Under the tutelage of S Nazim Ali, project director, the Harvard Project has become one of the most important think-tanks in the Islamic finance sphere. Paul McNamara reports
For anyone who has attended an Islamic finance event over the past few years, there is a strong likelihood that they will have met someone from the project. There is an equally strong likelihood that they will have been encouraged to join.
According to the Harvard Law School, The Islamic Finance Project (IFP) "is the continuation of the Harvard Islamic Finance Information Program (HIFIP), which was established by the Center for Middle Eastern Studies in 1995. IFP is now part of the Islamic Legal Studies Program (ILSP) at Harvard Law School. It aims to study the field of Islamic finance from the legal and Shari'ah points of view by analysing contemporary scholarship, inducing collaboration among scholars within and outside the Muslim world, and increasing the interaction between theory and practice in Islamic finance."
The website for the project (ifptest.law.harvard.edu) is a treasure trove of information on just about any subject in the Islamic finance spectrum and contains articles from leading practitioners as well as journalists from around the globe. This is known as the DataBank and contributions come from specialists in the fields of law, economics, business, finance, private equity and Islamic studies.
The idea is to create a one-stop for all significant thinking and debate on the subject.
IFP seeks to develop an increased awareness and understanding of Islamic finance both within the Muslim world and in the west and in order to achieve this IFP runs seminars, workshops, lectures, and forums on topics relevant to Islamic finance. Most noteworthy is the Harvard University Forum on Islamic finance, organised and hosted by Harvard since 1997.
The proceedings of this and other conferences arranged by the IFP are also published for later consumption.
The work of IFP falls into the following areas:
Research
IFP conduct original research as well as participate within Harvard for projects relating to Islamic finance.
This includes theses/dissertations, case studies, as well as term papers. The Project also assists students and other researchers outside Harvard with advice and direction to the best resources. The ILSP Visiting
Research Scholars Program also encourages scholars to study Islamic finance topics from legal standpoint.
Interested candidates are encouraged to contact ILSP directly.
Research assistance
IFP allows researchers in Islamic finance and economics access to its vast store of information through its DataBank. Researchers throughout the world are encouraged to login to IFP DataBank to obtain information needed to facilitate their work.
Present researchers
IFP employs several students, drawn mainly from Harvard Law School, Harvard Business School and Harvard College, but also from the Harvard graduate schools. It is these students who carry out the enormous task of research topics, compiling and updating the DataBank as well as organising the Forum.
Career opportunities
In the years since its inception, IFPhas helped create career opportunities for the students it has employed.
IFP continues this service to Harvard graduates. Having graduated, many of the associates of the Project are now employed in prominent institutions, including several leading financial and consulting firms, both within and outside the Islamic financial industry.
Information sessions
IFP organises information sessions throughout the year for members of the Harvard community interested in Islamic banking and finance. At its offices, IFP has held informal discussions with students from Harvard Law School, Harvard Business School, Harvard College, and the Graduate School of Arts and Sciences.
The Islamic Finance Project DataBank (IFP DataBank) is a comprehensive collection of research information pertaining to the increasing important field of Islamic finance. It aims to assist academics, researchers and professionals who require relevant academic information related to Islamic economics and finance, and pertinent Shari'ah rulings and sources. This information is gleaned from publicly available sources, private firms, and other hard-to-find sources. The only DataBank of its kind, it aims to bridge the gap between scholars and researchers the world over, so that ideas are more accessible and cutting edge research may be facilitated. The largest section of the DataBank is devoted to bibliographic data from publications, including articles, books, book chapters, conference papers, and theses. A number of records contain originally prepared abstracts. The Shari'ah section also aims to be a comprehensive collection of rulings and sources for these rulings such as selected verses from the Qur`an and Hadith. A detailed glossary is also included to ease understanding of terms relevant and particular to the field. The DataBank aims to be user-friendly and easy to navigate.
The IFP organises the Harvard University Forum on Islamic finance every two years. Seminars, lectures and workshop on important topics are organised. The purpose in conducting the Forum, seminars, lectures and workshop is to bring a global assembly of participants under one roof to foster productive dialogue about the present status and future directions of Islamic banking and finance. The Forum encourages papers from academics, financial experts, and legal scholars. Emphasis is placed on the academic and research aspects of Islamic finance, and to continue to encourage new scholarship by including young authors who have recently completed or are near completion of graduate study. So far IFP has been able to attract scholars, and leading industry thinkers and leaders to present important papers.
© Islamic Banking and Finance 2006
