Call for Papers

11th INTERNATIONAL CONFERENCE ON

ISLAMIC ECONOMICS AND FINANCE (11th ICIEF 2016)
www.iium.edu.my/cie/icief2016

Theme
Rethinking Islamic Economics and Finance:
Paving the Way Forward for Inclusive and Sustainable Development

Organizer and Host Institution

Kulliyyah of Economics and Management Sciences
International Islamic University Malaysia (IIUM)

Co-Organizers
Islamic Research and Training Institute (IRTI), Islamic Development Bank (IDB),
Jeddah
International Association of Islamic Economics (IAIE)

Strategic Partner
Ministry of Finance, Malaysia
Tuesday 11th October - Thursday 13th October, 2016
Kuala Lumpur, Malaysia

I. INTRODUCTION
The First International Conference on Islamic Economics held in Makkah al-Mukarramah in
1976, was the watershed for the new discipline of Islamic economics. Ten conferences have
been held so far in this series. As we approach the 40th anniversary of the series, after the 3rd
International Conference in 1992 the Kulliyyah of Economics and Management Sciences
(KENMS) of the International Islamic University Malaysia (IIUM), is once again honoured to
manage and host the 11th International Conference on Islamic Economics and Finance,
tentatively during Tuesday 11th Thursday 13th October 2016 in Kuala Lumpur. The theme of
the conference is: Rethinking Islamic Economics and Finance: Paving the Way Forward for
Inclusive and Sustainable Development.
With the world struggling to recover from increasingly frequent financial and economic crises,
the OIC countries have the opportunity to embrace Islamic economics and finance and related
areas as indigenous approaches to guide their economic policy responses. However, for this to
meaningfully happen, theoretical foundations of both Islamic economics and finance, as well as
their links to policy making and implementation need to be given greater attention and
integration. The 11th ICIEF 2016 provides the platform for bringing together academics,
researchers and policymakers from all over the world to discuss how greater effort can be made
in this direction.

II. OBJECTIVES
The teaching, research and practice of Islamic economics and finance have made tremendous
strides globally over the last 40 years. The establishment of higher education institutions like the
IIUM and development finance institutions like the IDB, respectively, have provided important
avenues for practical implementation of education programs as well as increasing financing for
economic and financial cooperation among the OIC-member countries. Development of research
and practice of Islamic economics and finance requires commitment by all the stakeholders as
well as establishment of viable links between theory and policymaking by the policymakers.
Taking into account the state of the art and the direction of the fields of Islamic economics and
finance, the 11th ICIEF focuses on the way forward toward developing the disciplines of Islamic
economics and Islamic finance and increasing their application in the economies of the OIC and
non-OIC countries. Hence, the conference is devoted to not only theory development and
application of the theory but also policy-related issues concerning, but not necessarily limited to,
the following three major areas: Islamic Economics, Islamic Finance, Policy-related areas in
Economics, Finance, Accounting, Management and Marketing.
1. Islamic Economics Islamic economic system and Islamic economy; critical review of
theoretical and policy studies dealing with the development of Islamic economics;
comparative studies of the foundations and structure of existing economies as compared
to the Islamic economic model; Islamic economic theory; applied Islamic economics;
review articles useful as teaching materials at the university level

2. Policy Issues confronting the OIC and non-OIC countries and practicable Islamic
economic solutions poverty and income distribution; entrepreneurship development and
financial services for micro and medium-sized enterprises; role of Muslim women in the
economy; existing legal, tax and regulatory framework from the Islamic economics
perspective; Islamic monetary policy and issues; use of zakah- and awqaf-based social
safety-nets in Muslim countries; economic indebtedness of the OIC countries; role of
Islamic Development Bank in the economic development of the OIC countries
3. Islamic Finance emerging issues relating to Islamic finance; alternative financial and
monetary systems from the Islamic perspective; stability of Islamic financial system;
risk-sharing in Islamic finance; Islamic response to regional/global economic and
financial crises
4. Other Related Areas the Shariah and its relation to Islamic economics and finance;
Shariah-based economic policy; issues relating to Islamic accounting theory and its
application to Islamic economics and finance; Islamic approaches to management and
marketing; Islamic economics education and research; Islamic finance education and
research

The following list is meant to give a more detailed picture of areas/topics

i. The Shariah and Its Role in Economics and Finance
The Shariah solutions for liquidity problems in Islamic banks, especially after Basel III
Evaluating the role of fiqh academies for the development of Islamic finance
Taqlid, ijtihad and ikhtilaaf: challenges facing fatwa issuance in Islamic finance
Critical review of the Shariah Standards for Islamic Financial Institutions with special
reference to their advantages and disadvantages
Islamic financial product development, innovation and financial engineering from the
Shariah perspective
The Shariah auditing, financial auditing, and internal auditing: critical comparisons
Critical studies on fatwas issued by the Shariah Supervisory Boards of Islamic financial
institutions
Islamic contracts in Islamic financial institutions, the standardization of Islamic financial
instruments, legal and regulatory issues
Shariah screening in the Islamic capital markets: issues and challenges
ii.

