4th International Islamic Economics and Finance

SUMMER SCHOOL

10-13 July, 2017ISTANBUL, TURKEY

Organized by

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IRCIEF at a Glance International Research Center for Islamic Economics and Finance (IRCIEF) at Istanbul Sabahattin Zaim University is the first Islamic Economics and Finance oriented research center established at university level in Turkey. The main aim of the center is to generate top-tier academic researchers in Islamic economics and finance, to generate new information with a multi-disciplinary approach in the relevant areas, to provide innovative solutions and develop application models for the challenging real-life economic problems as well as spreading and elucidating the discipline among students, researchers, practitioners and society as a whole.

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International Research Center for Islamic Economics and FinanceHalkalı Ave. Halkalı District - 34303- Küçükçekmece / ISTANBUL

Telephone: +90 212 692 88 42 Fax: +90 (212) 693 82 29 izuisefam@izu.edu.tr; / izuisefam / izuisefam

ircief.izu.edu.tr

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4th International Islamic Economics and Finance

SUMMER SCHOOL

Sponsored by

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PROGRAMME OVERVIEWInternational Research Center for Islamic Economics and Finance is organizing the 4th International Islamic Economics and Finance Summer School in collaboration with SESRIC (Statistical, Economic and Social Research and Training Centre for Islamic Countries) and Academy of Islamic Studies, University of Malaya (APIUM) on 10-13 July 2017, Istanbul, Turkey.

PROGRAMME DETAILSThe duration of the program is 3 days (24 hours) which includes theoretical and practical courses related to Islamic Economics and Finance. Upon the culmination of the international summer school, participants will have the opportunity to attend Religion and Science Workshop that will start right after on the following day. The min. 70% attendance requirement is compulsory. The program will be carried out in the facilities of IRCIEF, IZU Main Campus.

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TRAINING STAFFThe training staff members of international summer school consist of expert academicians and professional practitioners who have publications on national and international arena:

1. Prof. Mehmet BULUT, President, Istanbul Sabahattin Zaim University, Turkey

2. Prof. Arif ERSOY, Director, International Research Center for Islamic Economics and Finance, Istanbul Sabahattin Zaim University, Turkey

3. Prof. Sami Al-SUWAILEM, Head of Financial Product Development Center, Islamic Development Bank, Kingdom of Saudi Arabia

4. Prof. Humayon DAR, President & CEO of Edbiz Consulting Limited, London, UK

5. Prof. Masudul Alam CHOUDHURY, Academy of Islamic Studies, University of Malaya, Kuala Lumpur, Malaysia

6. Prof. Servet BAYINDIR, Head of the Department of Islamic Economics and Finance, Istanbul University, Turkey

7. Prof. Shariq NISAR, Professor, Rizvi Institute of Management Studies and Research Director, Octaware Technologies Ltd., India

8. Dr. Abdelkader CHACHI, Ex-Senior Training Specialist and Economist Researcher, Islamic Development Bank, Kingdom of Saudi Arabia

9. Prof. Dr. Mustafa Omar MOHAMMED, Department of Economics, International Islamic University Malaysia [IIUM], Malaysia

10. Dr. Sofiza AZMI, CEO of Edbiz Consulting Limited, London, UK

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PROGRAM TARGET AUDIENCE This training program is open to all participants who have interest in the field of Islamic economics, finance and banking. Candidates of economics, political sciences, business and theology background will be prioritized.

APPLICATION DEADLINEThe last date of application is July 3, 2017. The program enrollment process should be conducted by filling out the application form provided on www.izu.edu.tr/sem and/or isefam.izu.edu.trNote: It is obligatory for all the participants to fill in the online application form.

TRAINING FEE AND PAYMENT DETAILSThe program fee is 1000$. The program fee includes lunch, tea / coffee, gala dinner, and training materials. A 10% discount will be provided for institutional clients exceeding 10 people. It is also possible to stay at the university guesthouse for 25$ per night/person (separate guesthouse facilities for males and females are available) during the program.

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REGULATORY BOARDProf. Mehmet Bulut/Istanbul Sabahattin Zaim UniversityProf. İbrahim Güran Yumuşak/Istanbul Sabahattin Zaim UniversityAssist. Prof. Mustafa Çakır/Istanbul Sabahattin Zaim UniversityResearcher, Namik Khalilov/IRCIEF, Istanbul Sabahattin Zaim University

CONTACTProgram Coordinator: Assist. Prof. Mustafa ÇAKIR Vice Dean, Faculty of Business and Management Sciences Deputy Director, Reseacrh Center for Islamic Economics and Finance Tel: +90 212 692 9667 E-mail: mustafa.cakir@izu.edu.tr

