ICC conference examines effect of Sharia law in arbitration
As the use of arbitration grows, the situations in which it is applied and the challenges facing it become ever more numerous and varied. An ICC conference held in Manama, Bahrain on 10-11 November, under the patronage of Shaikh Khalid Bin Ali Al Khalifa, Bahraini Minister of Justice and Islamic Affairs, placed particular focus on arbitration in relation to Sharia law and the Islamic finance industry.
Organized by ICC and ICC Bahrain, with the involvement of local and international experts, the conference looked beyond the theory of arbitration at some of the practical aspects of its use, especially in a Muslim setting.
Ebrahim Zainal, Chairman, ICC Bahrain said: “Effective cross border dispute resolution has become an integral element for the growth of trade and investment. It is in recognition of the growing importance of arbitration as the most efficient means of commercial dispute resolution at national, regional and international levels that this event was organized.”
Over 80 participants attended the event which was followed by a one-day workshop on the enforcement and challenge of arbitral awards.
ICC Bahrain was established in 1999 to serve the kingdom’s business community by promoting awareness on emerging business trends and to provide input to ICC’s policy work, through its representation in the various ICC commissions and task forces.