The 12th International Conference for Islamic Economics and Finance, which will be holding at Umm Al-Qura University (UQU) from 5 to 7 Jumada Al-Thani 1440 AH (corresponding to 10-12 February 2019), has reached a record number of participations received by the Conference’s Scientific Committee; it reached 1341 scientific papers from scientists, experts, researchers and professionals representing 55 countries across the world. All these papers discuss 9 topics; they altogether revolve around the main theme of the conference, which is the role of Islamic economics in enhancing the genuine economy concept, and showcase the new developments and results of theoretical and applied research.
Dr. Saleh bin Ali al-Aqla, dean of UQU’s College of Islamic Economics and Finance, and head of the Supervisory Committee and the committees organizing the conference, said that the deadline for receiving the scientific papers was closed by the end of June. He added that the echo and global interest that the conference received are tangible evidence of the constant global interaction with scientific forums hosted by the Kingdom of Saudi Arabia in general and Umm Al-Qura University in particular.
Dr. al-Aqla elaborated that the scientists and researchers have perceived the big role that could be played by this global scientific gathering in reframing the concepts of Islamic economics; in addition to its contribution to the development of acceleration of its spread by creating a platform for all to participate and discuss important issues in this area, and come up with recommendations that will solve the obstacles facing professionals and legislators. He pointed out that the global interest in Islamic economy has been doubled throughout the past few years, while it is still limited in its theoretical aspects to a large extent.
The participations the conference received are not only from academic researchers but also a wide range of professionals including private entities and international organizations, as well as legislators from advisory boards, regulatory bodies and central banks along with professionals from the financial and banking sectors, and many participations from specialized research centers, added Dr. al-Aqla.
He pointed out that the academic participants reached more than 800 researchers of various degrees, along with about 282 students in the doctoral stage, stressing that the committee started the arbitration process, which consists of 101 arbitrators from inside and outside the Kingdom of Saudi Arabia; more than half of them hold the degree of professor. Dr. al-Aqla pointed out that it is expected that the arbitration process may take more than two months due to the large number of papers submitted.
The dean of Islamic Economics and Finance College said that the International Conference for Islamic Economics and Finance is the largest and most important in the field of Islamic economy globally. Also, its first organization in Makkah in 1975 was the starting point of the Islamic economy in its modern form; whereas King Faisal bin Abdulaziz Al Saud- May Allah rest his soul- held this important conference in Makkah to study the Islamic economic systems and conduct the necessary research to clarify them and enhance their applications. In that conference, a number of states and relevant organizations had participated. The dean elaborated that the results of that conference of scientific recommendations are the most influential, and contributed in turn to the path of the Islamic economy and its spread globally.
He added that the successive conferences were hosted in almost 8 other countries, and the fourth year was organized in Britain in 1996 as evidence of the success of the conference and its importance through organizing and hosting it from a non-Islamic country; referring to the return of the conference to its launching country during the 12th session in Makkah after absence lasted for more than 4 decades.
He explained that Umm Al-Qura University, represented by the College of Islamic Economics and Finance, represented the 12th International Conference for Islamic Economics and Finance in cooperation with the Islamic Development Bank represented by the Center for Islamic Research and Training and the International Society for Islamic Economics at all levels of physical, organizational and scientific; lauding the support and directives of Dr. Abdullah bin Omar Bafeel, UQU President, to the organizing committees of the conference in order to come out with a conference worthy of the university's scientific and research status.