As part of its efforts to raise the legal knowledge within the Islamic Finance industry, the Bahrain Institute of Banking and Finance (BIBF) has organised a workshop on Commercial Arbitration and Legal Analysis of Islamic Financial Contracts in collaboration with the Institute of Judicial and Legal Studies and the Bahrain Bar Association.
The workshop was moderated by Dr. Abdul Sattar Khouildi, a renowned legal and banking expert and former Secretary-General of the International Islamic Centre for Reconciliation and Arbitration, and led by BIBF’s Principal Lecturer at the Islamic Finance Centre Dr. Ahmad Asad.
The workshop highlighted the importance of International Arbitration in Conflict Resolution; due to the major role it plays in the selection of the appropriate law to resolve the dispute and the selection of arbitration panel members from experts in the area of dispute.
The workshop was attended by a group of lawyers and legal professionals working in the financial sector.
The workshop addressed several topics, such as, the importance of Arbitration and its role in Dispute Resolution; the Arbitration Agreement, its terms and effects; how to appoint the right Arbitrator, his/her role, rights and duties; and the arbitral award and implementation.
Furthermore, the participants were provided with practical models such as the Arbitration document and the contract between the Arbitrator, the Arbitration Centre and others, in addition to an overview on Islamic finance and its most important contracts.
The participants were provided with practical models such as the arbitration document and the contract of honor between the arbitrator and the arbitration centre, and examples of the misrepresentation in the preparation of the arbitration agreement and others. Emphasis was also placed on the UNCITRAL Model Law on International Commercial Arbitration, which was implemented in Bahrain under Law No. 9 of 2015.
In addition, a general introduction to Islamic finance and its most important contracts (Murabaha, Ijarah and Mudaraba) were discussed along with an introduction to Takaful insurance.