The Organisation of Islamic Cooperation Arbitration Centre (OIC-AC) holds a press conference on December 4th, 2023, at the margins of the 39th Ministerial Session of the Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Cooperation (COMCEC). Dr. Macid Mamdouh Kamel, Secretary-General; Dr. Alper Çağrı Yılmaz, Deputy Secretary-General; and Attorney at Law Nihan Çetin, Head of Marketing and Public Relations represent the OIC-AC at the press conference.
Highlights from the press conference are as follows:
Every contract faces the risk of non-enforcement. Disputes occur between the contracting parties if this risk becomes a reality. In case the disputes cannot be resolved by direct negotiation, parties resort to the legal process.
The legal process does not necessarily mean court proceedings. As a matter of fact, parties to international commercial and investment disputes increasingly prefer alternative dispute resolution (ADR) mechanisms to traditional court proceedings. ADR mechanisms are faster, cheaper, more flexible and less complex than litigation. Mediation and arbitration are the two prominent examples of ADR.
The OIC-AC is an independent and impartial international ADR centre headquartered in Istanbul.
It is the first-ever international arbitration centre in Türkiye which takes its legal basis from international agreements. It is also the first international arbitration centre in Türkiye to be founded under the umbrella of an international organization.
The OIC-AC assists natural and legal persons from the Member States of the OIC and Non-OIC States to settle commercial and investment disputes through ADR mechanisms. In other words, it has global jurisdiction on commercial and investment disputes.
Istanbul has the potential to become a prominent international ADR hub thanks to its geopolitical location as a natural bridge between the East and the West, its well-established position as a trade hub, and the recent amendments to Turkish law on international arbitration. The city harbours the Istanbul Financial Centre (IFC). It has excellent flight connections and affordable hotel prices.
The extensive jurisdiction of the OIC-AC serves as another important driving factor for Istanbul to become a prominent international ADR hub besides London, Singapore, Hong Kong, Paris and Geneva. The OIC-AC’s presence will also further increase foreign direct investment (FDI) in Türkiye, which is already ranked one of the most popular FDI destinations in Europe.
The OIC-AC comprises the Board of Trustees, the Board of Directors, the International Supervisory Board, and us, the Secretariat. The organs of the OIC-AC are composed of the most professional and eminent figures worldwide in ADR, law, finance, and investment.
The OIC-AC is proudly serving the international ADR community as a full-fledged ADR centre. The construction of all of its organs is complete. Its 2023 Arbitration Rules strictly adhere to party autonomy, efficiency, and neutrality.
The OIC-AC has been nominated as the competent ADR centre under numerous clauses in international contracts.
As a concrete step towards effective bilateral and multilateral cooperation with ADR stakeholders, the OIC-AC has signed framework agreements with several counterparts, and negotiations to conclude more are in progress.
The OIC-AC has participated in and sponsored several international ADR events, and attended the relevant Working Group meetings of the United Nations Commission on International Trade Law (UNCITRAL), which plays a key role in developing the framework of international trade law.
The OIC-AC Secretariat has paid visits to numerous bodies and attended ADR events outspread to the African, Asian, and European continents.
The other day (2nd December) the OIC-AC Secretariat had the opportunity to address the Esteemed Senior Officials of COMCEC and present the latest accomplishments of the OIC-AC. Tomorrow we will host the Panel “Global Alternative Dispute Resolution” as a side event of the 39th COMCEC. The Panel aims to reinforce the continuous support for the OIC-AC among the OIC Member States, promote arbitration and other ADR mechanisms within the Member States, and increase awareness, proficiency, and expertise in ADR.
We will host the inaugural “Istanbul International Arbitration Days” late May next year. It will become a signature annual event of the OIC-AC.
H.E. Recep Tayyip Erdoğan, Chairman of COMCEC and the President of the Republic of Türkiye made the generous offer to host the OIC-AC in Türkiye, back in 2016. This dream has come true thanks to the genuine support of all the 57 members of the OIC, followed by the tireless efforts of the relevant OIC bodies. The OIC-AC stands out as a demonstration of how all the Member States of an international organization can unite to contribute to a common goal.
We rest assured that each OIC Member State will continue its invaluable support for the OIC-AC as recommended within the resolutions of COMCEC. Such support will pave the way for the OIC-AC to pioneer global economic development by becoming a thought leader and the foremost global centre for ADR in commercial and investment disputes.
Islam is built on peace, humanity, and fairness. Independence and impartiality in the legal field has always been a core value of the Islamic teaching and practise. In this sense, the OIC-AC will continue to proudly mirror the true image of Islam.
