The Asian International Arbitration Centre (AIAC) has officially launched the all-new and improved i-Arbitration Rules 2021 in Kuala Lumpur on Nov 1, 2021.
The launch was officiated by Dato Sri Dr Wan Junaidi Tuanku Jaafar as the Malaysian Minister in the Prime Minister’s Department (Parliament and Law).
In his speech Wan Junaidi said the Islamic arbitration framework of the AIAC sits perfectly to put Malaysia on a strong foundation in spearheading the advancement of Alternative Dispute Resolution (ADR) in Islamic finance.
“The total assets of the global Islamic Financial Services Industry (IFSI) grew by 10.7%, year on year, with a total worth estimated at USD 2.70 trillion as at 2020.
“Based on the Islamic Finance Outlook 2021 of S&P Global Ratings, the Middle East, Africa and South Asia region continues to be a significant contributor to the Islamic finance industry in 2020 with a growth of 11.4% from the preceding year in 2019,” he said.
Wan Junaidi added, “Leveraging on Malaysia as a leading hub for Islamic finance, we envision to spearhead the development of dispute resolution globally, premised upon the AIAC i-Arbitration Rules 2021 that will be widely recognised and enforceable.
“The government is committed to continuing its support of the AIAC’s role as an autonomous international organisation vested with privileges and immunities in Malaysia.”
The other attendants at the launch were Dubai International Financial Centre Courts chief justice Tun Dato’ Seri Zaki Tun Azmi,AIAC Advisory Council chairman Tun Arifin bin Zakaria, AIAC director Tan Sri Datuk Suriyadi Bin Halim Omar and AIAC deputy director Datuk Dr. Prasad Sandosham Abraham.
Also attended were foreign diplomats, industry representatives, members of the media and those who tuned in virtually from Malaysia and abroad.
The i-Arbitration Rules 2021 serves a specific and niche segment of the business community that relies heavily on Shariah governance and principles in the conduct of corporate transactions.
The AIAC is confident that the i-Arbitration Rules 2021 presents a unified approach in the resolution of disputes, striking a balance between conventional business practices and the requirement for such transactions to be guided by Shariah or Islamic principles for users all around the globe.
Suriyadi in his speech said the AIAC’s i-Arbitration Rules is the first set of arbitration rules in the world that caters to a specific business model.
“Commercial contracts that feature elements that require compatibility to Shariah and Islamic principles now have the benefit of having their dispute resolution mechanisms be similarly attuned to those principles, with recourse to Shariah and Islamic expertise under the i-Arbitration Rules 2021,” he said.
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