I - About IICRA

Copyright © 2024 LexisNexis. All rights reserved.
The International Islamic Centre for Reconciliation and Arbitration (IICRA) is an international, independent, non-profitable organization, and one major infrastructure institutions of the Islamic finance industry around world.The IICRA settles all financial or commercial disputes that arise between financial or commercial institutions that choose to apply the provisions of Islamic law Sharia principles in resolving their disputes, between the financial institutions and their clients, or between them and others, either through Reconciliation or Arbitration.

Establishment

IICRA was established jointly by the Islamic Development Bank, the General Council for Islamic Banks and Financial Institutions, the United Arab Emirates where it is headquartered.

IICRA was established on April 9th 2005, the date on which the Constituent General Assembly was convened and attended by more than 70 local, regional, and international financial organizations, as well as governmental and non-governmental entities, while it started definitely its work until 2007.

Objectives

  • Supplying the Islamic finance industry needs in settling their disputes by way of reconciliation and Arbitration according to Islamic Sharia principles.

  • Responding effectively to the characteristics of Islamic financial services in terms of the diversity of products and contracts.

  • Assisting the Islamic financial industry in the legal field.

Vision