Malé, Maldives – Maldives International Arbitration Centre (MIAC) decided to formally commence their arbitration services after coming to a final decision on the arbitration fees and hiring arbitrators.
Chairman of MIAC Mohamed Shahudhy Anwar said that an online case management system has been established for cases to be submitted to the centre online and that employees have already been trained to be affiliated with the online mechanism.
54 personnel from all over the world have been selected as arbitrators and 50 members have been selected as the primary panel to the arbitrators. In addition to this, 4 members have also been selected to the secondary board.
While former High Court Judge Abbas Shareef is the only Maldivian on the panels, Chairman Shahudhy said that the opportunity has not yet been closed and that it is open for the public. Arbitrators are selected after review by the MIAC board.
Furthermore, no registration or administration fee is to be taken from Maldivian parties involved in the arbitration process. However, foreign parties will be charged USD 500 as registration fees and USD 1500 as administrative fees. Additionally, hearings involving domestic parties will be charged MVR 500 daily while foreign parties are to be charged USD 33.
MIAC was established under Act No. 10/2013 (Maldives Arbitration Act) and is an independent government institution offering alternative dispute resolution services in addition to being the first and only institution offering arbitration services in the Maldives.
It was founded with the objective of promoting arbitration as a means of dispute resolution and providing cost-effective, efficient services to the business community and local and foreign investors. Arbitration Centre is tasked with encouraging arbitration in the country, acting as a middle-man in solving disputes, establishing guidelines for arbitrators and paving the way for Maldives to progress as a hub of arbitration.
Arbitration, by definition, is a settlement of dispute between parties to a contract by a neutral third party, known as the arbitrator, without resorting to court action.