“The 8th International Annual Forum of Legal and Experts in
the Islamic Financial Industry 2018”
With the participation of 110 Experts and Lawyers, the International Islamic Centre for Reconciliation and Arbitration (IICRA) has successfully launched the 8th International Annual Forum of Legal and Experts in the Islamic Financial Industry entitled “The importance of specialized Institutional Arbitration to support the Islamic Economy” with the patronage of the Central Bank of Jordan and the sponsors, the Islamic Development Bank, Jordan Islamic Bank and Dubai Islamic Economy Development Centre held on 15 October 2018 at Le Grand Amman Hotel in Jordan.
The said forum was specifically organized for the Experts and Lawyers in the Islamic Finance Products, Jurist who are involved in Islamic Finance Contracts, the Legal and Technical Departments of Islamic Financial Institution, Graduate Students and Researchers in Management, Economics, Law, and Sharia Law. The forum was also represented by a remarkable speaker in the Islamic Finance Industry who shared their diverse perspectives, valuable information and insights that directly benefited the participants.
This forum is intended to address and conveyed the principles of Jurisprudence, the different challenges in settling disputes, perspective of Islamic finance and how to support Islamic Economy in order to effectively utilize the services of IICRA and most importantly, to expand the knowledge about Sharia compliant from legal, Sharia and technical perspective.
By these we strongly believe, it will improve the effectiveness and efficiency of each participants in their roles in a demanding world of Islamic finance and significant opportunity and contributions for the growing economy of the Islamic countries.
The participants and IICRA, would like to express its gratitude to His Excellency King Abdullah II for hosting and the Central Bank of Jordan & Jordan Islamic Bank for sponsoring the forum.
Finally, The forum arise with several recommendations and conclusions;
Addressing the Central Banks to draw the awareness in reality and specificity of the Islamic Banks and taking to the account the bases and principles under the Islamic Sharia.
Addressing the Arab and Islamic countries to create necessary legislation to help in facilitating the operations of the Islamic Banks.
Addressing the Central Bank of Jordan to host a branch of the International Islamic Center for Reconciliation and Arbitration (IICRA) in Jordan to practice its activities and services in reconciliation and institutional arbitration. Meanwhile, it will be a main destination for the neighboring countries to practice the institutional arbitration.
Should invite Islamic banks and Islamic financial institutions to adopt the principles of the Islamic institutional arbitration in their contracts and agreements to avoid conflicts that may arise from traditional court system.
Enhancing the role of Sharia standards as a reference in regulating Islamic financial transactions.
Should invite Islamic banks to take their role in spreading information of reconciliation and arbitration as well as to provide trainings for judges, lawyers and experts in advancing the process of alternative dispute resolution.
Addressing Jordanian legislators to create rules related to the process of Islamic banking transaction and disputes which is different from the traditional banking.
Addressing Islamic banks to enhance the complementarily between the role of the Sharia Board and the legal advisor of each bank, so that their contracts and agreements are in accord between Islamic Sharia and Statutory Law.
Inviting the competent authorities to activate the role of Islamic instruments to be the main support for the National Economy.
Encourage the law firms concerned with the Islamic economy to include the specialized arbitration agreement and arbitration clause of IICRA in the Islamic financial industry contracts and to promote the practice of specialized institutional arbitration in settling disputes with compliance of the Sharia Law.
Acknowledging the Islamic Development Bank’s role as a legal umbrella for the activity of the Islamic financial institutions worldwide and encourage the Islamic Development Bank to continue in supporting the infrastructure institutions of the Islamic financial industry, especially IICRA, to expand its activity to keep pace with the development of the Islamic financial industry.