Establishment & Its Legal Framework

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.