The Inaugural INCEIF-ISRA Annual Conference on Islamic Economics and Finance (I-ARIEF)

Asia Blockchain Review
November 28, 2019

Themed ‘Islamic Finance and Islamic Economy Ecosystem in the Era of Digitalisation’, the two-day event provided a forum for the deliberation of contemporary and emerging issues in Islamic economics and finance.

KUALA LUMPUR, 25 November 2019The accelerated growth of Islamic finance, especially in the wake of the global financial crisis, and its ever-increasing role in the mobilisation of financial resources have been promising features in the global financial scene. Being a manifestation of Islamic economics’ practical applications, Islamic finance cannot be developed and assessed in isolation of its impact on real activities and the fulfilment of Maqasid al-Shariah. Islamic finance must be developed and evaluated in its totality, not confined to only Islamic banking and Islamic capital markets.

Moving forward, Islamic finance must also embrace Industry 4.0 for it to remain robust in the digital age. This is one of the key talking points of the inaugural INCEIF-ISRA Annual Conference on Islamic Economics and Finance (I-ARIEF), a two-day event which provides a forum for the deliberation of contemporary and emerging issues in Islamic economics and finance.

Deputy Minister of Finance Dato’ Ir Haji Amiruddin Haji Hamzah officiated the conference and delivered a keynote address while INCEIF President & CEO Prof Dato’ Azmi Omar gave the welcome address. Also present at the event was IRTI Director General Dr. Sami Al-Suwailem.

With the theme, ‘Islamic Finance and Islamic Economy Ecosystem in the Era of Digitalisation’, the conference sought to:

  • Address contemporary and emerging issues faced by Islamic economics and Islamic finance
  • Evaluate the roles of Islamic finance in a wider context, in its contributions to financial stability as well as to the overall Islamic economy ecosystem in cognisance of the fulfilment of Maqasid Shariah
  • Disseminating research output through reputable scholarly journals

In addition to that was an industry panel discussion with key players in the market to further discuss the current situation and other digital ecosystems which would be able to support the growth of Islamic baking and startups. Moderated by Professor Dr. Mohamed Eskandar Shah who had asked critical questions to both Ridzal Sheriff, CEO of Special Projects at Infinity Blockchain Ventures Malaysia Sdn Bhd and Namanzee Harris, CEO of TV  Al Hijrah about how new age technology and alternative ideas can benefit the Islamic Finance as a whole. 

Papers presented included issues on social finance, Islamic banking, Islamic capital markets, governance for financial institutions, Fintech, and Islamic economy. Over 30 papers were accepted for the conference and there were a significant number of Indonesian participants in the conference. There was also a special research paper presentation by Professor Dr Joseph Cherian of the National University of Singapore and Professor Dr Saiful Azhar Rosly of INCEIF, who discussed the Clientele Effects in Sovereign Bonds: Evidence from the Malaysian Cash and Repo Markets’ and Making Homes More Affordable in Malaysia Role of Islamic Finance’. Selected papers will be published in SCOPUS-indexed journals, special issues, the ISRA International Journal of Islamic Finance, and Studies in Economic and Finance.

At the event, INCEIF signed an MU with CESAG, a business school based in Senegal. Dato’ Azmi Omar represented INCEIF while CESAG was represented by Director General Prof Balibie Bayala. The MoU covers collaborative research, particularly in the area of Islamic Social Finance and FinTech, joint executive programmes, and allowing a number of qualified graduates of the CESAG MBA in Islamic Finance to pursue doctoral programs at INCEIF. CESAG is owned by the 8 member countries of the West African Economic and Monetary Union, set up to support the regional integration process.

Find the event wrap up HERE

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