Image by Shutterstock.comSharia-Compliant Arbitration Training Programme Launched in Dubai
The program, offered by the International Islamic Centre for Reconciliation and Arbitration (IICRA), comes in response to the high demand for lawyers who are trained in Sharia-compliant arbitration.
October 17, 2019 at 03:49 PM
2 minute read
By Edward Clowes
The International Islamic Centre for Reconciliation and Arbitration (IICRA) has launched a new certification program for Sharia-compliant arbitration.
Responding to an urgent need for lawyers who are well versed in Sharia finance, the Dubai-based IICRA has introduced a new specialised arbitration training programme to increase the number of lawyers familiar with Islamic finance transactions.
The rapid growth of the Islamic finance sector – reports estimate that Sharia-compliant finance is growing 1.5 times faster than traditional finance – has driven demand for arbitrators and technical experts in Islamic finance transactions.
The IICRA's Certified Islamic Arbitrator and Expert (CIAE) course is an attempt to fill this gap. Set to be held in the IICRA headquarters in Dubai, the course will be taught in three languages: Arabic, English and French, though other official languages may also be considered, the IICRA said.
The training programme will combine theory and practice on how to best resolve Islamic finance disputes, while also ensuring the resolution is in compliance with Sharia law, according to the IICRA.
Under Sharia law, business must be conducted through a distinct set of rules designed to facilitate fairness, and there is a high correlation between Sharia-compliant investing and socially responsible investing.
There are plenty of differences between western finance and Sharia-compliant finance. For example, the charging of interest on borrowed money is forbidden under Sharia law.
Students enrolled in the course will also familiarise themselves with the terms and conditions of registration for arbitrators, conciliators and experts, while studying the professional and ethical norms of their duties.
Upon successful completion of the course, trainees will receive a CIAE certificate.
It is not the first time the IIRCA has taken steps to promote dispute resolution in the field of Islamic finance. It recently signed a cooperation agreement with the Bahrain Institute of Banking and Finance to launch a joint certification in Islamic arbitration.
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