IICRA is a unique and specialized international platform in settling all kinds of banking, financial and commercial disputes through international reconciliation and arbitration with compliance of Sharia Law, by approving rigid proceedings for review and auditing of the arbitration procedures and decisions.
IICRA applies the best practices and standards internationally approved for disputes settlement on which the rules of reconciliation and arbitration of IICRA are based. IICRA provides lists of arbitrators and specialized experts in all fields of Islamic financial industry and those who are well aware about Sharia and Legal perspectives of banking, financial and commercial transactions.
IICRA's organizational structure is composed of the General Assembly, Board of Trustees, Executive Committee and Secretary-General as traditionally recognized in the International organization. IICRA has a privilege to exercise independence compared to other arbitration institutions which are usually affiliated to public or private institutions, such as the chambers of commerce.
In parallel with professionalism and efficiency, IICRA guarantees the parties to exercise the flexibility to choose number of arbitrators and nominate them, to select the language and the venue of proceedings, and adapt time limits agreed by the parties.
IICRA provides all disputes resolution services in one stop starting with conciliation, arbitration, training, appointment of experts and specialists, auditing of the decisions and draft awards from Sharia and Legal aspects.
The important advantage of arbitration in IICRA guarantees privacy and safeguard of case information disclosed only to those involved.
IICRA as an international institution was established on 5 April 2005 which embodied the efforts of International Conventions concern to support the Islamic financial industry. IICRA services are used by many institutions and corporations around the Muslim world and the other countries interested with the Islamic economy. IICRA seeks establishment of many branches around the world to be in line with the geographic development of financial industry.
IICRA focuses on reduction of the terms of proceedings since the rules of IICRA defined the timeframe of six (6) months for rendering of the final arbitral award from the date of hand over of arbitration file to the arbitral tribunal. IICRA imposes timeframes for control of the arbitration procedures and to grant all parties the required timeframes for raising their arguments and pleadings. The average time for settling of disputes referred to IICRA up to the end of the first half of 2018, 126 working days (approximately 4 months) only.
IICRA provides its services to any individual or corporate bodies, public or private authority or entity interested in utilization of those services in compliance with Sharia Law. The binding awards rendered by the IICRA are final and may not be challenged by appeal or cassation, and shall be enforced in accordance with the acceptable international proceedings enforceable of law.
IICRA seeks to keep the non-profitability of its service fees which covered only the operational expenses. The total arbitration costs of any dispute, including the administration fees of IICRA and the arbitrator/s fees shall not exceed to 2% of the value of claim, with determination of fixed amount as ceiling of those costs in accordance with IICRA Rules.