In the quest to expand the scope of its services supporting the Islamic Finance Industry worldwide, International Islamic Centre for Reconciliation and Arbitration (IICRA) hosted by United Arab Emirates (UAE) in Dubai, has signed a Memorandum of Understanding (MOU) with Association of Banks in Jordan (ABJ), under which IICRA’s services will be provided in Jordan and Neighboring Islamic Countries which mainly are settling all kinds of financial disputes through institutional Reconciliation and Arbitration in accordance with IICRA Arbitration and Reconciliation Rules.
The signed MOU established a reference framework to activate joint cooperation and build constructive partnership whereby the disputes are resolved through institutional Reconciliation and Arbitration in accordance with the IICRA’s Rules, and the seat of Arbitration shall be in Jordan which is to be determined in coordination with ABJ and the concerned parties, as well as the possibility of utilizing IICRA e-Platform to settle disputes as per the IICRA’s Rules. The MOU has also established a common framework to conduct events, symposiums and seminars related to Shari’ah, legal and technical aspects of Islamic financial transactions.
The MOU further deaals with aspects relating to working mechanisms for preparing research, studies and joint statements aiming to make the Islamic economy a contributor to economic growth, diversification, and sustainability, and even a main tributary of the national, regional, and international economy. To highlight the nature of such services provided by the said MOU along with its importance in providing an ideal environment for Islamic finance and investment in Jordan and in the neighboring Islamic States, IICRA and ABJ are going to launch a Seminar entitled “Settlement of Islamic Financial Disputes through Institutional Reconciliation and Arbitration” on Thursday, dated 2nd of Rabi Al-Thani, 1444 AH corresponding to 27th of October 2022, AD and accordingly invite all professionals interested in availing such services to attend this virtual seminar by registering through contact details mentioned in the Brochure.