AlBaraka Forum Contributes at the Riyadh International Dispute Week

In the presence of economic experts, scientists and scholars, AlBaraka Forum for Islamic Economy held two seminars and one lecture on two ongoing different days of the Riyadh International Dispute Week, in light of its participation as a supporting entity.
The first seminar was held on 5^th of March 2024, under the title “Dispute Resolution in the Islamic Digital Economy”, including two sessions featuring prominent speakers and experts in the field who discussed the challenges and opportunities in dispute resolution within the Islamic digital economy. Session was held under the title “Dispute Resolution in the Islamic Digital Economy”, which aimed to discuss major highlights in dispute resolution in Islamic law, focusing on the nature of disputes in the digital economy and e-commerce. The session was moderated by MR. SAAD MANSOR ALMANSOR, Managing Partner at SAHAM Law Firm and Arbitrator at the Saudi Center for Commercial Arbitration bringing a wealth of experience and expertise to the discussion, leading the session with Dr. Umar Oseni, Former Chief Executive Officer, International Islamic Liquidity Management Corporation, Malaysia who emphasized on the need for Shariah experts to be involved in resolving disputes in the digital economy, while DR. SHEIKH BILAL KHAN Judge & Adjudicating Arbitrator at AIFC International Arbitration Centre; Partner & Global Head of Islamic Finance at McCarthy Denning; Assistant Professor of Law at University of Bradford, highlighted the importance of merging shariah laws with new technology in arbitration. Speaking about the major highlights in dispute resolution in Islamic law, Dr. Jonathan Ercanbrack, Director, Centre of Islamic and Middle Eastern Law (CIMEL), SOAS University of London, highlighted the need for a digital Islamic economy platform for dispute resolution in Islamic law.
The second session of the seminar was moderated by Mr. Umer Suleman, Global Head of Risk Management – Wahed Company – United Kingdom, under the title of “The Relevance of Online Dispute Resolution to Fintech Disputes in the Islamic Economy”, highlighting the importance of utilizing technology to resolve these conflicts in a timely and fair manner, during the session Mr. Sohail Ali, Partner at DLA Piper, UK emphasized on the importance of integrating technology into dispute resolution to minimize mistakes, while Prof. Dr. Hussein Abdou Chair in Finance and Banking, Director of Research and Knowledge Exchange, Accounting and Financial Management, Newcastle Business School, Northumbria University, highlighted the importance of shariah compliance in online dispute resolution in the Islamic economy, along with Mr. Hamid Rashid, Founder and Chief Executive Officer, Finterra, Malaysia, who stressed on the importance of adhering to Islamic principles in fintech disputes.
On 7^th March 2024, the second seminar took place under the title “ISLAMIC FINANCE NEEDS IN THE FIELD OF DISPUTE RESOLUTION”, including two sessions.
With a dynamic blend of leadership and discussion talents, Dr. Jonathan Ercanbrack, Director, Centre of Islamic and Middle Eastern Law (CIMEL), SOAS University of London, moderated the first session of the seminar titled “Emerging Issues in Dispute Resolution in Islamic Finance”, leading the discussion with Prof. Dr. Georges Affaki, Professor of law at the University of Paris II, and an Avocat before the Court of Appeal of Paris, France, who stated that Shariah and Fiqh are including all answers of any legal or financial issue that are raised contemporarily, beside Mrs. Julia Zagonek, Partner at White & Case, who highlighted that England was one of the first countries to launch Sukuk, mentioning the circumstances of the first Islamic Finance Dispute in the English court in 2002, along with Dr. Umar Oseni, Former Chief Executive Officer, International Islamic Liquidity Management Corporation, Malaysia, who praised the great role played by the OIC-AC Organization worldwide concerning disputes resolution, while Prof. Dr. Mohamed S. Abdel Wahab, Founding Partner & Head of International Arbitration, Construction and Energy, Zulficar & Partners, stated that over the past two decades, Islamic banking and financial products have exponentially grown at an accelerated pace and on a global scale.
During the events of the second day, H.E. Dr. Hamid Bin Hassan Merah, Chief Executive Officer, The Saudi Centre for Commercial Arbitration, delivered significant remarks at the seminar, mentioning that Awqaf is playing an important role in non-profit Islamic finance. Concerning dispute resolution, he also stressed on the development of dispute resolution reflect to Islamic finance, emphasizing on AAIOFI Shariah standards and their importance to dispute resolution.
The second session of the seminar was a special lecture about “The Qur’anic Covenant on Alternative Dispute Resolution”, moderated by Mr. Hesham Zaki, Business Development Manager, AlBaraka Forum for Islamic Economy, who brough his dedication to create insightful and productive dialogue with Mr. Ahmer Bilal Soofi, Advocate of the Supreme Court of Pakistan, and the Senior Managing Partner of the firm and the head of its dispute resolution practice at ABS & Co, Islamabad, Pakistan, who discussed the legal architecture of the Quran, elaborating traditional Quranic studies including Law of the Quran and the legal status of remaining verses, as well as tackling the locating of covenants in the Quran, Mr. Ahmer also discussed the believer situation from the self-discipline and social aspects, presenting a survey of academic work concerning covenants in the Quran, beside elaborating the economic architecture of the Quran and covenants with entrepreneurs.