The Central Bank of Malaysia Act 2009 (“Act“) designated Malaysia’s Shariah Advisory Committee on Islamic finance (“SAC“) as the authority for ascertaining Islamic law for the purposes of Islamic financial business. According to Section 2 of the Act, “Islamic financial business” encompasses “any financial business in ringgit or other currency which is subject to the … Read more

A Tale of Two BANIs: an update – Renewed BANI prevails against the original BANI in appeal against the decision of the Jakarta State Administrative Court

In August last year, we reported that a new Indonesian arbitral institution had been established in mid-2016 under the name of Renewed BANI or BANI Pembaharuan (“BANI-P“), notwithstanding the continued existence of the separate institution already known as BANI.  We reported that the two institutions were in dispute as to which of them could legitimately … Read more

SIAC issues proposal for consolidation of arbitral proceedings between institutions

On 19 December 2017, the Singapore International Arbitration Centre (SIAC) released a proposal on cross-institution cooperation and consolidation of arbitral proceedings conducted under different arbitral rules (the SIAC Proposal). SIAC has invited comments on its Proposal by 31 January 2018. The memorandum enclosing the SIAC Proposal can be accessed here. Read more

SIAC Investment Arbitration Rules

The Singapore International Arbitration Centre (SIAC) has announced the release of its Investment Arbitration Rules (the Rules), which came into force on 1 January 2017.  This release follows the earlier public consultation in February 2016, when practitioners were invited by SIAC to review and comment on the draft of the Rules. The Rules are the … Read more

Singapore arbitration update: Third Party Funding and New SIAC Rules 2016

This week has seen two major developments in Singapore arbitration. First, Singapore's Ministry of Law has published draft legislation to legalise and regulate third party funding for arbitration (and arbitration-related litigation and mediation) in Singapore. Second, the Singapore International Arbitration Centre (SIAC) confirmed the release of the sixth edition of its Rules: the SIAC Rules … Read more

Gavin Margetson appointed Chair of ICC Thailand Commission on Arbitration

Herbert Smith Freehills is pleased to announce that Bangkok Partner Gavin Margetson has been appointed Chair of the ICC Thailand Commission on Arbitration. As Chair, Gavin will work closely with the rest of the committee, which also includes Victor Smith, Managing Partner at Bangkok-based disputes management consultancy Charndell; Siriporn Chaiyasuta, General Counsel for Chevron Europe, … Read more

Arbitration in South Korea: A New Phase Begins

To mark the opening of Herbert Smith Freehills’ new office in Seoul today, we examine arbitration in South Korea. Whilst the Korean Commercial Arbitration Board (KCAB) has reported growth in the number of international arbitrations, South Korea is seldom considered as a seat of international arbitration and use of the KCAB’s International Arbitration Rules has … Read more

KLRCA’s new i-Arbitration Rules: a new option for Islamic finance parties

The Kuala Lumpur Regional Centre for Arbitration (KLRCA) recently launched an adapted set of its Arbitration Rules for Islamic arbitration at the 2012 Global Islamic Finance Forum. The new rules are referred to as the i-Arbitration Rules (the Rules) and will aim to allow for the resolution of disputes arising from any contract that contains … Read more