The International Islamic Center for Reconciliation and Arbitration (IICRA and the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) signed a Memorandum of Understanding on the sidelines of the AAOIFI-World Bank 14th Annual Conference held on Sunday & Monday 6-7 Rabi Al-Awwal 1441 H, 3-4 November In the Gulf Hotel, Manama, Kingdom of Bahrain.

The Memorandum of Understanding was signed by HE Mr. Rami Sulaiman in his capacity as Executive Director and HE Sheikh Ibrahim Khalifa Al Khalifa in his capacity as Chairman of the Board of Trustees in the presence of Mr. Omar Mustafa Al Ansari, Secretary General of the AAOIFI.

The Memorandum of Understanding (MoU) has put a frame of reference for enhancing the professional relationship between the two parties and developing it in the service of the Islamic financial industry in all its sectors, and to exchange expertise to enhance coordination aiming to make the Islamic economy a major contributor to economic growth, as well as providing training courses in order to expand its legal culture related to Islamic markets.

The CEO of IICRA, HE Mr. Sulaiman, stated that the International Islamic Centre for Reconciliation and Arbitration (IICRA) as one of the infrastructure institutions of the Islamic financial industry and its legal arm has always sought to strengthen the bonds of cooperation with those supporting the Islamic economy. He added that the outlines in the memorandum of understanding signed between the parties is to preliminarily review and further enhance Shari’ah Standards, especially the Shari’ah Standard No. 32 on Arbitration, and to launch the activities covering all the technical, Sharia and legal sectors in Islamic transactions.

He pointed also out that the International Islamic Centre for Reconciliation and Arbitration is witnessing a great demand in terms of the number of institutions where they include the IICRA arbitration clause in its contracts and agreements and at the forefront of these institutions are the large Islamic banking entities locally, regionally and internationally.