Jakarta. Indonesia has promised that businesses will not have to fret about exhaustive dispute settlements in the upcoming Bali financial center, as this new investor magnet will adopt common law à la Singapore.

Lawmakers are now fast-tracking the bill on Indonesia’s financial center dream, and this highly anticipated document is expected to lay out the court mechanisms. Not long after the US-Iran war broke out, President Prabowo Subianto floated a plan to set up an international financial center as a haven for investors wishing to escape the Middle East tension uncertainties.

To draw in foreign capital, the financial centers will embrace common law instead of the civil law adopted nationwide. A well-known trait of the common law is letting judges adhere to previously decided cases, thereby enabling businesses to easily predict their legal outcomes. The civil law has courts making their decisions strictly based on written laws.

“Why common law? We want the dispute settlement on whatever business contracts made in these centers to be quick, easy, final and binding,” senior lawmaker Mukhamad Misbakhun said in Jakarta on Thursday.

Finance Minister Purbaya Yudhi Sadewa had told a parliamentary hearing that day that the bill would create its own court system. This court even has the authority to “examine, adjudicate, and decide” even international commercial disputes related to the financial hub. Purbaya admitted that this mechanism was all necessary to win investors’ hearts.

“Within certain limits, the centers may adopt, incorporate, apply, or adapt the principles of international commercial law and standards that have been proven to enhance business certainty,” Purbaya said.

However, whatever system implemented there will “not undermine Indonesia’s legal sovereignty”. The government has held consultations with the Constitutional Court on this common law.

As the details come out little by little, there remains questions over the exact location.

The newly approved UU P2SK law, which had shaken up existing financial sector regulations, opened doors for Indonesia to have more than one center.

Prabowo’s ministers have signaled a strong likelihood for touristfavorite Bali to harbor this financial hub. Purbaya even claimed that this could be “scattered across different locations” in the Island of the Gods, although Indonesia will pick “the most comfortable place for international investors”. Asked about this, Misbakhun replied that the location was “still under discussion”.