The Fifth International Conference on Islamic Economics and Finance (ICIEF)

Venue: Ritz Carlton, Bahrain

Location: Manama, Bahrain

Event Date/Time: Oct 07, 2003 End Date/Time: Oct 09, 2003
Registration Date: Oct 07, 2003
Early Registration Date: Oct 04, 2003
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Islamic Financing and Continuous Development in the Islamic World
5th International Conference for Islamic Economy

With kind guidance and initiative from the wise political leadership the Kingdom of Bahrain is hosting the 5th International Conference for Islamic Economy during the period 7-9 October 2003, which will convene under the theme “Islamic Financing and Continuous Development in the Islamic World”.

Hosting organization: Ministry of Finance & National Economy – Kingdom Of Bahrain.

Main Sponsor: Ministry of Finance & National Economy

Conference Patron: H.E. Abdulla Hassan Saif, Minister of Finance & National Economy.

Conference Venue: Ritz Carlton

Conference Program Committee-:
· Bahrain University
· Islamic Development Bank, Jeddah
· International Society for Islamic Economic, U.K.

Conference Topics & Discussions:

Financing is considered to be the largest obstacle o face the development activities in the Islamic world, in particular the countries, which suffer low economical income, weak infrastructure, and unavailability of sound and developed financial system that is able to finance the development process and support its movement. On the other hand such system can’t grow and develop without being coupled with a sound and developed economical practice, through clear vision for the nature of the development process and its objectives. There is interdependency between developments and financing, financing is the most important requirement for development, and development yields true fixed capital gain investment, which is the backbone of development and requires the available financing. One of the basis for available financing is the national saving which is the first support and prim source for the development process which in turn is the fruit of the continuous development in the national produce and income which can only be achieved in the presence of continuos development

When taking about development in the Islamic world it is necessary to identify the nature of the required development in these countries and the way to achieve it in agreement with Islamic Sharia and principles. It is also imperative to acknowledge the effects of the nature of problems of the Islamic countries on the development method in these countries.

If financing is one of the conditions for development and its prime mover, which requires the presence of an advance financial system, the question is how can such system be found, in accordance with Islamic Teachings and principles, and able to react with modern and subsequent developments in the world of money, business and economy.

The 5th International Islamic Economy Conference which is devoted to discuss such subject, through its sessions and over 30 papers submitted by economic researchers, academics, banks managers, business men from various countries of the world- will consider the problems from which Islamic countries suffer and the obstacles they form in the way of the countries development (specially low financial resources, backward financial and banking system, weak infrastructure, unemployment, poverty, loans and bad distribution of revenues and wealth).

The conference will search the reasons behind all these problems and the way to deal with them through understanding the best basis for an Islamic Economical system in view of global changes.

Conference main dialogues:

1- Objectives and aspirations of development and financing from Islamic point of view.
· Fighting poverty and unemployment, and achieving fare distribution of revenues and wealth.
· Achieving political stability and social security and peace.
· Economical indicators to measure objectives and results of development plan.

2- Essential requirements for continuous development.
· Infrastructure- materialistic, social and legal.
· Development of Islamic monetary and banking system to cope with the development process.
· Incentives and national saving collection policies and local and foreign investment encouragement
· Work force development- Education and Training.
· Islamic money markets and their effects on development.

3- Islamic Financing
· Utilizing of Islamic monetary tools in the distribution and conservation of available resources.
· The role of Islamic Financing and its effect in reducing the governmental monetary deficit.
· Islamic economy vision towards insurance, and facing risks and its effects in the allocation and investment of the resources.
· Speculation and Islam’s understanding of it in the development process field.
· The role of Islamic financing in helping the public and private sectors in financing the conversion industries and services sectors.

4- Other Issues
· Islam and Global economical challenges.
· Unemployment problems, poverty and bad distribution of revenue and wealth in the Islamic countries
· Inflation and payment deficit
· Loan problems and the interest burden.
· External Islamic financing through Islamic investment banking.
· Islamic financial surpluses and international investment opportunities.

All these dialogues will be laid for specialized research through academic researches and specialized case studies by a group of Islamic countries on the development status quo and associated problems in these countries. The way these countries dealt with such problems from understanding the nature of the local and international circumstances and development that are witnessed by the world, which is basically the globalization of the economy, information technology and the prevailing big political developments with the imposed challenges on many countries in particular the developing ones of which our Islamic countries form an important part.

The 5th international Islamic Economy Conference in few lines:

1- The conference enjoys financial and moral support from the wise leadership in the Kingdom of Bahrain represented by H.E the Prime Minister who thankfully agreed to hold
the conference under his patronage.
2- The conference deals with the development in the Islamic world, which forms the most important challenges faced by the majority of these countries in view of their limited
resources and weak financial and economical systems.
3- The conference will convene in very sensitive phase the world goes through in the aftermath of the sad events of the 11th Sept. 2001, where some Islamic countries are
facing attacks from hostile medias and circles targeting the policies of these countries and spoiling their image under un-profound and malicious headings.
4- There will be a number of distinguished speakers from known, Arabic and International Islamic economists in the opening ceremony.
5- The vast number of submitted papers, which were authorized by the Academic Committee of the conference, where the allocated time will only permit the best 30 papers to be
presented, will discuss various topics with differing visions on the development and financing problems.
6- The wide international participation through speakers, authors, and academics that belong to more than forty countries from the five continents.
7- The conference’s supreme committee’s decision to allocate more time to the presented papers to facilitate discussion and interaction to exhibit the different experiences and
exchange experiences and thoughts between the participants.
8- The organizing committee will facilitate small group discussions for the speakers and academics to exchange thoughts, experiences and information
9- There will be an exhibition with the conference, which will provide the participants and sponsors with opportunities to exhibit their printed material and advertise their
products in the field of money and business.
10- Conference papers and discussion will be in both Arabic and English and instant translation from Arabic to English and vise versa will be available.

The 5th International Conference for Islamic Economy opts to attract the political and economical decision markers, Government officials in their respective countries, chairpersons of financial institutions, commercial banks, Islamic banks, academics, economical researchers who are interested in Islamic economy, and a number of clergymen specialized in Islamic Sharia. It is an opportunity for such distinguished number of scientist and thinkers to meet in one place under one roof during the conference’s 3 days to discuss the development challenges faced by Islamic countries economies and the way to deal with them.

The organizing committee will do its utmost to provide all means and capabilities to ensure that the conference will progress in a smooth manner to come up with the anticipated positive results, which by the grace of God, will contribute to the development process in our Islamic world to achieve its targets of progression and prosperity.


P.O.Box 55577