WAM MAKKAH, 11th March, 2014 (WAM) — The Secretary-General of the Organisation of Islamic Cooperation (OIC), Iyad Ameen Madani, has highlighted the importance of arbitration as an acceptable alternative and safe mechanism in conflict resolution and settlement and in the OIC system, given its adoption as a basis for conflict resolution in many of the OIC’s conventions.
He made his remarks in a speech which was delivered on his behalf at the Islamic Arbitration Forum held in Makkah.
The speech also expressed the OIC’s welcome and appreciation for efforts to establish the Islamic Federation of Arbitration Centres in the OIC, and recommended a merger with the International Islamic Centre for Reconciliation and Arbitration (ICRA) as the sole Islamic Centre for Sharia-compliant financing in the Muslim world.
ICRA was established by the Islamic Development Bank, the General Council for Islamic Banks and Financial Institutions and the State of the United Arab Emirates.
The first Arbitration in the Muslim World forum which opened in Makkah on Sunday, was organised by the Umul Qura University in collaboration with the Saudi Arbitration Group, chaired by H.R.H. Prince Dr. Bandar Ibn Salman Ibn Muhammad Al-Saud, Adviser to the Custodian of the Two Holy Mosques, under the patronage of Dr. Khaled Muhammad Al-Anqari, Minister of Higher Education.
The Forum is aimed at diagnosing the situation of arbitration systems and centres in the Muslim world and contributing to the establishment of a unified Islamic arbitration system, and would discuss this issue over two days and come up with the announcement of the Islamic Federation of International Arbitration Centres.
WAM/AAMIR/Moran
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