Content Join OGEMID
 
  • Linkedin
  • Twitter
  • Rss

Transnational Dispute Management

Skip navigation

Transnational Dispute Management

The network for international arbitration, mediation and ADR, international investment law and Transnational Dispute Management

Join OGEMID

Transnational Dispute Management

The network for international arbitration, mediation and ADR, international investment law and Transnational Dispute Management

  • Sign in
  • Subscribe
  • Home
  • Sign in
  • About About
    1. Home
    2. About
    3. About TDM
    4. About TDM
    5. Founding Editor T.W. Wälde
    6. T.W. Wälde
    7. Editorial team
    8. Editorial team
    9. Contributing Authors
    10. Contributing Authors
    11. Subscriptions
    12. Subscriptions
  • Journal Journal
    1. Home
    2. Journal
    3. Browse Issues
    4. Browse
    5. Articles by Category
    6. By Category
    7. Articles by Author
    8. By Author
    9. Advance publication
    10. Advance publication
    11. Specials
    12. Specials
    13. Search
    14. Search
    15. Book reviews
    16. Reviews
  • Legal & Regulatory docs. L & r docs
    1. Home
    2. Legal & Regulatory docs.
    3. L&R by Country
    4. L&R by Country
    5. L&R by Category
    6. L&R by Category
    7. L&R recent additions
    8. L&R recent additions
    9. Search
    10. Search
  • Audiovisual library AV library
    1. Home
    2. Audiovisual library
    3. Audiovisual Library
    4. Audiovisual Library
    5. TDM/OGEMID Interviews
    6. TDM/OGEMID Interviews
    7. Conference presentations
    8. Conference presentations
  • OGEMID OGEMID
    1. Home
    2. OGEMID
    3. About OGEMID
    4. About OGEMID
    5. Suggest a topic
    6. Suggest a topic
    7. Guest programme
    8. Guest programme
    9. Seminar programme
    10. Seminar programme
    11. Browse archive
    12. Browse archive
    13. Search
    14. Search
    15. Join
    16. Join
  • News & Events Events
    1. Home
    2. News & Events
    3. News
    4. News
    5. Events
    6. Events
  • Subscribe
Home > Journal

Foreword

  • Sign in
  • Table of contents
  • In this category
  • Suggested citation
R.S. Abudaqqa
Abudaqqa, Rami Sulaiman

Article from: TDM 6 (2022), in Editorial

logo

Foreword

It's my immense pleasure to write this foreword to this Transnational Dispute Management (TDM) Special Issue on Islamic Finance and Dispute Resolution, edited by Professor Dr. A. F. M. Maniruzzaman, an Honorary Fellow and International Arbitrator of the International Islamic Centre for Reconciliation and Arbitration (IICRA).

There is no doubt that Islamic finance is progressively growing as an emerging phenomenon of global finance in the wake of recent financial crisis worldwide in the last two decades and is expected to play its significant role in the years ahead. This is more so in the context of the serious consideration about Islamic finance given by some major international financial institutions including the World Bank for financing the UN Sustainable Development Goals Agenda 2030. The increasing role of Islamic finance in trade, commerce and investment in both the Muslim and Non-Muslim worlds will be palpably felt in the world economy in the years ahead. Islamic finance will thus play a noticeable role along with conventional finance as in Non-Muslim countries the former is becoming ever so popular and high in demand.

It has to be noted that with this growing trend in the world economy, the prospects of disputes arising out of financial transactions are not out of the question. For a sound growth of Islamic finance and its prospective significant role in the world economy a sound legal infrastructure of dispute resolution in the field of Islamic finance is very important.

It is interesting to see that this TDM Special Issue has attracted experts and practitioners from various regions of the world and their contributions on diverse subjects will certainly enhance knowledge of Islamic finance and dispute resolution and contribute to the development of a sound legal infrastructure of Islamic dispute resolution.

Given the absence of specific legislation, and judicial or arbitral bodies specialized in organizing the settlement of all kinds of disputes based on the principles of Islamic Shari'ah governing the transactions of almost 25% of the world's population, whose investment assets in the year 2024 is about to reach an amount of 3.87 trillion US dollars, IICRA was established in 2005 AD as an international non-profit organization whose sole mission is to adjudicate all kinds of financial, commercial, banking, and real estate disputes through reconciliation and arbitration in accordance with institutional Rules based on the Model International Arbitration Law (UNCITRAL).

The importance of Arbitration at IICRA has increased in settling such dispute, whereas the Arbitral Awards related to disputes rendered under IICRA are based on the principles of Islamic Shari'ah and do under no circumstances include (a usury - or an increase in the outstanding amounts due to delay in making the payment). Therefore, it would be in the greater interest of the parties, especially for the financial institutions, to settle their disputes as soon as possible, as it guarantees them financial stability and avoids allocating legal precautions imposed on them by Central Banks as a result of lawsuits.

