On 1st November 2021, the AIAC launched an Islamic Arbitration framework designed for Parties adoption in arbitration premised on Shariah principles. The framework known as the AIAC i-Arbitration Rules 2021 (Islamic Arbitration) aims to promote Islamic arbitration and catered to the growing interest in the global Islamic financial industry. The AIAC i-Arbitration Rules 2021 (Islamic Arbitration does not preclude Islamic transactions based on other types of commercial contract, including, but not limited to contracts concluded in Halal industries.
As part of AIAC’s pioneering spirit enriched by existing arbitral practices, this novel form of arbitration includes the arbitral tribunal’s reference to Shariah Councils originating from diverse views and jurisdictions. By leveraging the uptrend growth of Shariah-compliant products and services across the globe, the AIAC i-Arbitration Rules 2021 (Islamic Arbitration) caters to these demands whilst providing an avenue for amicable settlement of disputes.
The carefully curated provisions in the AIAC i-Arbitration Rules 2021 (Islamic Arbitration) advances dispute resolution mechanisms whilst paving the way to Shariah-based economic enrichment, business resilience, and sustainable business recovery. The professional services provided through Islamic Arbitration will, without a doubt enhance end-to-end business solutions in the growing industries encapsulated in the domestic sphere as well as at the international level.