The average period of Arbitration at the International Islamic Centre for Reconciliation and Arbitration in the first half of 2021 AD was 77 days only.
The Chairman of the Board of Trustees of the International Islamic Centre for Reconciliation and Arbitration (IICRA) and the representative of the United Arab Emirates, Professor Jassim Ali Alshamsi stated that the role of IICRA in supporting Islamic financial institutions is gradually increasing in parallel with the development of the Islamic economy which is witnessing a global growth of 10-15% annually. Professor Ali Alshamsi has further added that the advantages of arbitration at IICRA guarantee the parties speed, impartiality, and professionalism in adjudicating the disputes in a manner that does not contradict the provisions of Islamic Shari’ah, but rather an effective implementation of Shari’ah provisions and Islamic jurisprudence to know their judgment internationally. These are the main features that led the major Islamic Financial Institutions to include IICRA Arbitration Clause in their contracts and agreements they sign with their clients.
For his part, the Chief Executive Officer (CEO) of IICRA, Mr. Rami Sulaiman, has confirmed that the average time frame for the adjudication of dispute at IICRA in the first half of 2021 was 77 days only, noting that the final Arbitral Awards issued under IICRA were audited to ensure that they observe the principles of litigation guaranteed by the Laws, and as such, the Arbitral Tribunal ought to explain these Awards from Shari’ah, legal and technical perspectives, and this is what distinguishes IICRA from other Arbitration Centers. Also, IICRA has examined the most prominent Islamic financial transactions such as Murabaha, Istisna’a, Musharakah, Ijarah Muntahia Bittamleek, restricted and unrestricted Mudarabah, and other innovative Islamic financial and banking products.
The CEO of IICRA has also confirmed that IICRA provides flexibility to its beneficiaries, in choosing the arbitrators, determining the language of arbitration, its duration, and the applicable law in a manner that does not contradict the provisions of lofty Islamic Shari’ah, and other arbitration procedures. Recently, IICRA has launched its e-services in line with the digital revolution taking place in the United Arab Emirates (UAE) and across the globe, which will further enhance its advantages.