Islamic Moral Economy and Finance:
Implementing Theory into Practice within the Balkans
3 September 2024
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Important dates
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25 August 2024 |
Abstract submission |
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28 August 2024 |
Abstract acceptance notification |
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29 September 2024 |
Paper submission |
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12 October 2024 |
Paper acceptance notification |
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3 September 2024 |
Conference date |
Islamic economics and finance movement emerged as a counter hegemony to reconstitute the economy and finance sphere within Islamic normative world. In this authentication-based paradigm, the aim was to develop an Islamic system of economics, by redefining the constituents of economy and finance including re-locating human as an essentialist methodology. While in this system-oriented paradigm the aim was to rescue human, labour, land, and capital along with other stakeholders, the enormity of the task proposed by this substantivist/essentialist school resulted in the hegemony of the realist and behaviourist schools.
Consequently, the effort shifted from re-constituting Islamic moral economy within Islamic system of economics to Islamic banking and finance through the Islamization process with the help of the fiqhi process. This short-sighted solution has been successful in capital accumulation and financial intermediation through Islamic banking and finance within capitalist institutional logic by relegating the Islamic authenticity to the fiqhi process. Hence, the emergentist aim of developing authenticity has been given up for the constituting emergent pattern by confining the Islamic sphere with hybrid Islamic finance products. Due to this realist school, rather than re-defining capital through riba prohibition as suggested by the substantivist school, it is instrumentalized in facilitating financial intermediary.
In the 1st Annual Conference 2024 in Serbia, we aim to bring about a debate around this theme in relation to Islamic economics/moral economy and finance, namely discussing emergence and change in theory and practice of Islamic economics and finance. In doing so, the nature and process as well as consequences of such emergence and change will be considered so that we can understand, theorise, and develop responses in line with the direction of the change. Therefore, papers within such broad areas will be solicited to be presented at the conference.
Subthemes
The upcoming conference will delve into several critical sub-themes concerning the development and impact of Islamic economics, finance, and business models across Balkan regions and sectors.
Emergence of Islamic Economics, Financial and Business Institutions and Models in the Balkans: This sub-theme focuses on the evolving landscape of Islamic economics, finance, and business, particularly the innovative models emerging in the periphery through the authentication process. It explores the differences between the peripheral and central models in Islamic business across the geography of the Ottoman Muslim world. Discussions will assess the nature and impact of these emerging models, including the dynamics of emerging Halal markets and the ethical challenges they pose.
Responding to Socio-Economic Realities: Consequences of Islamic Finance in the Balkans: This segment critically evaluates the tangible impacts of Islamic finance and banking, particularly in addressing the development needs of the Muslim world. It revisits what some consider the ‘social failure’ of Islamic finance to meet broader socio-economic challenges such as inequality, poverty, and environmental crises. Additionally, the integration of Sustainable Development Goals (SDGs) and their performance within Islamic financial institutions will be scrutinised.
Emergence and the Theory of Islamic Economics: This area examines the theoretical foundations of Islamic economics as a counter hegemonic movement, contrasting it with neo-classical economic theories. It includes discussions on the redefinition of traditional economic concepts within an Islamic framework and the theoretical and practical measures needed to safeguard human, labour, land, and capital. This sub-theme also addresses the changing Muslim identity and its implications for Islamic economics and finance.
Legal and Regulatory Framework for Implementing Islamic Finance in the Balkans: This sub-theme explores the complex legal and regulatory environments necessary for integrating Islamic finance into the financial systems of Eastern European countries. It will examine the compatibility of existing legal frameworks with Islamic finance principles, which focus on risk-sharing and asset-backed structures, diverging from conventional interest-based models. Discussions will address the challenges faced by policymakers and financial institutions in adapting these frameworks to accommodate Sharia-compliant products without undermining financial stability. Additionally, successful case studies from regions that have recently integrated Islamic finance will be analysed to provide insights into effective legal and regulatory adaptations. This comprehensive exploration aims to outline the foundational legal and regulatory steps needed to support the sustainable growth of Islamic finance in Eastern Europe, offering stakeholders valuable guidance on navigating this emerging financial sector.
Role of Zakah and Waqf Institutions in Reviving Islamic Moral Economy in the Balkans: This sub-theme will focus on the pivotal roles of Zakah (almsgiving) and Waqf (endowment) institutions in revitalising the Islamic moral economy within Eastern European contexts. It aims to explore how these foundational Islamic practices can be leveraged to foster economic development, social welfare, and sustainable community projects in regions where Islamic finance is still emerging. Discussions will cover the operational mechanisms of Zakah and Waqf, their historical and potential modern impact on poverty alleviation, and the promotion of social entrepreneurship. The session will also delve into the challenges and opportunities of establishing and integrating these institutions within the existing regulatory frameworks of Eastern European countries. By examining the potential of Zakah and Waqf to contribute to economic stability and ethical wealth distribution, this sub-theme seeks to outline strategies for harnessing these practices to reinforce the principles of the Islamic moral economy in new geographical and cultural settings.
These focused discussions are specifically designed to deepen our understanding of how Islamic economics can innovate and integrate within the economic systems of Eastern European countries while maintaining its ethical and moral foundations. The aim is to explore effective strategies for embedding Islamic financial principles in a region where such practices are relatively new, ensuring that these initiatives align with global economic practices without compromising their inherent values.
Extended Abstract Submission:
An extended abstract of 1,000 words should be submitted by 25 August 2024, which should provide a short background, aims of the paper, the methodology and method used, concepts developed (if conceptual paper) and the findings (if empirical paper) (or expected findings).
Your extended abstract should also include a short biography (not CV) in the main text of the abstract identifying your title, present post and rank, affiliation details, and email.
Papers are welcomed in the following languages: English, Bosnian and Serbian.
Formal submissions open on 16 July 2024 and close on 25 August 2024 through University in Novi Pazar website by choosing to submit to Islamic Moral Economy & Finance conference website: https://publikacije.uninp.edu.rs/index.php/npc/
If you have any queries; please do not hesitate to contact, Organisers:
Suad Bećirović: rektor@uninp.edu.rs
Haris Zogić: haris.zogic@uninp.edu.rs
Muhammed Alsaghir: mohammad.alsaghir@waqf.org
Alija Avdukić: aavdukic001@dundee.ac.uk
