On Thursday, 30 May 2024 (Dhul-Qaida 22, 1445 AH), the International Islamic Centre for Reconciliation and Arbitration (IICRA) hosted a seminar titled “The Feasibility of Guaranteed Cheques in Credit Facilities.”

Professor Jassim Ali Salem Al Shamsi, Chairman of IICRA’s Board of Trustees, opened the event with a welcome address, emphasizing the seminar's role in strengthening the legal framework of the Islamic financial industry. IICRA's General Secretary, Dr. Rami Sulaiman Abudaqqa, also welcomed participants and highlighted key points from a recent judicial precedent set by the Dubai Court of First Instance on 30 April 2024, regarding Dispute No. 117 of 2024, a case involving the execution of cheques filed by a customer against an Islamic financial institution.

His Excellency Dr. Osama Issaq Alhaj, Head of Legal Affairs at Dubai Islamic Bank (DIB), presented his legal perspective on the ruling and its impact on the financial transactions sector. He underscored the supportive legislative environment in the UAE that mandates essential guarantees for any credit facilities. Dr. Osama also detailed the nature of the relationship between banks and their customers, the rationale behind issuing cheques, and the outstanding amounts due after accounting for prior payments by the customer.

The seminar featured a discussion session where participants posed questions to Dr. Osama about the seminar’s topics as well as IICRA’s mission and future vision.

In his closing remarks, Dr. Rami Abudaqqa expressed gratitude to the attendees and Dr. Osama for their valuable participation and insightful discussions. He declared the seminar a success in achieving its objectives and contributing to the advancement of the Islamic financial industry.

It's worth mentioning that Dr. Osama Issaq has made significant scholarly contributions to the Islamic financial sector, including his book, “Financing Tools for Public Sector Facilities,” a comparative study between Islamic law and jurisprudence. The book can be accessed here: https://heyzine.com/flip-book/a500d8cf0a.html#page/1