International Islamic Centre for Reconciliation and Arbitration (IICRA)

The IICRA is an international independent non-profit organization that aims to organize settlement of all kinds of banking, financial and commercial disputes with compliance of Sharia Law through institutional reconciliation and arbitration. IICRA was established on 5 April 2005 based on the International Convention embodied by the efforts of many international institutions concerned to support the Islamic financial industry, primarily, the General Council of Islamic Financial Banks and Institutions, the Islamic Development Bank Group and the United Arab Emirates the hosting country where the IICRA’s headquarter located. The constituent assembly attended by representatives of more than seventy (70) Islamic financial institutions from the various Arab and Muslim member states of Islamic Institutions where the rules and organizational structure of IICRA were adapted. IICRA has become one of the most important infrastructure institutions of the Islamic Financial Industry and its legal arm presents the ideal international specialized platform for the settlement of banking, financial and commercial disputes with compliance of the Sharia Law through mutual conciliation and arbitration in accordance with the best practices and standards which is approved internationally. IICRA aims at enabling all dealers in Islamic financial industry whether they are individuals or corporate bodies to resolve their banking, financial and commercial disputes through reconciliation and arbitration in IICRA. Thus, they can avoid the non-specialized judicial and arbitration tribunals that may not have the ability to understand the Sharia and Legal perspective of Islamic financial transactions. In addition, this will avoid the long period of proceedings and high cost of settling the dispute.