The International Islamic Centre for Reconciliation and Arbitration (IICRA) participated in the 21st Annual Shari’ah Boards Conference of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) at the kind invitation of AAOIFI, which was held on Sunday and Monday 17-18 Shawwal 1444 AH corresponding to 7-8 May 2023 AD, at the Crowne Plaza Hotel, in Kingdom of Bahrain. This AAOIFI’s annual conference is considered one of the most important gatherings in the global Islamic finance industry and was attended by more than 2500 global stakeholders both physically and virtually benefitting from simultaneous interpretation from Arabic to English language.
This AAOIFI’s two-day conference has kicked off with keynote speeches by dignitaries followed by a number of panel discussions with renowned Shari’ah scholars, policymakers, decision-makers, leaders, and other experts in the Islamic finance industry.
The stakeholders also discussed several important burning topics during panel discussions, and in this framework, the IICRA’s Secretary General of Dr. Rami Sulaiman, participated as a key speaker in the first session of the conference entitled “Legislative Development in the Islamic Financial Industry”, shedding lights on “Point of reference in interpreting the will of the parties to the contract” and Reasons for deviation of certain judicial rulings from the Shari’ah characterization (altakyif al-Sharī) on which Islamic banking transactions are based” as well as “Arbitration in accordance with the Shari’ah principles and rules as an alternative to western or man-made laws: its challenges and requirements”.
The participation of the IICRA’s General Secretary captured the attention of the audience, as many of them inquired about the availing the services offered by IICRA in order to address the need in the Islamic Finance Industry regarding settling the disputes in accordance with the provisions of Islamic Shari’ah. The Secretary General satisfied the stakeholders with their queries and invited them to communicate directly with IICRA for more data and information that would help them avail the services which IICRA Offers.