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KAU Conference to Focus on Islamic Economic Solutions

JEDDAH, 1 April 2008 -- A large number of prominent economists, researchers, business leaders and decision-makers from different parts of the world will attend the seventh Islamic Economic Conference, which opens at King Abdul Aziz University (KAU) today.

Dr. Osama Tayyeb, president of KAU , said the conference, organized by the Islamic Economics Research Center, would discuss about 50 research papers relating to Islamic economic applications as well as solutions offered by Islamic economics for modern problems. Tayyeb said the conference has come at an important time when the whole world is preoccupied with economic problems caused by different factors. "It also offers a good opportunity for researchers in the field to exchange views and information," he added.

The three-day conference is held under the slogan "Thirty Years of Research in Islamic Economics... Solutions and Applications to Contemporary Economic Issues." It is sponsored by several organizations within the Kingdom and abroad including NCB, SEDCO , Taher Group, the Central Bank in Indonesia, International Investor in Kuwait and Arab Takaful Company in Malaysia.

Dr. Abdullah Turkistani, director of Islamic Economic Research Center at KAU , said the conference would present a strategic vision for scientific research on Islamic economics applications. KAU hosted the first Islamic conference on Feb. 21-26, 1976.

Osama Al-Khereiji, who represents the company organizing the event, said the conference would be attended by experts from many foreign countries including the US, Europe and Australia. "We also expect the participation of a considerable number of women," he added.

Many Saudi and foreign universities will take part. They include Cairo University, Al-Azhar University, Khartoum University, Yarmouk University in Jordan, International Islamic University in Kuala Lumpur, Harvard University (Islamic Fiqh Studies Program) and Durham University in Britain.

"Islamic economics presents viable solutions to many problems facing the world," said Abdul Rahman Al-Jeraisy, a leading businessman and chairman of the Riyadh Chamber of Commerce and Industry in a statement on the occasion. "There are a number of successful experiments in the field of Islamic economics," he added.

Islamic banking, for example, has received wide popularity with many leading conventional banks opening counters for the service. Assets and deposits at Islamic banks worldwide are set to hit $1 trillion by 2010 and are growing at a rate of about 15 percent a year, experts say.

The conference will examine the findings of numerous studies in Islamic economics to counter challenges posed by the modern world and help poor Muslim countries develop their economies. Dr. Abdullah Muhammad Bafel, vice-president for higher studies and scientific research at KAU , said the conference would formulate a futuristic economic vision from an Islamic perspective. Dr. Adnan Soufi, managing director of SEDCO Financial Investments, and previously a professor of business administration and dean of the Faculty of Economics and Administration at KAU will speak about SEDCO 's experience in Islamic financing.

He will touch upon the mechanics of selecting the best investment managers globally along with sharing the strategy of constructing and distribution of the asset allocation according to each asset class, sector and geographic scope.

Adnan will also speak about SEDCO 's tactics in re-allocation of assets following risk management methodology and considering developments in investment markets while maintaining a strong relationship with different investment managers.

By P.K. Abdul Ghafour

© Arab News 2008