Program Lead Specialist: Namik KHALILOV, PhD Candidate in Islamic Economics and Int. FinanceTel: +90 212 692 89 25 E-mail: namik.khalilov@izu.edu.tr

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PROGRAM

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Time 10 July 2017 - Monday

08:30 - 09:00 Registration & Refreshment

09:00 - 10:45Contemporary Economic Systems and Islamic Economics

Prof. Mehmet BULUT

Coffee Break

11:00 - 12:45 Development of Islamic Financial Products IProf. Sami Al-SUWAILEM

Lunch

14:00 - 15:30Modern Islamic Investment Instruments from Islamic

Law PerspectiveProf. Servet BAYINDIR

Coffee Break

15:45 - 17:00Modern Islamic Investment Instruments from Islamic

Law Perspective Prof. Servet BAYINDIR

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Time 11 July 2017 - Tuesday

08:30 - 09:00 Registration & Refreshment

09:00 - 10:45Institutional Structure of Islamic Economics

Prof. Arif ERSOY

Coffee Break

11:00 - 12:45Development of Islamic Financial Products II

Prof. Sami Al-SUWAILEM

Lunch

14:00 - 15:30Islamic Capital Market & Money Market Instruments I

Prof. Shariq NISAR

Coffee Break

15:45 - 17:00Islamic Capital Market & Money Market Instruments II

Prof. Shariq NISAR

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Time 12 July 2017 - Wednesday

08:30 - 09:00 Registration & Refreshment

09:00 - 10:45Islamic Insurance: Development and Challenges

Dr. Abdelkader CHACHI

Coffee Break

11:00 - 12:45Shari’ah-Compliance in Islamic Portfolio Finance

Prof. Masudul A. CHOUDHURY

Lunch

14:00 - 15:30Blockchain Technology: Its Relevance and

Applications to Islamic FinanceProf. Humayon DAR & Dr. Sofiza AZMI

Coffee Break

15:45 - 17:00Islamic Finance Products

Prof. Mustafa Omar MOHAMMED

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RESUMES

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Professor Bulut received his PhD degree in Economic History from Utrecht University, Netherlands in 2000. He held academic positions at Baskent University, Ankara from 1999 to 2011. In February 2011, he joined Yildirim Beyazit University.

Bulut held various visiting positions at Cambridge University (2008), Harvard University/CMES (2010) and Princeton/IAS (2013). His main areas of academic interest include long-term economic changes and

development, inter-country economic performance comparisons, the Ottoman-European-Atlantic Economic Relations, history of economic thought and economic & financial institutions.

He published several articles in the referred journals such as Journal of European Economic History, Journal of Economic and Social History of the Orient, American Journal of Economics and Sociology and Middle Eastern Studies.

He is the editor of Adam Academy - Journal of Social Sciences and one of the leading specialists in Turkey in the field of Ottoman financial institutions and Cash Waqfs, and at present serves as a Rector at Istanbul Sabahattin Zaim University.

ProfessorMehmet BULUT

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Professor Ersoy is the Vice-Rector and the Head of the International Research Center for Islamic Economics and Finance (IRCIEF), Istanbul Sabahattin Zaim University. He earned his PhD from the Faculty of Economics, Ege University in 1979. He specializes in the history of economic thought, economic systems, institutional economics, international economic relations, economic restructuring and global & regional economic integration.

Throughout his life experience, he was affiliated with Ege University, Dokuz Eylül University, Renmin University of Beijing and Yıldırım Beyazıt University. Also he served as a Mayor of Çorum city from 1994 to 2002. Professor Ersoy is considered as one of the founding-theoreticians of the Just Order, an effort to apply the principles of Islamic Economics in Turkey.

ProfessorArif ERSOY

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Professor Choudhury is one of a handful of academic scholars in the field of Islamic Economics and Finance whose work has been recognized in both Western as well as Muslim academic circles as playing an influential role in defining the discipline of Islamic Finance & Economics. He is the first academic in his field to address the original Methodology of Tawhid as Ontological Law in The Development of a Theory of Meta-Science within the Qur’anic

epistemological framework of Unity of Monotheistic Knowledge for over the past 35 years, by way of his seminal works, mathematical formalism, and inferential approach. Money in Islam, first published by Routledge, 1997 and re-released a number of times thereafter was the first major work in Islamic Economics written from a contemporary economic perspective. His work has spanned over 100-refereed papers and over 30 books published by highly-rated publishing outlets (i.e. Routledge, Macmillan, Springer-Verlag, Kluwer Academic, Sage, Kegan Paul, World Scientific, Taylor & Francis, New Palgrave, Edwin Mellen, Cambridge Scholars Publishing, IGI-Inc., among various others).

