The Chartered Institute of Arbitrators (CIArb) and INCEIF- the Global University of Islamic Finance have signed an agreement declaring their commitment to deliver courses on alternative dispute resolution (ADR) in Islamic finance and banking.
The agreement, signed on Monday 10 February, is focused on expanding the range of dispute resolution options available in Islamic finance. With the rise of the global Islamic financial services industry, this agreement is timely in facilitating the resolution of future commercial opportunities.
The programme will allow candidates to build on their expertise in the field and acquire educational and developmental tools for the application of ADR. The first course (certificate in Islamic Banking and Finance for Arbitration) will be held in Malaysia in September 2014.
According to lead academic contributor, Dr Nyla Comair-Obeid: “given the rapidly growing market for Islamic finance and the significant increase in confidence in Arbitration as the preferred mechanism for resolving both financial and commercial disputes, Arbitrators trained in the fundamental principles of Islamic finance are fast becoming a market commodity. More and more financial institutions are providing an expanding range of financial products and services compliant with Islamic banking regulation and the basic tenets of Sharia law. In order for Arbitrators and ADR practitioners to be fully equipped to deal with disputes that arise therein, training in the fundamentals of Islamic banking and finance has never been more important globally”.
Dr Comair-Obeid further concludes: “CIArb courses in Islamic Finance for Arbitrators will provide professional Arbitrators with the theory, the case law and the practicable tools necessary to understand and settle financial, commercial and contractual disputes which arise within the framework of Islamic banking and finance”.
CIArb Director General, Anthony Abrahams, remarked: “this is a milestone achievement for the Chartered Institute of Arbitrators. As a learned society we are always keen to enhance the development of practitioners worldwide. To further expand our range of courses in new industries and promote the value of ADR to wider audiences is a welcomed opportunity”.
Daud Vicary Abdullah, President and CEO of INCEIF stated: “INCEIF is delighted to be partnering with CIArb in this landmark agreement to develop education and competency in the legal arbitration profession. With the rapid global growth of Islamic finance, it is vital that practitioners are well equipped with robust and consistent education to enhance their competency.”
Release issued by Kim Regisford
- INCEIF is a global university offering academic and professional qualifications in Islamic finance. INCEIF is committed to elevate and advance Islamic financial knowledge, develop future leaders in the Islamic finance industry through learning programmes and serve as the centre for collaboration with other Islamic financial educational centres. For more information please visit http://www.inceif.org