Conferences

The Islamic Finance Project organized a panel discussion on November 18, 2009, held at Harvard Law School, entitled “Islamic Finance, Petrodollar Recycling, and Economic Development.” The goal of the discussion was to expand the dialogue on Islamic Finance to include a more critical analysis of its effect on the global economy and how its role may evolve in the future to address modern development issues. To facilitate a holistic discussion, experts from various fields were invited to share their perspectives and cross-comment on the speaker’s report.

This April, the Islamic Finance Project (IFP) of the Islamic Legal Studies Program (ILSP) at Harvard Law School hosted a symposium on “Financing the Poor: Towards an Islamic Microfinance.” The symposium brought together a diverse, international group of speakers from the microfinance and Islamic finance sectors who shared their experiences and offered their opinions on potential collaboration between the two sectors.

A seminar on Legal Careers in Islamic Finance was held at Harvard Law School, Hauser Hall, on February 11, 2006. This seminar was held in response to students who have expressed interest in practicing in the field of Islamic Finance. Its purpose was to discuss legal practices in Islamic Finance. Professor Frank Vogel, the Director of the Islamic Legal Studies Program, chaired the event with his opening remarks. Umar Moghul, an Attorney at Murtha Cullina LLP, gave a brief Introduction to Islamic Finance and Banking.

A seminar on Economic Development and the Muslim World was held at Harvard Law School on October 12, 2004 as an activity of the Islamic Finance Project of the Islamic Legal Studies Program.

The global financial crisis that started in 2008 did not only affect mainstream finance but also niche segments such as Islamic finance. Many prominent institutions in the Islamic financial sector experienced difficulties meeting their obligations and some faced bankruptcy.

The objectives of the workshop were: (i) reviewing the understanding of Islamic financial intermediation and narrowing down what is meant by its real value, (ii) testing this understanding of Islamic financial intermediation and its real value against the world’s recent financial shortcomings and Islamic economic thinking about justice, equality, and wealth creation, (iii) discussing and applying Islamic financial intermediation with respect to each of: macro, institutional and consumer levels, (iv) discussing what immediate economic, legal, and regulatory reforms are needed to reposition t

Currently, the education sector is rapidly evolving and changing the mediums by which we learn. It is alarming and equally interesting to see the key models of technology and businesses that are transforming the way educational content is developed, taught, and consumed. Numerous innovative teaching tools and creative mediums are available today to enhance the mode of educating and delivering knowledge. There is a need to re-evaluate the way education and learning are viewed, especially compared to traditional teaching methods.

Corporate social responsibility has evolved dramatically over the past several years, and is now widely embraced by the corporate world not only as an ethical imperative but also as an economic necessity. Islamic finance, which espouses principles of equity and social development, has also found a more favorable and secular platform to convey and implement its objectives. While this presents many potential opportunities, there are still several challenges that require a sustainable and collaborative approach to find effective solutions.

Long and sustained periods of war, conflicts and neglect in several OIC (Organization of Islamic Cooperation) countries have rendered their economies and institutions dysfunctional. As a direct outcome, today OIC countries account for 61.5% of all displaced population in the world with more than 25 million displaced people. Therefore, there is a need for a paradigm shift in assumptions, approaches and narratives when addressing such challenges in OIC member states.

The Islamic Finance Project (IFP) of the Islamic Legal Studies Program (ILSP) of Harvard Law School, along with the London School of Economics and Political Science (LSE), co-hosted the fifth annual workshop on Islamic finance on 24 February 2011 at the LSE campus in London. This year, participants chose “Reappraising the Islamic Financial Sector” as the workshop topic. A diverse group of twenty-five individuals attended the workshop, including distinguished shari’a scholars, Islamic economists, academicians, bankers, lawyers and portfolio managers.