Dubai Islamic Economy Development Centre (DIEDC) and the International Islamic Centre for Reconciliation and Arbitration (IICRA) today inked a memorandum of understanding (MoU) to strengthen cooperation in the Islamic finance industry.
Abdulla Mohammed Al Awar, Chief Executive Officer of DIEDC, and His Excellency Rami Sulaiman, Chief Executive Officer of IICRA, signed the MoU on the sidelines of the Global Islamic Economy Summit (GIES) 2018 in Dubai, in the presence of His Excellency Professor Jassem Ali Al Shamsi, Chairman of the Board of Trustees at IICRA.
The agreement is an outcome of the shared interest of the two entities in promoting the Islamic economy as a key contributor to economic growth, diversification and sustainability locally, regionally and globally. The MoU outlines the terms for the activation of cooperation mechanisms between the two institutions to expand the knowledge and legal framework related to Islamic financial transactions, and thereby strengthen the Islamic economy.
Abdulla Mohammed Al Awar noted that the agreement is the result of the Centre’s concerted efforts to expand its network of strategic partnerships that seek to develop Islamic economic sectors and consolidate Dubai's status as the global capital of the Islamic economy.
He said: “The sustained growth of the Islamic economy, as evidenced by its increased contributions to the GDPs of several countries, requires us to devise innovative ways of reconciliation, arbitration and litigation in the event of disputes.”
In this context, Abdulla Mohammed Al Awar highlighted the importance of the newly signed MoU. He added that cooperation in the field of Islamic finance has reached record levels, with multiple entities working to advance this important sector of the Islamic economy that benefits national economies and drives sustainable growth.
Speaking on the agreement, His Excellency Rami Sulaiman said: “As one of the pioneering institutions of the Islamic finance industry, IICRA is keen to step up cooperation with leading Islamic economy stakeholders, such as DIEDC. Collective action is the need of the hour to address current and future challenges and achieve sustainable development.”
He pointed out that IICRA is witnessing increasing demand from institutions across the globe, especially large Islamic banks, to include its arbitration clause in their contracts and agreements.
IICRA’s activity also extends to keeping up to date with the latest developments in the Islamic finance industry around the world. These developments must be reflected in its arbitration legal framework that provides a platform for resolving banking, financial, commercial and investment disputes in compliance with sharia principles and in accordance with the highest international standards and best practices.
Headquartered in Dubai, the International Islamic Centre for Reconciliation and Arbitration is a global institution specialising in the resolution of disputes through reconciliation and institutional arbitration. IICRA was established under an international agreement signed in 2005, owing to the efforts of several Islamic economy stakeholders, including the General Council for Islamic Banks and Financial Institutions, the Islamic Development Bank, and the Government of the UAE.
