February 25, 2013
KLRCA Wins Global Recognition
Kuala Lumpur, 25 February 2013 – The Kuala Lumpur Regional Centre for Arbitration (KLRCA) has received the prestigious Global Arbitration Review Award for ‘Innovation by An Individual or Organisation in 2012’ at the 3rd Annual GAR Awards in Bogota, Colombia.
The voter-based Award was given for KLRCA’s i-Arbitration Rules which was launched on 20th September last year. The i-Arbitration Rules is the first set of arbitration rules in the world that caters for the resolution of disputes arising from commercial contracts containing Shariah issues. It adopts the United Nations Commission on International Trade Law (UNCITRAL) Arbitration Rules that ensures international enforceability.
Other nominees in the same category included the Permanent Court of Arbitration (PCA) in The Hague´s consolidated rules, the UNCITRAL 2012 digest of case-law on Model Arbitration Law, and the China Young Arbitration Group.
Datuk Sundra Rajoo, Director of KLRCA, who was on hand to receive the award, said, “We are truly honoured by the recognition given by the global arbitration community. The development of KLRCA i-Arbitration Rules leveraged on the strong Islamic finance infrastructure already in place in Malaysia. The award is definitely a feather in the cap of our efforts towards promoting Malaysia as a leading international arbitration hub while at the same time developing solutions to identified gaps in the alternative dispute resolution market.”
Global Arbitration Review (GAR) is the London-based arbitration journal that is recognised as the leading publication for the global arbitration community. The 3rd GAR Awards was held on the eve of the International Bar Association’s 16th International Arbitration Day held in Bogota, Colombia.