BIBF recently signed a cooperation agreement in Dubai with UAE-based International Islamic Centre for Reconciliation and Arbitration (IICRA) to launch a joint Certification in Islamic Arbitration, and collaborate in other areas of mutual benefit. The Certification in Islamic Arbitration will serve as a stepping-stone towards a global first-of-its-kind Islamic finance qualification for legal professionals.
The cooperation agreement will serve to help the industry maintain its current growth levels and further develop individuals with the skills and development to understand the legislative and statuary requirements in order to ensure sustainability and promote opportunities in the industry.
The agreement was signed by BIBF Deputy Director Dr. Ahmed Al Shaikh and IICRA Secretary General Dr. Abdessattar Khouildi at the IICRA offices in the United Arab Emirates.
Dr. Al Shaikh noted his appreciation of the collaboration agreement and highlighted that it would present further opportunities for growth and prosperity in the Islamic finance industry.
He added that BIBF’s experience in the 35 years since its establishment, as well as its extensive relationships at a local, regional and international level, has strengthened its position as a leading provider of excellence in education and supports the training and development needs across different economic sectors.
IICRA’s Secretary General, Dr. Khouildi, praised the cooperation for the benefit it provides to the Islamic Finance industry based on the signed Memorandum of Cooperation to develop the skills of arbitrators across the technical, legal and illegal aspects. He also noted that it would enhance the culture of arbitration to compete at an international level, and that the IICRA – as a platform for Islamic arbitration – seeks to attract talent in the field.
The International Islamic Centre for Reconciliation and Arbitration (IICRA) is an international, independent, non-profit organisation that settles in all financial and commercial disputes that arise between financial or business institutions that choose to apply the provisions of Sharia law. The Centre was established in 2005 at the side-lines of the annual meeting of the General Council of Islamic Banks and Financial Institutions.