Istanbul (UNA) – The General Council for Islamic Banks and Financial Institutions signed a memorandum of understanding with the Arbitration Centre of the Organization of Islamic Cooperation, with the aim of promoting awareness of alternative dispute resolution mechanisms and prevention, and supporting the adoption of these practices in the Islamic finance sector.
The memorandum, signed during the third World Islamic Economic Summit in Istanbul, aims to establish a strategic framework for institutional cooperation focused on raising awareness of alternative dispute resolution mechanisms and preventing disputes, and supporting their wider application in the Islamic finance sector, thereby contributing to enhancing the efficiency of dispute management and raising the level of legal certainty and institutional confidence.
The memorandum embodies a shared vision between the two sides to support dispute resolution solutions and expand the exchange of knowledge and expertise in the areas of arbitration, mediation, and early conflict prevention practices, in line with the rapid developments in Islamic finance markets.
The Secretary General of the General Council for Islamic Banks and Financial Institutions, Hamza Bawazir, explained that the memorandum reflects the General Council’s commitment to strengthening strategic partnerships with a practical and sustainable impact, which contributes to establishing a more stable, efficient and capable Islamic finance system that can keep pace with increasing challenges.
He pointed out that cooperation with the Arbitration Center of the Organization of Islamic Cooperation aims to unify efforts and integrate expertise to support legal and institutional frameworks and enable Islamic financial institutions to adopt international best practices in managing and settling disputes.
For his part, the Secretary-General of the Arbitration Centre of the Organization of Islamic Cooperation, Dr. Omar Husseini, affirmed that the Centre encourages financial institutions to adopt procedures that comply with Islamic Sharia, noting that the launch of the specialized Islamic finance disputes unit reflects the Centre’s commitment to supporting this trend and enhancing cooperation with the General Council for Islamic Banks and Financial Institutions to translate this vision into practical initiatives.
Under the memorandum, the two sides will cooperate in organizing conferences, seminars, programs and workshops, issuing specialized publications, and exchanging experiences and information related to arbitration and other alternative dispute resolution methods.
The memorandum emphasizes the role of alternative dispute resolution mechanisms in supporting the robustness of the Islamic finance sector, enhancing institutional confidence, and expanding legal cooperation among member states of the Organization of Islamic Cooperation, thereby supporting the sustainability and growth of the Islamic finance industry globally.
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