Making Kenya a hub for arbitration of international financial services disputes

Abstract

The evolution of international trade has seen more and more parties enter into international financing transactions. In every contractual relationship, disputes are inevitable and it is necessary to plan for disputes. Traditionally, disputes, commercial or otherwise have been resolved by litigation but due to delays, costs, publicity and technicalities associated with litigation, alternative dispute resolution (ADR) processes evolved. The specific objective of this study is to evaluate the legal regime regulating international commercial arbitration in particular in the Banking sector and ascertain to what extent Kenya‟s legal regime has advanced the cause. The methodology adopted in researching into this topic is based on analysis of enactments, conventions, rules, reports, books, articles and journals. Also primary sources like interview questionnaires and statutes have been used. The research seeks to critically analyse the arbitration regime in Kenya and highlight the gaps leading to Kenya not being preferred as an arbitration seat.