On 26 June 2024, corresponding to 20 Dhul Hijja 1445, the International Islamic Centre for Reconciliation and Arbitration (IICRA) held a virtual Seminar titled “FIDIC Contracts - Pitfalls in Application Under Shari'ah and UAE Laws” at its headquarters in the Emirate of Dubai. This seminar attracted 90 participants, including engineers, contractors, experts, and legal professionals. They discussed significant developments in construction contracts, focusing on FIDIC contracts. The discussions covered the obligations and rights of all parties during the project implementation period, emphasizing proper execution, financial settlements, and the recovery of security guarantees.

IICRA hosted H. E Dr. Kamal Malas, an engineering expert specializing in FIDIC contracts, who was interviewed by Engineer Wisal Nema Hameed. They discussed the most common mistakes committed by parties in the application of these contracts and their impact on mutual rights and obligations. The attendees examined these issues in light of Shari’ah Provisions and the laws in force in the United Arab Emirates (UAE).

It should be noted that IICRA continues to hold such events in order to better serve the Islamic financial industry in its legal, Shari’ah, and technical aspects.

Watch now: https://youtu.be/FyzFZXYHOeE