Arbitration is the submitting of a disputed matter for determination, before another person or persons, by consent of the parties in dispute. The person before whom the matter is submitted is called the arbitrator. In Bangladesh arbitration is regulated by the Arbitration Act 2001 (Act I of 2001). “Arbitrator”, though by agreement between the parties may be called upon to exercise judicial powers and to decide a dispute according to law that would not make the arbitrators a Court. ( Idrish Ali and another Vs. The State, 38 DLR (1986) 270 ) 

The determination of a dispute by one or more third independent third parties (the arbitrators) rather than by a court. Arbitrators are appointed by the parties in accordance with terms of the arbitration agreement or in default by a court. An arbitrator is bound to apply the law accurately but may in general adopt whatever procedure he chooses and is not bound by the exclusionary rules of law of evidence; he must, however, conform to the rules of natural justice. ( Begum Lutfunnessa Vs. N Ahmed, 40 DLR (1988) 232 )

Once an Arbitration proceeding in a foreign country is completed, the Arbitral Award, on an application by any party, will be enforced by a Court of this country under the Civil Procedure Code in the same manner as if it were a decree of the court. ( Canada Shipping and Trading SA Vs. TT Katikaayu and another, 2001, 30 CLC (HCD) [3980] )

See,the Arbitration Act, 2001 (Act I of 2001)