Union of Chambers and Commodity Exchanges of Turkey

Hisarcıklıoğlu, noting that COMCEC is an international organization with 57 members, 5 observer countries and a population of 1.7 billion; the largest members and representative capacity after the United Nations, said, “The most important platform that brings the Islamic world together. Therefore, it is in the best interest of all of us to make the best use of this platform and strengthen our unity. We, TOBB and the Islamic Chamber of Commerce, Industry and Agriculture, have acted with this vision.”

- Arbitration increased foreign investors

Hisarcıklıoğlu reminded that foreign direct capital investment in Turkey was below $1 billion per year, “Then our government added arbitration to our national legislation. As a result of this, Turkey's appeal to investors has increased. Incoming foreign direct investment has risen to $10 billion annually. Therefore, arbitration is a very important issue for business. Because trading and investing mean taking risks. When you do that in another country, the risk gets bigger. Because there are different regulations, different applications in each country. Investors can't possibly know all this. This reduces the appetite for trade and investment. In the event of any dispute, the presence of an impartial, objective, respectable, clearly-defined applicant body protects all parties. It makes that country more attractive to businessmen.”

- Arbitration is both fast and cheap

Hisarcıklıoğlu emphasized that arbitration is faster and much cheaper than the normal court process, and pointed out that years of litigation can be resolved for months in arbitration. M. Rifat Hisarcıklıoğlu said, “Arbitration has now become an essential prerequisite for doing business. Look at the most developed countries in the world. They realized that almost a century ago. They've set up their own arbitration. As of today, 75% of commercial disputes in developed economies are resolved by alternative dispute resolution methods, such as arbitration.

So only one out of four disputes goes to the standard judiciary. Why? Because for us in the business world, time means money. Now it's our turn. Let's make sure that the Islamic Arbitration Center is the right address, which comes to mind first in resolving commercial disputes.

Look, we have a saying: don't be afraid of an earthquake, they say be afraid not to take precautions. Here's what we say to businessmen in our countries. Don't be afraid to have trouble with trade, be afraid of not taking precautions. And make that precaution arbitration. Let's bring this up in our countries. When our businessmen make any contract, immediately come to mind the Islamic Arbitration. Let them add that to their contracts. To resolve trade disputes, choose and use arbitration, which is fast, practical and reliable

I would like to ask you to provide the necessary publicity and information in your countries. We, as the Islamic Chamber, are ready to provide support.”