As part of Dubai Arbitration Week (DAW) 2023, the International Islamic Centre for Reconciliation and Arbitration (IICRA) had the pleasure of hosting a seminar on “Arbitration in Islamic Economy: Developments and Challenges” at the Millennium Plaza Downtown Hotel in Dubai, United Arab Emirates (UAE) on 16 November 2023.
At the onset of the seminar, Dr. Rami Sulaiman, the General Secretary of IICRA, extended a warm welcome to the esteemed audience. He emphasized the remarkable global expansion of the Islamic Finance Industry and underscored IICRA's pivotal role in dispute resolution through Institutional Reconciliation and Arbitration under IICRA Rules. Dr. Sulaiman further discussed recent activities, including dispute settlements, training programs, and the signing of Memoranda of Understanding (MOUs) with international partners.
The first panel discussion titled “Practice of Arbitration in Islamic Economy” was skillfully moderated by Dr. Suzanne Abdullah (Partner, OGH Legal) and featured distinguished speakers, including Mr. Ahmed Ibrahim (International Arbitrator) and Dr. Kamal Malas who shed light on the features and benefits of IICRA Arbitration and Reconciliation Rules, capturing audience's keen interest and curiosity. The speakers emphasized the distinctive qualities of Shari’ah Compliant Arbitral Awards issued by IICRA, along with the well-established enforcement mechanisms. Despite the industry's current challenges, the panel highlighted that Arbitration at IICRA stands out as the optimal method for adjudicating all disputes, offering unparalleled flexibility, efficiency, and minimal costs. The discussion concluded with the speakers noting the supportive legal and judicial landscape in the UAE for recognizing Arbitral Awards, while acknowledging the need for continuous enhancement.
The second panel discussion themed “Updates on Islamic Economy” was adeptly moderated by Dr. Rami Sulaiman. The distinguished speakers, namely Mr. Mohammad Saifullah Khan (CEO, Dar Al Sharia) and Mr. Abdulrahim Adi (AVP, Shari’ah Consultations, R&D – Emirates Islamic Bank), delved into the pivotal topic of codification to create an environment conducive to the growth of the Islamic economy. The discussion illuminated key challenges and opportunities in standardizing and codifying Islamic financial transactions, highlighting strides made in developing standardized contracts and documentation. The speakers also explored the role of regulatory bodies in promoting standardization and codification, emphasizing collaborative efforts among industry stakeholders to enhance transparency and integrity in Islamic financial markets.
After insightful panel discussions, Dr. Rami Sulaiman, the General Secretary of IICRA, expressed sincere gratitude to the distinguished speakers, moderators, and the audience for their valuable contributions and time. The seminar concluded with the presentation of recommendations, outlined as follows:
The Secretary General concluded the forum, declaring its success in fostering the culture of Islamic arbitration. This event adds to the list of successful gatherings organized by IICRA, and we look forward to continuing and expanding these efforts, God willing.