Institutional Aspects of Islamic Economics

Comprehensive policy reforms based on the Maqasid Al Shariah
Role of formal and informal institutions in implementing reforms in the Muslim world
New Institutional Economics, economic history, geography, and other approaches to
studying institutional aspects of reform and economic development in the Muslim world

Institutions, social order, and the political economy of the Muslim world
Religion as a contributor to development
The economics of corruption in the Muslim world
Sovereign wealth funds and their potential role in the development of Islamic finance
industry
Critiques of the Islamization of knowledge projects and their relevance for policy
reforms
Female participation in entrepreneurship, professional fields and workforce in the OIC
region and in the Islamic finance industry

iii.

Islamic Economics in Theory and Practice

Islamic economics and finance, its methodology, history and scope
Challenges of education and teaching institutions and human resources
Challenges facing research in Islamic economics
Challenges of building linkages with market applications and public policies
The state of research journals and Internet resources in Islamic economics
Translating Islamic economic theory into testable economic models
An Islamic economics and finance view of the global financial crisis and the sovereign
debt crises
Islamic critique of conventional economic theories and practices

iv.

Socio-Economic Justice and Human Development

Role of Islamic socio-economic institutions in economic development
Including communities in the development process
Effects of Islamic principles on law, property rights, governance of public, private and
voluntary sector institutions
Poverty, human development and progress on Millennium Development Goals (MDGs):
Country case studies on economic development in OIC member countries and observer
states

v. The Socio-Economic Role of Zakah, Waqf and Islamic Microfinance

Experiences and challenges with Islamic microfinance and the role of Zakah and Awqaf
institutions
New models for Islamic microfinance and their comparative analysis
Performance measurement of Zakah and Awqaf in Muslim societies; Zakah and Awqaf
funds, and their use in stimulating economic growth; establishing disclosure,
transparency, and monitoring requirements of Zakah and Awqaf activities
Economics of social networks and their significance in Islamic microfinance
Zakah, Waqf and Education
Zakah Waqf and Health
Zakah Waqf and SME Development

vi. Economic Reforms

Integrating comprehensive human development and poverty alleviation for sustainable
development.
Reforming public sector resource mobilization and allocation
Reforms of macroeconomic management and governance
Surveys and data on economic indicators and socio-economic dynamics in the OIC
countries
Fiscal policy from an Islamic perspective
Knowledge economy, human capital and its relationship with inclusive economic
development
A critique of small and medium enterprise (SME) policies in the Muslim world and
ways to overcome challenges
Lessons for Islamic economic integration taken from the Eurozone crises
Free trade areas and custom unions in the Muslim world
vii. Business Ethics, Marketing, and Corporate Social Responsibility from an Islamic
Perspective
Faith, values, and economic development
Economic doctrines and values of Islam
Influence of faith on Muslim economic behaviour
The Islamic Moral Economy
The economics of corporate social responsibility
Issues in Islamic marketing
vii. Socially Responsible Investments (SRIs)
Impact Investing: seeking financial and social returns on investments
Social Impact Sukuk in the OIC countries
Challenges to and merits of the creation of an Impact Investment Industry
Quantifying 'social returns'
Towards 'value creation' as opposed to 'profit maximization', including its implications
for accounting, corporate governance, and regulation
ix.

Islamic Corporate Finance and Capital Markets

The economics of debt and the economics of the Islamic debt capital markets (sukuk)
Islamic equity capital markets, Islamic equity funds, and venture capital
Mathematical valuation of Islamic financial instruments
Islamic financial product engineering, including the risk of concealment of riba
Establishing alternative pricing and valuation benchmarks for Islamic finance and
delinking from conventional benchmarks
Surveying the recent developments in Islamic project financing, Islamic infrastructure
financing, and public-private partnerships (PPP) for infrastructure projects; investigating
case studies and recent developments.

