Dubai, UAE, November 14, 2024 – As part of Dubai Arbitration Week (DAW) 2024, the International Islamic Centre for Reconciliation and Arbitration (IICRA) proudly hosted a seminar titled “The Legal Landscape of Sukuk and Arbitration for Settling Its Disputes” at the Millennium Plaza Downtown Hotel, Dubai. This seminar brought together leaders in Islamic finance and arbitration to discuss recent advancements, emerging challenges, and the role of arbitration in enhancing stability within the Sukuk market.

The seminar commenced with welcoming remarks by Dr. Rami Sulaiman, General Secretary of IICRA, who underscored IICRA’s unwavering commitment to supporting the resilience and sustainable growth of the Islamic finance sector. This was followed by a presentation from Mr. Musheer Ahmad, Head of Communications at IICRA, who shared valuable insights from a recent Islamic finance report, setting the stage for a robust and insightful discussion.

Moderated by Dr. Suzanne Munir Abdullah, an esteemed Independent Arbitrator and Partner at OGH Legal, the session featured a series of distinguished speakers who addressed pivotal topics, including the latest developments and key challenges within the Sukuk market. Speakers delved into the importance of Shari’ah compliance, guided by the latest AAOIFI standards, and highlighted how IICRA’s arbitration framework serves as an effective mechanism for resolving Sukuk disputes.

The esteemed panel included:

• Mr. Bashar AL-Natoor – Managing Director and Global Head of Islamic Finance, Fitch Ratings Ltd.
• Mr. Qudeer Latif – Partner and Global Head of Islamic Finance, Clifford Chance, DIFC, Dubai, UAE
• Mr. Ammar Ahmad – Chief Executive Officer, Dar Al Sharia
• Dr. Rami Sulaiman Abudaqqa – General Secretary, IICRA

Throughout the discussion, these prominent experts offered perspectives on the practical applications of Sukuk, the challenges faced in its implementation, and the strategic benefits of leveraging IICRA’s arbitration services. The insights presented captivated the audience and underscored the unique advantages of IICRA’s arbitration framework in creating efficient, compliant, and Shari’ah-based resolutions for Sukuk disputes.

The seminar concluded with a dynamic interactive discussion, followed by closing remarks that reinforced IICRA’s vital role in fostering a robust and compliant Islamic finance landscape. Notably, attendees were introduced to the provisions of Article 14 within the upcoming AAOIFI Shari’ah Standard No. 62, which advocates Islamic arbitration as the premier method for resolving Sukuk disputes—an area where IICRA is recognized as a global leader.

This seminar not only highlighted IICRA’s contributions to the evolving landscape of Islamic finance but also underscored the organization’s ongoing mission to promote integrity and innovation within the field.

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• Watch Seminar Live Streaming: https://youtube.com/live/Kdvwo6yVWRI?feature=share
• Register for Our Upcoming Conference: https://bit.ly/3Nvr6NL