As many as seven leading banks in the country, including Al Baraka, Standard Chartered, Bank Al Habib, United Bank, Punjab Bank, Summit Bank and Industrial Development Bank have shown their interest to forward their disputes to the Mediation Centre of the Lahore Chamber of Commerce and Industry.
At an awareness session, chaired by the LCCI Senior Vice President Irfan Iqbal Sheikh and also addressed by the Vice President Mian Abuzar Shad, Convener LCCI Mediation Centre Engineer Sohail Lashari, Executive Committee Members Zeeshan Khalil, Kashif Anwar, IFC certified Mediator Sh Mohammad Ayub and Mediation Standing Committee members Nasira Taskeen, Rehmatullah Javaid and Barrister Tariq Saeed Rana the LCCI Mediation Centre would help bring foreign investment in Pakistan.
During the Session, arranged by the LCCI Mediation Centre Committee, the representatives of the banks appreciated the Lahore Chamber of Commerce and Industry for joining hands with the International Finance Corporation (IFC) for the establishment of the Mediation Centre.
Al Baraka Bank was represented by its Regional Head Aamer Raza Zaid, Central Regional Head Saleem Qureshi from Standard Chartered Bank, Regional Head of Bank Al Habib, Assistant Vice President Shahid Farooq from United Bank, Chief Executive Officer Syed Talat Mehmood from Punjab Bank and Regional General Manager Kamran Ashraf from Summit Bank and Chief Manager Industrial Development Bank Pervaiz Iqbal Ranjha.
The LCCI Senior Vice President Irfan Iqbal Sheikh said that the Lahore Chamber of Commerce and Industry was planning to communicate with the regional and international business community through their relevant government officials, leading chambers, sector associations, banks, multilateral development institutions and diplomatic missions informing them of the availability of a world-class mediation center at Lahore Chamber for out-of-court settlement of business disputes.
“Since this centre has backing and support of the International Finance Commission, therefore its decisions would be acceptable to the international businesses as well.”
He said that steps are being taken to extend the scope of this centre to other chambers of commerce in the Punjab.
He informed that participants that the number of cases being forwarded to the LCCI Mediation Centre were increasing with every passing day and that is enough to make the point that there was a dire need for such a mechanism. “When you have internationally trained mediators and a globally recognized mechanism, you are bound to earn laurels”
The Convener of the Mediation Center Engineer Sohail Lashari said that the foreign diplomats working in Pakistan were also showing keen interest in the Mediation centre. He said that British High Commissioner would soon be visiting the Mediation Centre while the French Economic Consular had already done so.
The Convener said that this is a landmark project not just in Pakistan but also in the region. It’s a giant leap forward in terms of building a world-class platform at the Lahore Chamber for efficiently resolving business disputes. The establishment of an international standard mediation centre would not only improve investment climate in the country but would also send a very positive signal abroad because a large number of foreign investors could not put their money in Pakistan only because of absence of an institutionalized mediation mechanism.
Engineer Sohail Lashari thanked the banks’ representatives for sparing time and showing confidence in Lahore Chamber of Commerce and Industry.