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The idea of establishing Islamic P&I Club (IPIC) to cover the liabilities of Islamic shipowners was proposed and approved by OISA members in the 9th General Assembly in Nov. 1996 held in Tunisia. The Islamic P&I Club achievement has been acclaimed by the 9th Islamic Summit Conference (Session of Al-Aqsa Intifada) held in Doha, State of Qatar (RESOLUTION NO.36/9-E(IS)); The Summit, in its resolution, recommended the Islamic Shipowners’ Association to immediately start proceedings for the launching of IPIC and to call on Member States to urge their maritime companies to join the Club. In the 23rd Executive Committee Meeting and the 15th General Assembly Session in October 2001 held in Dubai, the Members of the Organization unanimously approved the procedure of the establishment of Islamic P&I Club and IPIC was officially born. The establishment of IPIC was discussed and adopted during the Islamic Conference of Foreign Ministers sessions in Khartoum-Sudan in June 2002 (RESOLUTION NO.35/30-E).
The achievement was announced to the 10th OIC Summit, which was held in Putrajaya, Malaysia in October 2003 and Summit adopted the following resolution (RESOLUTION No.35/10-E(IS)):