Date : 01 February 2013

Reported by : WebMaster

Category : News




IIUM Rector, Prof. Dato Sri Dr. Zaleha Kamaruddin (above)  was all praise for the University’s Kulliyah of Ecnomics and Management Sciences (KENMS) for being the first faculty to have successfully organised and concluded an international level conference this year (2013) held in conjunction with the 30th Anniversary celebrations of the International Islamic University (IIUM).  “IIUM has high expectations of KENMS as the earliest faculty to have been set up at the university in learning and implementing the multi-dimensional aspects of Islamic Economics, theories and policy recommendations in our endeavour to become the priemier global Islamic university,” she stressed.


The Department of Economics (KENMS) was the main organiser of the 2nd International Conference on Islamic Economics and Economies of OIC Countries (ICIE2013) from 29th-30th  January 2013. The theme of the conference is “Islamic Economic Solutions for OIC Countries: Theory and Policy” as it was felt that both the Islamic theoretical foundations and their connections to policy making and implementation must be given greater attention together, and be integrated to produce meaningful solutions to problems facing OIC countries and others as well.

The Conference also saw three papers winning in specific categories: 1) Islamic Economics, 2) Islamic Finance, and 3) Economies of the OIC countries.  The winners are as follows: 1) Bro. Mohd Nizam Barom (IIUM) with his paper entitled: Conceptualising a strategic framework of social responsibility in Islamic economics. 2) Umar A. Oseni (IIUM) and Abu Umar Faruq Ahmad (ISRA, Malaysia) with their paper entitled: The legal implications of ‘fatwa shopping’ in the Islamic finance industry: problems, perceptions and prospects; and 3) Ali Ashraf (Frostburg State University, USA) and Kabir Hassan (University of New Orleans, USA) for their paper entitled: Performance of micro-finance institutions in Muslim coutries.

The 1st ICIE held in 2009 provided a good starting point for the discourse between theory and practice and ICIE2013 is now moving one step forward by trying to provide another platform to bring together both academics and policy makers to discuss how Islamic economics can become the basis for policy solutions particularly in OIC countries.

The Department is extremely honoured that the Ministry of Finance Malaysia (MoF) and the Islamic Research and Training Institute (IRTI) of the Islamic development Bank based in Jeddah, Saudi Arabia had  both agreed to co-organize this international level conference, hence sharing our goal of connecting ‘theory’ to ‘policy’ that will put forward solutions that plague OIC countries. With the involvement of these two institutions, we are also very confident that the collaboration and its output will be more meaningful and that the linkages established will assist to elevate the quality and relevance of the conference output.

The ICIE2013 focussed on policy-related issues concerning, but not necessarily limited to, the following three major areas: Islamic economics, Islamic finance and policy issues. It is hoped that this conference will serve as a forum for academicians, policy makers and implementers, practitioners, professionals, students and other interested parties to present, critically discuss and debate the various topics to be covered.

The ICIE2013 opening ceremony was officiated by the Hon. Second Finance Minister of Malaysia, Dato' Seri Ahmad Husni Mohamad Hanadzlah. There were two keynote addresses: the first by Prof. Dr. Savas Alpay, Director General of the Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC), Ankara who made the presentation on selected policy issues facing OIC Countries. He then proposed areas in which OIC countries can work together to find joint solutions.

The second Keynote address was  by Prof. Dr. Monzer Kahf, a renowned scholar in the area of Islamic Economics and Finance, currently at the Qatar Faculty of Islamic Studies. Prof. Kahf addressed the very important issue of the urgency to re-integrate ethics into economics and finance in light of the volatile environment in the global economic and financial system.  In addition ICIE2013 saw two panel sessions comprising of distinguished Malaysian and global scholars discussing Islamic Economic Policy for OIC Countries as well as Future Research in Islamic Economics and Finance.

Close to 200 full papers were received and about 90 papers had been accepted covering the three main areas of Islamic economics, policy and finance, with paper writers representing about 20 countries from all parts of the world.  The Conference was held at the Prince Hotel and Residences, Kuala Lumpur and hosted nearly 220 participants from all over the world.



Prof. Dato Sri Dr. Zaleha Kamaruddin meeting with participants of  (ICIE2013) held at Prince Hotel and Residences, Kuala Lumpur.

Bro. Mohd. Nizam Barom (right) (IIUM) receiving his award from the Rector of IIUM.

Umar A. Oseni (IIUM)(left) and Abu Umar Faruq Ahmad (ISRA, Malaysia) (right) receiving their respective commendations.

Bro. Kabir Hassan (University of New Orleans, USA) receiving his prize from the Rector of IIUM.

With (ICIE2013) participants from Indonesia