International Congress on Islamic Economics and Finance (ICISEF)

Call for Papers
International Congress on Islamic Economics and Finance (ICISEF)
October 21-23 October 2015
Sakarya, Turkey
Event Website:
There has been growing interest in the field of Islamic Economics and Finance across the World, Muslim and non-Muslim countries alike. The stunning interest toward Islamic financial services stems from the fact that Islamic finance is growing much faster than the conventional one. Global Islamic investments have been reached to a great magnitude. However, this interest puts pressure and responsibility on the researchers and the professionals in the field of Islamic Economics and Finance to develop and promote truly Islamic ways of finance, investment and business.
To this end, Sakarya University, one of the leading institutions in Turkey in Islamic Economics and Finance, is organizing an international congress on Islamic Economics and Finance. The University is the first one in Turkey with its pure graduate program in the area of Islamic Economics and Finance and offers many elective undergraduate courses as well. Sakarya University has been organizing workshops in the field.“Islamic Economics and Finance Education”, “Public Participation Banking”, and “Financial Engineering and Fatwa Processes” have been the topics covered in the workshops so far. Now, the University has decided to organize first international congress on Islamic Economics and Finance in collaboration with Durham University, UK.
International Congress on Islamic Economics and Finance (ICISEF) will be held during 21-23October, 2015.The objective of ICISEF-2015 is to provide a platform for researchers, academicians as well as industrial and business professionals from all over the world to present their research papers in the area of Islamic Economics and Finance. It is expected that ICISEF-2015 would serve as a discussion forum and platform and that strengthen the link between academia and industry.
The Institute of Social Sciences and the Research Center for Islamic Economics and Finance at Sakarya University cordially invite abstracts and full length research papers from researchers to address any area of Islamic economics and finance including but not limited to:

Islamic Economics
Real sector
Business Ethics
Consumer Ethics
Income distribution, poverty
Labor disputes
Waging practices
Behavioral economics
Developmental issues
Islamic Banking
Financing modes
Risk management
Islamic Banking practice
Liquidity Management
Corporate social responsibility
Accounting in Islamic Banking
Islamic Capital Markets
Islamic indices and mutual funds
Asset management
Islamic financial literacy
Islamic ratings
Islamic Business
Marketing ethics
Corporate governance and social responsibility
Hiring practices
Halal industry
Fatwa procedures
Shariah boards
Differences in FiqhJurisdictions
Halal food
Dispute settlements

Papers in Turkish, English and Arabic are welcome and simultaneous translation will be provided.
“Best paper” award will be granted for a paper for each of the following categories: Islamic Economics, Islamic Finance, Islamic Banking,Fiqh, and “young academician”
The papers presented in ICISEF-2015 will be considered for publication in the Research Journal of Islamic Economics and Finance (REJIEF)

Islamic Banking – A Myth of A Reality

The Islamic banking refers to a system of banking or banking activity that is consistent with the principles of Islamic laws (Sharia) and its practical application through the development of Islamic economics.

These are the views of a leading economist, Umer Chapra while addressing at a conference on the topic “Islamic Banking-A Myth of A Reality” at ICAP. Umer was of the view that Sharia prohibits the payment or acceptance of interest fees for the lending and accepting of money respectively, (Riba, usury) for specific terms, as well as investing in businesses that provide goods or services considered contrary to its principles (Haraam, forbidden).

While these principles were used as the basis for a flourishing economy in earlier times, it is only in the late 20th century that a number of Islamic banks were formed to apply these principles to private or semi-private commercial institutions within the Muslim community.

He further elaborate that banking is a basic need of human since the beginning of the civilisation. Banking Concept existed before Islam and in early days it called ‘Saraaf’ who took deposits from investors and offer to trade people. When Islam arrived it gave guidance for trade, finance & banking and hence Islamic banking come in existence. Islamic financing is not myth it is a reality from hundreds of years.

Though Islamic banking launched on commercials basis very late, in modern world Dubai Islamic Bank was the first Islamic Banking bank, which was developed in the Islamic World. It is very unfortunate that total global assets of Islamic banks are just $1 billion as compared to conventional banks that have trillions of dollars. Despite this fact, we consider it a positive sign as Islamic banking are in growing stage and growing day-by-day and country-by-country. Islamic financing and banking are not only existing in the Islamic world but also practicing and teaching in the western countries.

Islamic banking has the same purpose as conventional banking except that it operates in accordance with the rules of Shariah. Hence the Islamic system caters to all the needs that a Modern banking does. The conventional products offered such as Working capital requirement, Leasing, Running Finance, Export Refinance Scheme and Auto finance have Islamic Finance Alternatives such as Murabeha, Ijarah and Diminishing Musharakah, Running Musharakah, Islamic Export Financing Scheme and Car Ijarah/ Medium term car Murabaha/ Car DM respectively.

Islamic Banking has the similar rate of return for consumers, the rates are based on the same benchmark and risks have been reduced comparatively to conventional banking. The facilities provided by the Islamic banks are similar to any modern banking such as ATMs, Debit Card and branch network.

source : dailytimes