بحوث مؤتمر المصارف الإسلامية بين الواقع والمأمول ج 42

د. عبد الستار الخويلدي مؤتمر المصارف الإسلامية  بين الواقع والممول  The task of the Centre was strengthened by issuing the Sharia Standard No 31 issued by the Accounting and Auditing Organization for Islamic Financial Institutions, which is considered as an academic and procedural reference of the arbitration in the Islamic financial Industry field. The study induces the concerned departments to take advantage of the Centre and the services provided by it with the aim of serving the Islamic Financial Industry and to enliven the transactions based on the Islamic Jurisprudence. * * *

المركز الإسلامي الدولي للمصالحة والتحكيم بدبـي رؤية شرعية معاصرة0 مؤتمر المصارف الإسلامية  بين الواقع والممول article 6 of the procedures of the Centre the disputing parties are free to choose the venue and the language of the arbitration. Basically the language of the arbitral award should be in Arabic language and at the same time the parties may agree or the Arbitration Panel can decide to choose other language whenever the need arises concerned with the arbitration dispute. In all cases the issuance of the award should be in Arabic considering the importance which is given by the Centre in formulating the arbitration award which contains some jurisprudential terminologies which may be wrongly understood or may be subjected to the changing of meanings at the time of the enforcement in case it is translated. And regarding the period in which the ruling should be issued, the Centre has fixed the period which shall not exceed 6 months after the referring of the issue to the Arbitration Panel and the flexibility regarding the appointment of the arbitrators also are the other prerogatives that are being provided by the Centre to the litigants. The Centre has succeeded in incorporating the Arbitration Clause concerned with the Centre in many of the agreements of the Islamic financial Institutions with addition to many activities and holding meetings and providing support to the Islamic Financial Industry. And also the Centre is keenly concentrated on the future programs such as the conducting of high level training programs for the arbitrators in the field of settling the Islamic Financial disputes, with addition to holding meetings and conducting activities that shall help it fulfill its objectives.

د. عبد الستار الخويلدي1 مؤتمر المصارف الإسلامية  بين الواقع والممول be an independent and perfect entity. The establishment of the Centre was aimed at filling the gap in the field of settling the disputes arising in the financial jurisprudent transactions sphere basing on the Islamic Sharia laws with perfect professionalism and speedy process. 2) The objectives: The Centre aims at settling the disputes arising in the commercial and financial spheres between the financial and commercial institutions or between them and their clients or between them and others by resorting into the formulas of Arbitration and Reconciliation without violating the Islamic Sharia laws and also the Centre provides many legal and Sharia services to support the Islamic Financial Industry such as the providing of the legal and Sharia consultations. And the Centre proposes these institutions to incorporate the formulas of Arbitration Clause and the Arbitration Agreement in the contracts that are being concluded and the Centre puts at the disposal of the litigants the list of the arbitrators and the experts who are acquainted with the Islamic Sharia laws and with the other laws , who keep high level morality and good reputation and are impartial and the Centre is striving to uplift the culture of the Arbitration by conducting training courses and communicating with the legal departments in the Islamic Financial institutions. 3 ) Flexibility of the procedures : The Centre keeps a flexibility in the field of settling the disputes through the arbitration, and according to the article 3 of the Chart and the

المركز الإسلامي الدولي للمصالحة والتحكيم بدبـي رؤية شرعية معاصرة2 مؤتمر المصارف الإسلامية  بين الواقع والممول International Islamic Centre for Reconciliation and Arbitration (Dubai) A contemporary Sharia view point to settle the disputes in the Islamic Financial Industry The Centre is considered as one of the foundation stone of the infrastructure of the Islamic Financial Industry as it is an independent international non profit institution which was established like the other infrastructure institutions. 1) Establishment: The Islamic Banking has become an independent entity having its own prerogatives which are different from the concept of the traditional banking system. This role has been increased in quantity and quality from the beginning of the 21st century. Even though, nowadays the numbers of the Islamic financial Institutions have increased and spread its influence they are compelled to follow the rules and regulations defined basically to organize the activities of the conventional banks and the increasing role of the Islamic Financial Institutions with respect to the quality and the quantity was not translated to the formulas and mechanisms that reflect the peculiarity of the method that is being followed in the transaction field. This ideological difference between the Islamic Financial Industry and the conventional financial system persuaded the Islamic Financial Institutions to think to have its own infrastructure institutions that can organize its activities which shall