IICRA and AAOIFI Successfully Organize Virtual Seminar on “The Impact of Exceptional Circumstances on Contractual Obligations”

Dubai, United Arab Emirates – Tuesday, 23 June 2026

The International Islamic Centre for Reconciliation and Arbitration (IICRA), in cooperation with the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), successfully organized a virtual seminar entitled “The Impact of Exceptional Circumstances on Contractual Obligations” on Tuesday, 23 June 2026, from 3:00 PM to 6:00 PM UAE Time, via the IICRA Online Platform.

The seminar brought together distinguished speakers, legal practitioners, Shari’ah experts, arbitrators, Islamic finance professionals, engineers, academics, and participants from various jurisdictions to discuss the legal and Shari’ah implications of exceptional circumstances and force majeure on contractual obligations.

The seminar opened with welcoming remarks delivered by Dr. Rami Sulaiman Abudaqqa, General Secretary of IICRA, and Mr. Omar Mustafa Ansari, Secretary General of AAOIFI. The opening remarks emphasized the importance of cooperation between IICRA and AAOIFI as key infrastructure institutions serving the Islamic finance industry.

The first session, entitled “Shari’ah and Legal Provisions Governing Exceptional Circumstances and Force Majeure,” was moderated by Dr. Suzanne Munir Abdullah, Independent Arbitrator and Partner at OGH Legal. The session addressed the treatment of exceptional circumstances and force majeure under AAOIFI Shari’ah Standard No. 36 and the UAE Federal Civil Transactions Law No. 25 of 2025, highlighting the importance of preserving contractual stability while ensuring fairness and justice between contracting parties.

The second session, entitled “Practical Case Studies and Judicial & Arbitral Awards,” focused on practical approaches adopted by courts and arbitral tribunals, the importance of evidence in claims involving exceptional circumstances, and the need for careful drafting of force majeure and exceptional circumstances clauses. Although H.E. Dr. Mahmoud Hussain was originally scheduled to participate, he was unable to attend, and the session continued with the valuable contributions of the distinguished speakers.

The discussions highlighted the need to maintain a fair balance between contractual certainty and the equitable treatment of parties affected by crises, disruptions, and unforeseen events. The seminar also underlined the importance of arbitration, reconciliation, and institutional dispute resolution mechanisms in addressing disputes arising from exceptional circumstances and force majeure.

At the conclusion of the seminar, IICRA presented the following key recommendations:

1. Parties with existing disputes are encouraged to use IICRA’s services, either by entering into an arbitration agreement or by approaching IICRA for assistance in drafting an appropriate dispute resolution agreement.
2. Parties involved in Islamic financial transactions are encouraged to incorporate the IICRA Arbitration Clause in their contracts and agreements as a reliable mechanism for resolving disputes in a Shari’ah-compliant and institutional manner.
3. Islamic financial institutions, legal professionals, arbitrators, experts, and practitioners are encouraged to give careful attention to the drafting of force majeure and exceptional circumstances clauses.
4. Continued cooperation between legal, Shari’ah, technical, and financial experts is essential to strengthen the contractual and regulatory framework of the Islamic finance industry.
5. As recommended by Prof. Maged Shebaita during the seminar, IICRA and AAOIFI are encouraged to continue working together to further enhance the integration of Shari’ah standards within legal and regulatory frameworks, thereby supporting greater clarity, consistency, and practical application in Islamic financial transactions and dispute resolution.
6. Professionals wishing to enhance their knowledge and expertise are invited to participate in IICRA’s periodic training programmes, including the Certified Islamic Arbitrator and Expert (CIAE) Training Programme, which is offered in Arabic, English, and French.
7. Parties and institutions are encouraged to make use of IICRA’s electronic platform for dispute resolution, which provides an efficient and accessible means of conducting arbitration and reconciliation while saving time, travel, and related expenses.
8. Qualified arbitrators and experts, particularly those with experience in Islamic finance, Shari’ah-compliant transactions, construction, banking, insurance, and commercial disputes, are invited to join the IICRA Roster of Arbitrators and Experts and contribute to the development of specialized dispute resolution in the Islamic finance industry.
9. In response to the interest expressed by participants during the seminar, IICRA shared its Arbitration and Reconciliation Rules with the audience and encouraged parties to consider arbitration and reconciliation as effective, amicable, and Shari’ah-compliant mechanisms for resolving disputes.
10. Islamic finance professionals, legal practitioners, arbitrators, mediators, experts, academics, and all stakeholders are invited to continue supporting IICRA’s role in strengthening Shari’ah-compliant dispute resolution and promoting stability within the Islamic finance industry.

IICRA reaffirmed its firm commitment to supporting a strong, fair, and reliable legal environment for the Islamic finance industry. IICRA also expressed its sincere appreciation to all members and supporting institutions of IICRA, including the UAE Ministry of Finance, Dubai International Financial Centre (DIFC), Abu Dhabi Global Market (ADGM), International Islamic Trade Finance Corporation (ITFC), Jordan Islamic Bank, Faisal Islamic Bank, Islamic insurance institutions, and all other valued members, partners, and supporting institutions whose continued support and cooperation are deeply appreciated.

IICRA extends its sincere gratitude to AAOIFI, the distinguished speakers, moderator, and all participants for their active engagement and valuable contributions. IICRA looks forward to continuing its efforts in organizing programmes, seminars, and initiatives that support the development of Islamic finance, arbitration, reconciliation, and Shari’ah-compliant dispute resolution.