Over the past fifteen years, IICRA has resolved many disputes of various types and values, and it has now become one of the infrastructure institutions of the Islamic economy and its legal arm. Also, IICRA has recently updated its Rules of procedure to go hand in hand with latest recommended international practices in the field of institutional arbitration with an aim to maintain IICRA's core specialty in order to promote the advantages, especially speed, confidentiality, flexibility, and rationalization of expenses, IICRA has launched an e-platform for online dispute resolution through Reconciliation and Arbitration via its website www.iicra.com.

Last but not least, IICRA is pleased to communicate with all those interested in its mission and objectives set out above, in order to strengthen cooperation and achieve the purpose of its establishment.

signature
Rami S. Abudaqqa
General Secretary, International Islamic Centre for Reconciliation and Arbitration (IICRA), Dubai, UAE

To read this article you need to be a subscriber

Sign in

Forgot password?

Sign in

Subscribe

Fill in the registration form and answer a few simple questions to receive a quote.

Subscribe now

Why subscribe?

TDM journal

Access to TDM Journal articles (well over 2500 articles in total for Premium account holders)

Legal & regulatory

Access to Legal & Regulatory data (well over 10000 documents)

OGEMID

OGEMID membership (lively discussion platform bringing together the world's international dispute management community)

Suggested Citation

R.S. Abudaqqa; "Foreword"
TDM 6 (2022), www.transnational-dispute-management.com

URL: www.transnational-dispute-management.com/article.asp?key=2948

Call for contributions

TDM Call for Papers: Sanctions and International Arbitration: Impact on Substantive and Procedural Issues

Ali Burney, Rinat Gareev, Kiran Nasir Gore, Dini Sejko, Prof. Joel Slawotsky, May Tai

  • Ali Burney
  • Rinat Gareev
  • Kiran Gore
  • Dr Dini Sejko
  • Prof. Joel Slawotsky
  • May Tai

TDM Call for Papers: National Courts as a Forum for the Resolution of Disputes under Article 26 Energy Charter Treaty

John P. Gaffney, Dr. iur Richard Happ,
Lucia Raimanova, Anna-Maria Tamminen, Dr. Catharine Titi

  • John P. Gaffney
  • Dr. iur Ricard Happ
  • Lucia Raimanova
  • Anna-Maria Tamminen
  • Dr. Catharine Titi

TDM Call for Papers: International Investment Arbitration - Environmental Protection and Climate Change Issues

Professor Dr A F M Maniruzzaman, Wendy J. Miles QC, Carla Lewis, Dr Stephen Minas

  • Professor Dr A F M Maniruzzaman
  • Wendy J. Miles QC
  • Carla Lewis
  • Dr Stephen Minas

TDM Call for Papers: The African Continental Free Trade Agreement (AfCFTA)

J. Chaisse, J. Górski, E. Laryea, M.M. Mbengue, and K. Olaoye

  • Prof. Julien Chaisse
  • Dr. Jedrzej Gorski
  • Prof. Emmanuel Laryea
  • Prof. Makane Moïse Mbengue
  • Kehinde Olaoye
  • More
  • Contribute

Advance publication

Consequences of Not Regulating Third-Party Funding in Commercial Arbitration in Ecuador

24 Mar 2023

D.F. Ibarra Villacís

  • D.F. Ibarra Villacís

Transnational Investment State Arbitration: A New Game-Changer for Global Climate Change Goals

20 Mar 2023

I.D. Valones

  • I.D. Valones

Summary of Young-OGEMID Symposium No. 14: "International Arbitration and International Commercial Courts: Competitive or Complementary?" (March 2022)

3 Mar 2023

E.S. Delgado

  • E.S. Delgado
  • More
  • Contribute

Stay connected

Sign up for our email alerts.

  • Issues
  • Advance publication
  • News
  • Linkedin
  • Twitter
  • RSS

Join the debate

Want to join OGEMID, the leading on-line discussion platform for international dispute resolution?

Simply fill in the registration form to start your trial membership.

Download the app

  1. App store
  2. Google play

The Transnational Dispute Management Journal (TDM, ISSN 1875-4120) and OGEMID listserv focus on recent developments in the area of (investment) arbitration and dispute management, regulation, treaties, judicial and arbitral cases, voluntary guidelines, tax and contracting. Read our Terms & Conditions here, and our Privacy Policy here.

About TDM

  • Terms & Conditions
  • Contribute
  • Subscriptions
  • Contact
  • Help

Other publications

  • Oil, Gas & Energy Law Intelligence (OGEL)

© 2004 - 2023. Published by MARIS.

  • Home
  • Contribute
  • Subscriptions
  • Contact
  • Help