UAE: DIAC discusses effort to make Dubai center of Islamic economy

Dubai International Arbitration Centre discussed efforts to make Dubai the center of the Islamic economy.

Gulf News

The Dubai International Arbitration Centre (DIAC), a branch of the Dubai Chamber of Commerce and Industry, recently released its important provisions and action plan for the next several months that were discussed at last month’s board meeting.

The DIAC board discussed details about implementing the Islamic arbitration window in order to meet the growing demand of the Islamic economy. The initiative would also encourage the Dubai government’s effort to make Dubai the worldwide capital of the Islamic economy.

The board also talked about the Dubai Arbitration Award as a platform to formally recognize the excellent participants in the field of arbitration. The award will continue to improve Dubai’s standing as a top worldwide and domestic destination for various kinds of commercial arbitration.

The board also evaluated important provisions that needed added or revised for the new DIAC Rules 2016. These changes are founded on perspectives from specialists and experts who have many years of experience in their industry.

The members of the board also talked about adopting Shariah compliant arbitration rules, which would align with UAE Vice President and Prime Minister and Ruler of Dubai Sheikh Mohammed bin Rashid Al Maktoum’s initiative to promote Dubai.