UQU First International Conference on Islamic Banking and Finance

First International Conference on Islamic Banking and Finance to be held from May 6 to 8 at Umm Al-Qura University, Mecca, Saudi Arabia to discuss the oretical and empirical new advances and research on Islamic banking and finance.

Following the recent global financial crises, the focus on Islamic economics and finance has intensified worldwide as part of the increasing interest in ethical and social dimensions of financial services. The growing market of the Shariah compliant financial products and services is evidence of this greater interest. Islamic financial institutions currently operate in over 80 countries worldwide, and the volume of Islamic financial assets issued and managed by Islamic financial institutions has expanded considerably over the last few years, from assets approaching USD 1.3 trillion in 2011 to approximately USD 2.5 trillion in 2014.

 

This relatively rapid rate of expansion and growth of the Islamic financial industry and its commercial operations has highlighted the need for an equal rate of growth in supporting regulatory and governance structures. It has also widely led to an understanding that academics, scholars and policy makers must take a leading role in providing efficient, innovative and authentic solutions to help the industry remain on track in achieving the goals of a truly alternative and sustainable Islamic economic system.Now, more than ever, there is an urgent need to demonstrate how Islamic finance can be truly and authentically based upon the goals and ideals of an Islamic economic theory. Thus, academics and scholars must continue to undertake cutting-edge research in matters of both theory and practice and present their findings for discussion at the global level.

 

Recognizing the above, Umm Al-Qura University is organizing its inaugural international conference on Islamic banking and finance with the theme of ‘Efficiency and Stability’. The conference will utilize the university’s strength in Shariah scholarship to focus on the consensus that the Islamic banking and finance industry (IBFI) should be more inclined towards ethical and social concerns than the conventional system. Furthermore, the optimal role of governance and its mechanisms in providing stability and trust will be an important part of the main theme. Contributions should address research gaps in these areas in particular.

Conference Sub-Themes

The International Conference on Islamic Banking and Finance is the first such forum organized at Umm Al-Qura University, to discuss the poetical and empirical new advances and research on Islamic banking and finance. This conference  will  provide  a  platform  for  dialogue  and  discussions  between scholars, academic researchers, practitioners and policy-makers to  address  important issues in terms of  efficiency and financial stability from a Shariah and Islamic economics perspective. The following are suggested areas for research papers but are not exhaustive:

 

Economic Analysis of Islamic Banking and Finance

• Islamic banking; growth and development
• Islamic banking and sustainable development
• Monetary and financial stability with Islamic Banking
• Monetary policy and the function of central banking in an Islamic economy
• Monetary policy in a dual banking system
• Challenges faced converting traditional banks into Islamic banks
• Efficiency and performance of Islamic banking
• Comparative studies of financial systems
• Dual banking system and market structure (competition and market power)
• Mechanisms of financial stability in Islamic banking transactions
• Efficiency and performance of Islamic financial institutions
• Why do Islamic financial intermediaries exist?
• Effect of Islamic financing announcements on firm value
• Islamic banking distress and merger announcements
• Long-run impact of Islamic bank distress on firm performance
• Measuring banking competition and market power
• Financier-borrower relationship, asymmetric information, and switching costs
• Determinants of characteristics of bank relationships
• Equilibrium and rationing in Islamic credit markets
• Banks, financial markets, and macroeconomic growth

 

Inclusive Financial Development

• Impact of the global financial crisis, and the lessons to be learned for Islamic economics, banking and finance
• The importance of access to finance in Muslim and non-Muslim communities
• An assessment of inclusive financial sector development policies
• Experiences and challenges with Islamic microfinance and the role of Zakah and Awqaf institutions
• New models for Islamic microfinance and their comparative analysis
• Islamic Social Finance: Zakat, Awqaf, Microfinance
• Economics of social networks and their significance in Islamic microfinance

 

Islamic Capital Markets

• Risk management in Islamic banks
• Islamic banking and stock markets
• Islamic banking and Sukuk (bonds) markets
• Islamic banking and Insurance or Takaful
• Portfolio Management and Islamic Finance
• Islamic banking, Micro Finance and financial inclusion
• Islamic banking and financial innovation
• Islamic banking in GCC: reality and challenges
• Mathematics and 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
• Enhancing quantitative risk management capabilities of Islamic financial institutions
• Islamic corporate finance theory
• Issues in Islamic accounting
• The effects of competition on the development of Islamic finance industry
• Status of credit rating agencies in the Islamic finance industry
• Experimental work on the causes and economic consequences of religion and virtuous behavior
• Sovereign wealth funds and their potential role in the development of Islamic finance industry
• The economics of corporate social responsibility
• The economics of debt and the economics of the Islamic debt capital markets (sukuk)
• Islamic equity capital markets, Islamic equity funds, and venture capital

 

Monetary Policy, Stability and Islamic Financial Markets and Institutions

• Monetary policy and financial stability
• Lending standards, asset bubbles, loose monetary policy and global imbalances
• Relationship between monetary reforms and macro-prudential policy
• Credit cycles, risk-taking and monetary policy
• Credit channel of monetary policy: bank lending channel, firm and household channel
• Benefits and costs of low monetary policy rates
• Exchange rate regimes and financial sector development
• Balance of payments imbalances and crises in the IDB member countries
• Interest-free credit from government controlled central banks
• Critiques of full reserve banking and fractional reserve banking
• Prospects for and challenges for GCC Monetary Union
• Transmission of monetary policy through Islamic banks
• Monetary policy and central banking function from an Islamic economics and finance perspective

Management issues

• Quality management systems in Islamic banking
• Local and international market strategies of Islamic banks
• Business ethics in Islamic finance
• Social responsibility and corporate governance of Islamic banks
• Customer Relationship Management in Islamic Banking System (CRM)
• Quality management in Islamic banking

Regulation and Stability of Islamic Banking and Finance

• 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
• Enhancing the architecture and infrastructure for Islamic financial markets and institutions
• Enhancing the corporate and Shariah governance framework for the industry
• Enhancing the resilience and inclusiveness of Islamic financial services industry and the role of internationally mandated institutions, such as the Islamic Development Bank (IDB), Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Islamic Financial Services Board (IFSB), International Islamic Financial Markets (IIFM), and International Islamic Liquidity Management Corporation (IILM)
• 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
• Impact of Basel III, G20 reform agenda, IFSB and AAOIFI standards on Islamic financial services industry
• The challenges of authenticity, financial product development, competition and sustainability
• 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.
• Islamic perspectives on bankruptcy, insolvency and distress

Research and teaching Issues

• Islamic finance: discipline state and the way forward
• Islamic finance: what research topics recommend to senior and junior researchers?
• Islamic banking and finance teaching: reality, challenges and outlook.
• Islamic finance, its methodology, history and scope
• Challenges of education and teaching institutions and human resources
• Challenges of building linkages with market applications and public policies
• Balancing resources between Islamic economics and Islamic finance research and teaching and integrating Islamic finance within Islamic economics
• The state of research journals and Internet resources in Islamic economics
• An assessment of Islamic economics and finance writings in international peer-reviewed journals

·         Translating Islamic economic theory into a testable economic model

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