He is the Editor-in-Chief of the SCOPUS-listed, Australian Deans Ranking, and JEL-catalogued journal HIJSE (Humanomics: International Journal of Systems & Ethics). His published works have been reviewed by the Times Higher Education Supplement, Economic Journal, Southern Economic Journal, Middle East Review and the Journal of Economic Literature. He has also been a contributor to the Harvard University Islamic Finance and Investment Program at their annual gatherings in Cambridge, Massachusetts.

ProfessorMasudul Alam CHOUDHURY

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Dr. Al-Suwailem is currently Head of Financial Product Development Centre at the Islamic Research and Training Institute (IRTI), the Islamic Development Bank, Jeddah, Saudi Arabia.

Before joining IRTI in 2004, Dr. Al-Suwailem managed the Research and Development Center of the Shari’ah Group at Al-Rajhi Bank, Riyadh, Saudi Arabia. He worked at Institute of Islamic and Arabic

Sciences in America, Virginia, Southern Illinois University, Carbondale, Illinois, USA, and King Saud University, Riyadh.

Dr. Al-Suwailem held membership in several professional committees, including the Technical Committee of the Islamic Financial Services Board; Economic Committee of Awqaf at the Ministry of Islamic Affairs in Riyadh; Academic Committee in Islamic Fiqh Academy of Muslim World League; Liquidity Risk Management Working Group for IFSB; and Task Force for Islamic Finance and Global Financial Stability, among others.

He obtained his M.A. from Southern Illinois University in 1990, and his Ph.D. from Washington University, St. Louis, Missouri, in 1995. He authored many books and published several papers on Islamic economics and finance.

ProfessorSami Al-SUWAILEM

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Professor Humayon Dar is a Cambridge economist, specializing in heterodox economics. He is a world-renowned observer of emerging trends in the economies of the Muslim world, particularly interested in Islamic banking and finance. As an advisor to a number of multilateral and government bodies, he has influenced Islamic financial policy in the OIC block. He is widely respected as an opinion maker, and is considered as one of the most formidable champions

of cooperation between Islam and the west.

Professor Dar is founder of Global Islamic Finance Awards and chairman of Edbiz Corporation, a London-based global financial advisory group. He also serves as independent Shari’a advisor. His current Shari’a advisory positions include Omarco (UK), Abu Dhabi Commercial Bank (UAE) and Arabesque Asset Management (UK). He is also a member of the Board of Directors of Finance Accreditation Agency (FAA) Malaysia. He holds position of Research Professor at Markfield Institute of Higher Education, Leicester, UK, where he supervises PhD students.

ProfessorHumayon DAR

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Servet BAYINDIR pursued undergraduate degrees from the Faculty of Theology of Marmara University in 1993 and from the Faculty of Economics of Anadolu University in 2005.

He holds a Master’s degree from the Institute of Social Sciences of Marmara University, the title of the Master’s Thesis - “The Evaluation of Private Financial Institutions in terms of Islamic Law” (1995), and earned a PhD degree from the same institution, the title of the Doctorate dissertation - “The Position of Islamic Banking Transactions in Islamic Law” (2004).

In 2010 Servet BAYINDIR completed his 2nd Master’s degree in Islamic Finance from the International Islamic Finance Education Centre (INCEIF), Malaysia.

Servet BAYINDIR’s work “Futures Contracts based on Commodity as a New Product for Participation Banking and Its Evaluation in terms of Fiqh” was awarded the 1st Rank Mansion Prize in 2009.

Professor Servet Bayındır is the author of dozens of books and articles covering different aspects of Islamic Finance. Some of his books include: “Islamic Finance-2 (Money and Capital Markets)” (Istanbul, 2015), “Futures Contracts from the viewpoint of Islamic Law: Forward, Future, Option and Swap” (Istanbul, 2008), “Commerce in Islam with regards to Fiqh and Morality” (Istanbul, 2007), “Interest Free Banking in terms of Islamic Law” (Istanbul, 2005).

At present, Servet Bayındır serves as a Shariah Board member at Kuveyt Turk Participation Bank, Turkey and responsible for the examination of interest-free banking practices. Also, he is the Head of the Department of Islamic Economics and Finance, Istanbul University and a visiting Prof. of PhD in Islamic Economics and International Finance program at Istanbul Sabahattin Zaim University.

ProfessorServet BAYINDIR

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Dr. Mustafa holds a Bachelor and Master degrees in Economics from IIUM and PhD in Finance from University Sains Malaysia.

At present, Dr. Mustafa Omar Mohammed is an Associate Professor at the Department of Economics, International Islamic University Malaysia [IIUM] where he has been teaching for more than 20 years.

