ABOUT IICRA

Establishment


IICRA was founded on 5 April 2005 based on the International Convention embodied by the efforts of many concerned international institutions to support Islamic financial industry, primarily, the General Council of Islamic Financial Banks and Institutions, the Islamic Development Bank Group and the United Arab Emirates the hosting country where IICRA’s headquarter is located.

Legal Framework


The constituent assembly is attended by more than seventy (70) Islamic financial institutions representatives from various Arab and Muslim member states of Islamic Institutions where the rules and organizational structure of IICRA were adapted.


IICRA has become one of the most important infrastructure institutions of the Islamic Financial Industry and its legal arm presents the ideal international specialized platform for settlement of financial, commercial, banking, investment and real estate disputes with compliance of Sharia Law through mutual conciliation and arbitration in accordance with the best practices and standards that are approved globally.

CEO Message


All praise be to Allah, and peace and blessings be upon His honest Messenger Mohammed bin Abdullah and upon his family and companions.


On behalf of myself and IICRA Administrative Team, I am pleased to welcome you all to the website of the International Islamic Centre for Reconciliation and Arbitration (IICRA) , which was established in 2005-1426 AH as an independent international non-profit organization, one of the most important infrastructure institutions of the Islamic financial industry which has now become a unique international platform for settlement of banking, financial, commercial, industrial, investment and real estate disputes through mutual Reconciliation and Arbitration in accordance with the best practices and standards adopted globally with compliance of Sharia Principles.


We at IICRA through this website seek to provide our services consisting largely in resolving disputes through mutual Reconciliation and Arbitration with compliance of Sharia Principles in a very professional, confidential and impartial manner. We also provide support services to the Islamic financial industry such as training, consultation, organizing conferences, seminars and round table talks as well as contributing to the habilitation of the legal and Sharia environment in which the Islamic financial transactions are created and traded in order to be more aware of its legal, Sharia and technical aspects which has distinctive qualities and characteristics that distinguishes it from its conventional transaction.


We are also diligent in developing our electronic services to be more useful and beneficial to those who are in the dire need of, whether they are individual or corporate bodies (banks, companies, associations or any other entities). As we also appreciate your direct contact with IICRA management to submit your inquiries, suggestions, remarks or requests through channels of communication dedicated to serve you and the Islamic financial industry.


Rami S. Abudaqqa

Chief Executive Officer

Mission

Everything we do at IICRA aims at helping the Islamic financial institutions in settling financial, commercial, banking, investment and real estate’s disputes through Reconciliation and Arbitration with compliance of Sharia Law.

Objectives

IICRA aims at enabling all dealers in Islamic financial industry whether they are individual or corporate bodies to resolve their banking, financial and commercial disputes through Reconciliation and Arbitration in IICRA. Whereas, IICRA Arbitrators and Reconciliatory are fully aware of the Sharia and Legal perspective of Islamic financial transactions. In addition, this will avoid the long period of proceedings and high cost of settling disputes.
  1. IICRA considers the endeavors in settling the dispute through reconciliation and manage the case institutionally until signing the reconciliation agreement.
  2. IICRA manages the arbitration cases in accordance with the international practices through IICRA Rules.
  3. Adopting all necessary measures for settlement of disputes with compliance of Sharia Law.
  4. Providing lists of specialized arbitrators and experts in all fields of Islamic financial industry in their respective languages.
  5. Disseminating the culture of specialized arbitration in the Islamic financial transactions by organizing events, issuing the studies/ bulletins and providing the related legal consultations.

Governance

General Assembly

The General Assembly composed of Central Banks, Islamic Financial Institutions and Conventional Financial Institutions that provide Islamic financial services, sponsors or any other institution and member accepted by The Board of Trustees.

Executive Committee

The Executive Committee composed of five members appointed by the Board of Trustees from among its own members.

General Secretariat

The General Secretariat composed of the Secretary General, and the technical and administrative staff. .