The Qatar International Center for Conciliation and Arbitration (QICCA) at Qatar Chamber kicked off on Sunday the activities of its ‘Legal Week’ which will run until April 1 through video conferencing.
The virtual event featured informative presentations and discussions examining many topics and issues related to arbitration.
Moderated by Dr. Asma Al-Qaradaghi, the first day session was held under the theme ‘Islamic banks and means of dispute settlement’ with the participation of prominent legal experts and arbitrators.
Addressing the webinar, Dr Ali Mohi Eddin Al-Qaradaghi spoke about pros and cons of arbitration in Islamic banks, noting that arbitration is a practice that leads to an amicable settlement between parties of the dispute.
He also elaborated on the obstacles facing arbitration in Islamic banks, stressing the importance of adherence of arbitration parties to the arbitration awards, especially that it does not contradict with the principles of Islamic sharia.
Al-Qaradaghi stressed the importance of adding improvements in arbitration contracts in Islamic banks.
Professor of Islamic economy at Mohammed V University in Morocco, Dr Abdel Salam Balaji talked about the experience of Islamic banks in Morocco with a reading in the banking law, noting that Islamic banks started in 2013 after the endorsement of the Moroccan banking law which constituted a legal frame of Islamic banking, terming them ‘participatory banks’.
Balaji also called to the importance of encouraging the scientific research in the field of Islamic economy and finance and benefiting from previous experiences and institutions specialized in Islamic finance, indicating that laws related to microfinance shall be issued to encourage youth and entrepreneurs.
During his presentation, professor of economy at Istanbul University Dr. Ashraf Dawaba discussed the development of Islamic products, indicating that it is intended to create Islamic financial products with new characteristics for customers, noting that this requires real will from the senior management of institutions, effective research management with professional, economic, and legal cadres, and the use of financial technology,
Dawaba also pointed out that there exist more than 20 Islamic financial products other than services.
For his part, partner manager of Qutoof Consultancy Company Dr Shaaban Mohammad Islam Al Barwari spoke about ‘legal sukuk and controls and their effects on the infrastructure’.
Barwari stressed that Qatar enjoyed a successful experience in issuance of sukuk, adding that it had issued $ 700 mn global sukuk to finance the construction and development of the Hamad Medical City.
He also pointed out that sukuks provide many advantages for governments and investors in terms of sharing commercial and operational risks.