THE ORGANIZATION OF ISLAMIC COOPERATION ARBITRATION CENTRE (OIC – AC) IN TURKEY

26 JANUARY 2020

“Agreement between the Government of the Republic of Turkey and the Islamic Chamber of Commerce, Industry and Agriculture on the Establishment of the Organization of Islamic Cooperation Arbitration Centre In Turkey” (“Agreement”) has been ratified by the President and has been published in the Official Gazette dated 25.01.2020, numbered 31019.

The signatories to this Agreement are the Republic of Turkey (which will be ‘host country’) and the Islamic Chamber of Commerce, Industry and Agriculture (“ICCIA”).

The aim of the Agreement is to lay down the authority of the Islamic Cooperation Arbitration Centre (“Centre”), the status of the officials of the Centre and the persons providing services to the Centre in the host country.  

Centre shall operate in Istanbul, possessing legal personality under private law in the host country, shall have the capacity to contract, receive donations, acquire, use and dispose of movable and immovable property, and to institute legal proceedings before the courts.

The objectives of the Centre shall be as follows;

• to facilitate settlement of commercial and investment disputes referred to the Centre involving natural persons or legal persons from the Member States of the OIC[1] and Non-OIC States,
• to promote arbitration and alternative dispute resolution within the Member States of the OIC,
• to enhance knowledge and improve skills and expertise in arbitration and alternative dispute resolution,
• to make submissions on reform of dispute resolution law and practice in the Member States of the OIC.

The organs of the Centre shall be as follows;

• The Board of Trustees,
• The Board of Directors,
• The Secretariat,
• The International Supervisory Board.

The working language of the Centre shall be English. Besides English, Arabic and French shall be preferable.  

Until the organs of the Centre become operational, establishment operations and Secretariat services shall be carried out by the Union of Chambers and Commodities of Turkey (“TOBB”).

The secretariat and the other organs of the Centre shall become operational at the latest in one year following the entry into force of this Agreement.

The entire text of the Agreement (in Turkish and English) can be found here .

Should you have any queries and/or remarks, please do not hesitate to contact us.

Kind regards,

Zumbul Attorneys-at-Law

info@zumbul.av.tr