The Organisation of Islamic Cooperation (OIC) and the International Islamic Centre for Reconciliation and Arbitration (IICRA), headquartered in Dubai, signed a Memorandum of Understanding (MoU) aimed at establishing partnership between the two parties on investment and trade conflicts, exchange of expertise, consultations and information and organisation of symposia, conferences and specialized training programmes.
The signing ceremony took place on Monday 20 March 2017 at the Headquarters of the OIC General Secretariat in Jeddah. His Excellency Dr. Yousef A. Al-Othaimeen signed on behalf of the OIC while H.E. Mr. Majid Ibn Bashir Al-Mahairi, chairman, Board of Trustees, signed on behalf of the Centre.
Under the MOU, the two sides will organize joint educational activities to create awareness about reconciliation and arbitration and encourage recourse to them as some of the tools for encouraging and protecting investments among Member States. The centre will also provide specialized training programmes on the legal and religious aspects of arbitration and Islamic financial transactions.