Islamic Chamber of Commerce

Islamic Chamber of Commerce

Definition

The Islamic Chamber of Commerce (ICC) is a specialized organ of the Organization of the Islamic Conference (OIC), established in 1977. It aims to encourage and enhance trade, industry, and agriculture among member countries while fostering economic collaboration.

Etymology and Translation

• Arabic: الغرفة الإسلامية للتجارة (al-Ghurfa al-Islāmiyya lil-Tijāra)
• Turkish: İslam Ticaret Odası

Objectives and Functions

The chamber focuses on several key areas:

1. Trade and Industrial Promotion

   • Advocacy of Preferential Trade Terms: The ICC seeks to provide its members with beneficial trading terms to boost inter-Islamic commerce.
   • Development Initiatives: Encourages initiatives in agriculture and industry to strengthen economic bases.

2. Economic Cooperation

   • Finance and Banking: Promotes cooperation in financial sectors, including banking and investment, among Islamic countries.
   • Insurance and Communications: Facilitates dealings in insurance services and enhances communications infrastructure.

3. Dispute Resolution

   • Arbitration Services: The ICC provides a platform for resolving industrial and commercial disputes among its members.

4. Conferences and Exhibitions

   • Fairs and Exhibits: Organizes fairs, joint showrooms, and exhibitions to showcase products and services.
   • Seminars and Publicity: Holds educational seminars, lectures, and promotional campaigns to spread knowledge and increase visibility of economic opportunities.

5. Economic Unity

   • Islamic Economic Community: Ultimately, the chamber aims to establish a unified Islamic economic community that mirrors economic integration seen in other regions like the European Union.

Organizational Structure

General Assembly

Comprised of representatives from member organizations.

Executive Committee

Oversees strategic direction and implementation of goals.

General Secretariat

Handles administrative functions and day-to-day operations.

Leadership

Include a president and six vice presidents from various member nations.

Membership and Funding

The ICC is composed of federations, unions, and national chambers of commerce across 46 countries. Funding is primarily garnered from member contributions, which are proportionate to each nation’s per capita income.

Suggested Books for Further Studies

1. “Islam and the Economic Challenge” by M. Umer Chapra
2. “Islamic Finance: Principles and Practice” by Hans Visser
3. “Economic Development and Islamic Finance: The Role of Islam and Islamic Finance in Achieving Sustainable Development” edited by Sami Al Suwailem and Emilios Avgouleas

Takeaways

• The ICC is a vital entity for economic enhancement and collaboration within the Islamic world.
• It caters to a multitude of sectors including trade, agriculture, finance, and dispute resolution.
• The ultimate aim is to forge a robust Islamic economic league akin to economic cooperations in other global regions.

Conclusion

The Islamic Chamber of Commerce plays a pivotal role in the economic integration and development of Islamic nations. With its various initiatives and organizational support, it strives to build a unified economic community that benefits all member countries thereby showcasing the potential of collaborative economic efforts.

For those interested in learning more, the suggested readings offer multiple perspectives on Islamic economics and finance.