He has authored and co-authored more than 45 refereed journal articles and presented more than 90 papers, mostly at international conferences. He is actively involved in funded and commissioned research projects. His present research areas of interest are in Waqf, Zakat, Islamic finance and Maqasid al-Shari’ah. He has supervised more than 45 dissertations at PhD and Master levels. He is also a journal editorial member and reviewer panel to 11 academic entities. He has received several quality awards for teaching and research. He was part of a committee responsible for setting up the Institute of Islamic Banking and Finance and recently, the Department of Islamic Finance at IIUM.

Dr. Mustafa also has long experience in translations, Arabic and English. He undertook projects for several organizations, including MIFC, IBFIM, AIBIM, and IFSB - affiliates of the Central Bank of Malaysia. He offers consultancy and has conducted several training on Islamic economics, banking and finance in several countries including Kazakhstan, Singapore, Sri Lanka, Bangladesh, Philippines, Indonesia, South Africa and Uganda.

ProfessorMustafa Omar MOHAMMED

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Dr. Shariq Nisar is a recipient of PhD in Economics from Aligarh Muslim University, India and is currently associated as a Professor with Rizvi Institute of Management Studies and Research (RIMSR), Mumbai.

Prior to joining RIMSR, he worked at Harvard Law School, USA as a Senior Visiting Fellow. Before moving to academics, Shariq spent over a decade and a half in the Indian finance industry developing financial products and services. He made some seminal contributions to India’s financial sector by launching India’s first shariah index with the Bombay Stock Exchange, first mutual fund scheme and first venture capital scheme approved by the Indian capital market regulator, SEBI. He also played a key role in the design and launch of Shariah Index at Chittagong Stock Exchange, Bangladesh. He was also invited to make a presentation before the Select Committee of Indian Parliament during the discussion on Insurance Amendment Bill 2015.

On the academic front, Shariq has been associated with many universities, colleges and institutes in designing academic courses, conducting researches and delivering workshops for faculty and industry professionals. He established India’s first Center for Alternative Finance at ITM Business School, Mumbai. He has authored three books and 60 research papers and articles. Shariq also served as Joint Editor of Islamic Economics Bulletin.

In 2011, Shariq received Skoch Digital Inclusion Award under the category of inclusion of minorities in India’s financial system. In 2016, he received an Honorary Award from Islamic Finance Forum of South Asia (IFFSA), Colombo for his contribution to Indian finance industry through Islamic Finance. Shariq is a member of Academic Council of Asean Institute of Insurance and Risk Management (AIIRM) and Academic Steering Committee of International Cooperative Mutual Insurance Federation (ICMIF), UK.

ProfessorShariq NISAR

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Pursued Bachelor Degree in Commerce, Accounting and Finance from the Faculty of Commerce (Ecole Superieure de Commerce), Algiers University (Algeria) in 1978. In 1980 proceeded to Diploma of Advanced Studies on Economic Development, University of Manchester, UK. Obtained Master & PhD Degrees from the University of Wales, UK in 1989. The title of his PhD thesis was: “Islamic Banking”.

Worked as the Coordinator of the Islamic Economics Unit at the Islamic Foundation, UK for 15 years. Then, worked as a Researcher and as an Assistant Professor at the Islamic Economics Research Centre, King Abdul-Aziz University Jeddah for 5 years.

Since 2009 and until very recently, he served as a leading Economist Researcher and Senior Training Specialist at the Islamic Research and Training Institute (IRTI) of the Islamic Development Bank (IDB), Jeddah.

He made seminal contributions to Islamic Economics and Finance over more than 30 years in the form of research papers, conference presentations, book reviews as well as teaching and training activities.

He is joining Istanbul Sabahattin Zaim University in September 2017.

Dr.Abdelkader CHACHI

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Dr. Sofiza Azmi joined Edbiz Consulting as CEO after serving as Director, Strategy, Policy & Research at the Asian Institute of Finance (AIF), Malaysia. Prior to that she was the Head of the Director General’s Office at Labuan Financial Services Authority (Labuan FSA), Malaysia, and a Research Fellow at the International Centre for Education in Islamic Finance (INCEIF).

She holds a PhD in Corporate Finance from the University of New England, Australia. She obtained her Master of Science in Corporate Finance and Bachelor of Science in Business Economics from the University of Salford, UK.

She is a prolific writer and has written numerous articles in Islamic finance, which have been published internationally. She is the co-author of the book entitled “Islamic Finance and Banking System: Philosophies, Principles & Practices”. Translated into the Russian and Mandarin languages, her book is being used as a textbook at numerous universities worldwide. She is a recipient of Global Islamic Finance Awards (GIFA) in 2012 and 2014.

Dr.Sofiza AZMI

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