International Congress on Islamic Economics and Finance (ICISEF) 2021
21-24 September 2021, Sakarya University
Sakarya - TURKEY
The ICISEF 2021 aims to bring leading academic researchers and scholars together to exchange and share their research and academic and professional experiences around the broad theme of Rethinking the Developmental Role of Islamic Economy and Finance: New Horizons. In this context, the following themes and aspects will constitute the program:
Rethinking the Developmental Role of Islamic Economy and Finance: New Horizons
Islamic Economics and Finance prioritises human well-being and social welfare as its aim, which distinguishes it from conventional economics. Considering the need for human and social development in Muslim countries, Islamic economics and finance is attributed to an important task to mobilise the resources for such objectives. Therefore, it is essential to expand research on developmental issues in the context of Islamic economics and finance. Within the broader human well-being and social welfare, the following topics have come to agenda in the face of global developments which require research within Islamic economics and finance: human security, poverty, inequality, education, health and nutrition, food security, water, sanitation, and hygiene, urban regeneration, economic empowerment, financial accessibility, prevention of debtness, gender, energy, climate change, conflict, institutional development, good governance, peace, social networks, labour and migration, micro and macro development policies, macroeconomic stability, trade, and monetary management for welfare. The developmental role of Islamic economics and economy and the role and tasks attributed to Islamic finance are aimed to be explored. Papers in such a broader area and the following sub-themes are expected to be discussed at the conference:
Sustainable Development and Islamic Finance
Sustainable development has become an essential global agenda to moderate the consequences of capitalist development. In this process, countries have been tasked with various ways to achieve sustainable development goals (SDGs) as developed by the United Nations as a global agenda. Since, in its essence and philosophical foundations, Islamic economics and finance aims to sustain the balance (mizan) of the cosmos, it is seen as a robust system. Hence, it is crucial to discuss its role in sustainable development and to present concrete solutions. Sustainable development in general and SDGs, in particular, constitute the main element of public policymaking and strategies of institutions and corporations. In this context, the main goal is to ensure sustainable development that includes all human and social groups and their development and eliminates climate and environmental as well financial crises. Characteristics of Islamic economy and finance have the potential to contribute significantly to the economies in the implementation of sustainable development.
Development and Islamic Finance
Sustainable development rather than excessive and artificial growth of the economy is the most important indicator of a properly functioning economic system. Within this framework, the numerical growth of the GDP is not the only goal in terms of Islam, as qualitative developments in human and societal development are aimed at. It is, therefore, necessary to achieve human development goals in primary areas such as education, health, accommodation, and human security. In addition, infrastructural development by considering human and social objectives within sustainable development is expected to serve the primary purpose of development. Islamic finance contains essential features that will help to achieve these goals within such ethical expectations.
Effects of Crises on Islamic Economy and Finance and The Responses of Islamic Economy and Finance
We have witnessed national, regional, and global crises over many years now. Crises occur from three different types of shocks: Supply shock, demand shock, and financial shock. It is well known that in previous crises, economies were encountered only one side shock. For example, the 2008 crisis created a financial shock. However, the Covid-19 has caused three shocks to simultaneously co-occur at the global level, creating challenges to produce policies to moderate the devastating social, financial, and economic costs. Therefore, it is necessary to analyze (i) how the observed shocks during pandemic have affected the Islamic economy and finance, and (ii) importantly how Islamic economy and finance through its institutions and operations (such as Islamic banks, Islamic financial institutions, Islamic capital markets, Islamic financial markets, takaful, zakat, and waqf as well as Islamic charities) have responded to social, financial and economic challenges faced by the previous crises and the Covid-19 crisis. Thus, it is essential to address how the Islamic economy and finance, which contributes significantly to sustainable development, were affected by the crisis.
Human Security and the Role of Islamic Economy and Finance
It is also important to consider human security in various forms and how Islamic economy and finance have and can help to ease such concerns. Protracted crises, violent conflicts, natural disasters, persistent poverty, epidemics and economic downturns impose hardships and undercut prospects for peace, stability, and sustainable development.Such crises are complex, entailing multiple forms of human insecurity. When they overlap, they can grow exponentially, spilling into all aspects of people’s lives, destroying entire communities and crossing national borders. Thus, what Islamic economy and finance, through its traditional and contemporary institutions and operation, have done and can do concerning human security is essential. This should be considered an important challenge in the face of Islamic economics is concerned with human centric development through falah and ihsan. Thus, in addition to zakat, waqf, and Islamic charities how Islamic economy and finance can be mobilized for refugee crisis, how Islamic economy and finance can be used as an economic and financing tool for reconstruction and peace, and how Islamic economy and finance can be developed and mobilized to ensure human security with all its aspects, should be considered as essential research and practical areas for Islamic economic and finance to be embedded in everyday life of human beings in the globe.
New Frontiers: Technological Innovation/Fintechs and Sustainable Development
Recently, there are important innovations in financial technologies whereby optimisation in the financial sector reaches another level with quantum computers, and brand-new assets are appended to the financial industry with cryptocurrencies. While such technological innovations in the financial world facilitate inclusion and reach, their adverse impact on increasing household debtness and financialisation is a source of worry. In addition to these, the emergence of halal markets constitutes another aspect of the new frontiers, which also benefits from new technologies. Artificial Intelligence is forcing the new frontiers even further in economy and finance, which is relevant to the Islamic economy and finance. Consequently, it is essential to examine the innovations in the financial sector and the extensions in the halal industry in terms of Islamic economics and finance. It is also important to research their ethical and Islamic morality related along with their sustainable development consequences.
New Frontiers in Islamic Economics Theory
While research in and practice of Islamic finance has demonstrated an unprecendent development trajectory, the same is not true for Islamic economics theory and practice. Islamic finance related research crowded out Islamic economics related research, as the latter has become a stagnant area. However, Islamic economics should be the base to inform its financing proposition. Therefore, in order to address such shortcomings, papers are also invited in conceptual, theoretical and empirical aspects of Islamic economics, including but not limited to modes of production, value theory, distribution theory, the consumption function, production function, social welfare, and human well-being.
Scope of the ICISEF 2021
Congress is not limited to the abovementioned theme and sub-themes. ICISEF Committee welcomes theoretical and empirical papers related to other aspects of Islamic economics and finance.
Selected papers will be considered for an edited volume published with a reputable international academic publishing house. In addition, we are currently in discussion of a special issue in reputed international journals.
An extended abstract of 750 - 1000 words should be submitted by 10 August 2021, which should provide a brief background of the topic, aims of the paper and the research questions, the methodology, concepts developed (for conceptual papers), and the findings or expected findings (for empirical papers). Please do add biographical notes (not a CV) indicating the current status and affiliation.
Deadline for Abstract Submissions: 17 August 2021
Announcement of the Accepted Abstracts: 1 September 2021
Submission Platform: Submission will be made through the www.icisef.com/registration
Organisers: ICISEF-2021 organised by Sakarya University, Turkey in collaboration with Durham University, UK and INCEIF, Malaysia.
Asst. Prof. Dr. Hakan Aslan
Research Center for Islamic Economics and Finance
Sakarya University, Turkey
Prof. Dr. Mehmet Asutay
Professor of Middle Eastern and Islamic Political Economy & Finance
Durham Centre for Islamic Economics and Finance
Durham University Business School
Asociate Prof. Dr. Mohamed Eskandar Shah Mohd Rasid
Associate Dean School of Graduate & Professional Studies (Sgps)
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