x. Risk Management and Stability of the Islamic Financial Services Industry

Risk management and, in particular, liquidity risk management instruments for Islamic
banks
Enhancing quantitative risk management capabilities of Islamic financial institutions
Critical assessment of the World Bank and International Monetary Fund's Financial
Sector Assessment Program
Developing templates for assessing the development and stability of Islamic financial
services
Actual assessment of stability and development of Islamic financial industry in different
countries
Developing succinct performance and stability indicators for Islamic finance industry
xi. Regulatory and Legislative Landscape for Islamic Financial Markets and
Institutions
Enhancing the architecture and infrastructure for Islamic financial markets and
institutions
Enhancing the corporate and the Shariah governance framework for the industry
Impact of Basel III, G20 reform agenda, IFSB and AAOIFI standards on Islamic
financial services industry
Enhancing the effectiveness of legal, regulatory and core infrastructure for Islamic
financial institutions, including issues related to taxation, accounting, enforceability of
contracts and recourse to assets.
Enhancing the regulatory framework of infrastructure financing and private financing of
infrastructure projects using Islamic finance
xii. Central Banking and Monetary Reforms
Monetary policy and financial stability
Relationship between monetary reforms and macro-prudential policy
Credit cycles, risk-taking and monetary policy
Gold standard, Bretton Woods, full reserve, fractional reserve system and floating fiat
currencies
The IMF, the World Bank, and their roles in the money supply and debt in OIC countries
Technology advances and their implications for monetary systems in OIC countries, e.g.,
virtual currencies, mobile payments, etc.
Balance of payments imbalances, constraints and crises in the IDB member countries
Prospects for and challenges of a unified GCC currency vis--vis Eurozone economic
distress
xiii. Financial Reforms
Comparing the importance of macro-prudential and micro-prudential policies for Islamic
financial institutions
Financial shocks and the need for better risk-sharing

Financial system and recessions

Status of credit rating agencies in the Islamic finance industry
The state of Islamic Finance in Muslim countries and Communities
Alternative structures for financing by Islamic banks
Participatory finance and developing practical and implementable modalities for
enhancing the access of micro, small and medium enterprises (MSMEs) to financial
services
Reforming the legal and regulatory framework and infrastructure for financial markets
and institutions
Basel III and IFSB standards and early warning signals and measures of systemic risk

The Organizers welcome theoretical, empirical and policy papers that will serve to evaluate
current strengths of the disciplines of Islamic economics and Islamic finance and to also
chart out possible future directions.

III. PRESENTERS AND PARTICIPANTS

Opening and Closing ceremonies of the 11th ICIEF, 2 Key Panel Sessions and
approximately 100-120 papers are expected to be presented during the three days.

Approximately 250-300 participants are expected to attend the event.

IV. IMPORTANT DATES

Paper contributors are advised to observe the following deadlines:
Submission of Papers no later than 31st May 2016
Notification of acceptance of papers 15th July 2016
Submission of Revised papers no later than 15th September 2016
Deadline for registration for presenters and participants is 30th September 2016

V. SUBMISSION GUIDELINES
1. Paper Submissions:
Paper submissions must comply with the following guidelines:
Paper must be in Microsoft Word format. Do not submit ZIP files.
Do NOT include the authors names in the main submission of the paper, as papers
will be subject to double-blind peer review.
Full tentative title of the manuscript must be included on the paper.
Abstract is required and should be not more than 300 words. Please limit the use of
acronyms, abbreviations and references in the abstract.
Keywords for the article: 3-5 keywords are sufficient.
Referencing: we recommend Harvard referencing system.

Please do not submit duplicate copies of the papers.

As separate attachments on the submission form, please upload the following:
o PDF copy of corresponding authors passport should be uploaded. This is for
visa purposes in case the paper is accepted.
o Maximum 150 word biography of each author detailing educational
background and relevant work experience. This may be used in conference
brochures in case the paper is accepted.
o High-quality passport-size picture of the authors (optional). This may be used
in conference brochures.

2. Final Paper Submissions:

Authors whose first drafts have been submitted before the 31st May 2016 deadline and
accepted, will be invited to submit final drafts of their research papers based on the peerreviewers recommendations for revision.
Papers presented to the Conference will be considered for possible publication in the
International Journal of Economics, Management and Accounting (formerly IIUM
JEM), Review of Islamic Economics and the Islamic Economics Studies and in edited
books.
3. Tickets and Hotel

Subject to the availability of funds, one author of selected accepted papers will be
sponsored a round-trip economy class air ticket and hotel stay during the conference days
only. The author who wishes to avail conference sponsorship must be the corresponding
author.

4. Conference Fee and Contacts

The Conference Fee will be announced shortly.

Kindly e-mail your queries to the following contacts: icief2016@gmail.com

For more information, please refer to our website at www.iium.edu.my/cie/icief2016

For information and access to previous ICIEF, visit http://conference.qfis.edu.qa/