Dubai, United Arab Emirates - 26 February 2026

 The International Islamic Centre for Reconciliation and Arbitration (IICRA) organized, on Thursday, 8 Ramadan 1447 AH (26 February 2026), a Ramadan Suhoor gathering at the Millennium Plaza Downtown Hotel in Dubai. The event featured a roundtable discussion attended by 35 participants, including directors of legal and Shari’ah departments from Islamic financial institutions and selected member institutions of IICRA. The discussion addressed the anticipated impact of Federal Civil Transactions Law No. (25) of 2025 on the activities of Islamic banks.

At the outset of the discussion, which was conducted in both Arabic and English, the IICRA General Secretary, Dr. Rami Sulaiman, welcomed all attendees. He extended a special welcome to representatives of IICRA’s member institutions within the United Arab Emirates, notably the Ministry of Finance, Abu Dhabi Global Market (ADGM), Dubai International Financial Centre (DIFC), Dubai Islamic Bank (DIB), as well as other member institutions. He also welcomed the members of the committee designated to draft the Arabic version of the Islamic-Based Construction Contract (IBCC).

As part of IICRA’s role in dispute resolution through institutional reconciliation, the IICRA General Secretary announced that the roundtable coincided with the conclusion of an amicable settlement agreement resolving the outstanding disputes between Gulf Precast Concrete Company L.L.C. and National Aluminium L.L.C., thereby bringing to a close years of mutual legal claims. The two parties to the settlement expressed their high appreciation for IICRA’s efforts in successfully concluding the amicable settlement.

Professor Jassim Ali Salem Alshamsi, Chairman of the IICRA Board of Trustees, welcomed all distinguished attendees. In his address, he highlighted the legislative developments taking place in the United Arab Emirates, reviewing the evolution of the Civil Transactions Law from 1985 to the present day. He also addressed the nature of the new law and underscored its importance in regulating rights and obligations.

Further, Dr. Osama Ishaq Al-Hajj, Head of the Legal Department at Dubai Islamic Bank (DIB), reviewed the key provisions and recent updates introduced under Federal Civil Transactions Law No. (25) of 2025, which is scheduled to enter into force on 1 June 2026. He also discussed the legal and practical implications of such provisions for the operations of Islamic banks and financial institutions operating in the United Arab Emirates.

Over the course of two hours, the attendees exchanged views and comments on the new law, drawing on their practical experience, which enriched the discussion. The deliberations concluded with remarks by the IICRA General Secretary, who urged participants to broaden the scope of engagement with IICRA services. He emphasized that IICRA will continue to intensify its scientific events in a manner that contributes to enhancing legal awareness and promoting the culture of Islamic arbitration.

At the conclusion of the event, the IICRA General Secretary invited the distinguished attendees to partake in the Ramadan Suhoor, providing participants with an opportunity to exchange expertise and strengthen professional networking in a distinctive Ramadan atmosphere. This underscored IICRA’s commitment to supporting specialized professional dialogue in better serving the Islamic finance industry.