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Call for Papers

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 Shari’ah Standards for Islamic Financial Institutions with special reference to their advantages and disadvantages
•   Islamic financial product development, innovation and financial engineering from the Shari’ah perspective
•   The Shari’ah auditing, financial auditing, and internal auditing: critical comparisons
•   Critical studies on fatwas issued by the Shari’ah 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 Shari’ah 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-à-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.


1. Paper Submissions:

Paper submissions must comply with the following guidelines:

2. Final Paper Submissions: