Umm Al-Qura University won the majority of votes in a competition to host the 12th round of the International Conference on Islamic Economics and Finance (ICIEF) slated for March 2018.

In its 11th edition that was held in Malaysia, the International Association of Islamic Economics (IAIE) approved UQU's proposal after receiving requests from six other international organizations.

President of the University Dr. Bakri Bin M'atoog Bin Bakri Assas voiced happiness for hosting the international event which is part of successful events hosted by the university reflecting progress on the Islamic economics world map.

The first Islamic Economics Department in the world was established at the UQU, Dr. Assas said, adding the Saudi university is a leading educational institution tasked with teaching economics from the Islamic point of view.

The university has successfully hosted a number of relevant events including the 1st International Conference on Islamic Banking & Finance which was held early in 2016. The president wished best of luck for the organizing committee, adding the conference reflects keen care of Saudi leaders and the university.

In the same context, Dean of the College of Islamic Economics and Finance Dr. Saleh Al-Agla said the conference is the biggest in the field.

Under directives of Late king Faisal bin Abdulaziz Al Saud, the ICIEF's first session in Makkah in 1975, gave the green light for development of the modern Islamic economics, Al-Agla recalled, saying it witnessed overheated participation from the majority of the then attending states and organizations. Its recommendations had a great deal of impact on the field, the dean said, noting the light of the Islamic economics later spread to the whole world.

Delegations from eight countries took part in the second round of the conference, Dr. Al-Agla said, adding the successful and important fourth edition of the ICIEF was held in the British city of Loughborough. Four decades later, the 12th round of the international event would be held again at the city where it was born, he said.

The College of Islamic Economics and Finance, in cooperation with the Islamic Development Bank (IDB) and its affiliate the International Association of Islamic Economics (IAIE), would provide all necessary support and logistics needed for the organizations. Under Dr. Assas directives, representatives of the college, IDB and the IAIE would swiftly start preparatory meetings as off this week, Dr. Al-Agla added.

He expected that specialized committees which comprise experts and researchers from around the world would be formed as well.

The scientific committees are scheduled to set up conference's agenda, he said, adding the college's vision for the conference focuses on the necessity of moving from theoretical views to practice depending on a mechanism that should present the Islamic economy as an integrated system and effective alternative for the current economic systems. It is proven that today's systems include a number of substantial gaps which resulted in instability of markets and focuses on unreal economy, he added.

The dean extended thanks to Dr. Assas for giving endless support to the college and its scientific activities that shed light on the key role played by Saudi Arabia and Umm Al-Qura University for developing Islamic economy at scientific, educational and real life levels. He saluted efforts exerted by president of the university who issued directives to start preparation for the conference out of keenness on successful organization.