to PSM News, Chairman of MIAC Mohamed Shahudhee Anwar said MIAC has participated in the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, or the New York Convention, last year. Therefore, he said arbitral awards administered by MIAC can now be enforced in 165 other countries that have participated in the convention, noting the awards will be enforced similar to a court sentence.
Speaking further, Shahudhee said MIAC is currently working on ensuring the arbitrators of the centre fulfill a certain standard of quality and professionalism. In this regard, he noted an Arbitrators’ Register has been formed with all the experienced arbitrators of the country. He added although the current panel of MIAC includes foreign arbitrators, the centre aims to produce more local arbitrators with the help of the Chartered Institute of Arbitrators.
MIAC was established in April 2019, under the Arbitration Act passed in 2013. MIAC was founded with the objective of promoting arbitration as a means of dispute resolution and to provide cost effective, efficient services to the business community and local and foreign investors.