Prof. Asutay, the Director of the Durham Centre for Islamic Economics and Finance at Durham University Business School, was awarded the prize in recognition of his significant contributions to shaping Islamic finance to promote sustainable development and human welfare within the Islamic moral political economy paradigm.

During the lecture, Prof. Asutay focused on the barriers to accessing resources, and the emergence of new moralities, such as sustainability and ethical business and finance.

He emphasized that true sustainability can only be achieved by fundamentally altering conventional assumptions to ensure equal access to resources. He highlighted the Islamic moral political economy’s perspective on emancipation and empowerment through resource accessibility, guided by the concept of Ihsan, which refers to agile and optimal governance.

The prize laureate also identified the need for an authentic methodology for sustainability and explained why it is imperative to disrupt conventional assumptions through the Islamic cognitive system or Islamic moral political economy paradigm, leading to new imaginaries.

The Islamic Moral Political Economy movement emerged to develop an understanding of an embedded system of economy that fosters an extended stakeholder development strategy with an extended stakeholder governance model. The multifaceted nature of Islamic economic development can be addressed through ijtihad, which is the base of Islamic moral political economy, beyond the Islamization of the neo-classical economy.

Prof. Asutay underpinned the key essence ontology of Islamic moral political economy as being just, sustainable, and imperative. Based on this philosophical foundation, the Islamic moral economy within the Islamic worldview can be outlined as:

• Being complementarity nature of all the stakeholders to reach unity (tawhid)
• Being within the balance (Mizan)
• Recognizing and provisioning of an opportunity space for the development path for each stakeholder to reach their perfection (rububiyah)
• Harmonizing the growth of each stakeholder with other stakeholders (tazkiyah)
• leading to inter-and-intra generational justice (adalah)
• ensuring the equilibrium-based (ihsani) governance

Prof. Asutay concluded the lecture by noting that it is an opportune time for the emergence of healing and ihsani leadership and governance in civil society.

Prof. Asutay also granted a one-on-one interview at the IsDB Institute, where he ‎highlighted the significance of winning the IsDB Prize and how his contributions will help shape the landscape of Islamic economics and finance knowledge. The interview is available on YouTube here.

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Titled “Applications of Agent-Based Simulation in Islamic Finance”, the book is an edited collection of papers authored by students who graduated from the Islamic Financial Engineering Laboratory based in Rabat, Morocco. The Laboratory was established in 2013 by Mohammed V University in Rabat and the Islamic Development Bank (IsDB). Former heads of the Laboratory, Prof. Rajae Aboulaich, and Prof. Mohamed Tkiouat, edited the new book.

The book explores the different aspects of Islamic finance and modeling, highlighting the importance of agent-based modeling and mathematical modeling in the context of Islamic finance. It also examines the growing role of fintech and its impact on financial inclusion within the Islamic framework.

The objective of the book is to provide an in-depth perspective of the theoretical foundations and practical applications of agent-based and mathematical modeling in the field of Islamic finance. By exploring the different models and approaches, the authors highlight the advantages and limitations of these methodologies while emphasizing their relevance for decision-making and risk management in the Islamic context.

Dr. Sami Al Suwailem, Acting Director General of IsDB Institute, said: “The book is a result of close collaboration between the professors and graduate students of the Lab and experts from the IsDBI. The support of the IsDB has helped IFE Lab students in the development of the modeling of complex problems and the structuring of innovative financial products using high-performance simulation approaches such as agent-based modeling, discussed in this book.”

Prof. Rajae Aboulaich, one of the book editors, said: “This book is the fruit of research carried out over the past eight years within the IFE Lab at Mohammed V University in Rabat. It presents selected research carried out as part of the theses produced within the IFE Lab. The book documents also some of the success stories of the IFE Lab, and so, we hope it will serve as a reference for future generations to lead the development of Islamic finance to the next level”.

The book is available for purchase on IsDB Institute’s website here.

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The two-day conference is regarded as one of the most significant gatherings in the Islamic finance industry, bringing together Shari’ah scholars, policymakers, and decision-makers to discuss pressing matters in the industry globally. The conference will feature keynote addresses from dignitaries and policymakers, as well as seven-panel sessions examining the role of Islamic finance and Islamic fintech in diversifying economic activity in Muslim countries, challenges and opportunities resulting from inflation and high benchmark rates, and the use of Islamic finance in the development of infrastructure for climate change mitigation.

In addition, the conference will discuss the challenges of Sukuk Shari’ah compliance and governance and Islamic finance accounting for hyperinflation. AAOIFI is also organizing the first-ever ‘Capacity Building Week’ from 28 November to 4 December 2023, expected to attract more than 200 trainees from at least 30 countries to participate in 17 concurrent workshops led by around 25 master trainers.

H.E. Shaikh Ebrahim Bin Khalifa Al Khalifa, Chairman of the AAOIFI Board of Trustees, stated, “We eagerly anticipate engaging in discussions on vital issues and Islamic finance-based approaches and solutions that can effectively shape a resilient and sustainable economic future. We sincerely appreciate the Central Bank of Bahrain’s and IsDB’s unwavering support of AAOIFI and its significant initiatives, such as this important conference. Insha Allah, we look forward to hosting all AAOIFI stakeholders in Bahrain“.

Dr. Sami Al-Suwailem, Acting Director General of IsDB Institute, said, “The conference is an invaluable opportunity for key players and stakeholders to review the challenges facing the industry, evaluate the progress made in addressing them, and propose action plans to enhance the contribution of the industry to the sustainable development of member countries.”

H.E. Rasheed Mohammed Al Maraj, Governor of the Central Bank of Bahrain, also commented, “We believe that the potential of Islamic finance is largely untapped and that it is only through ongoing discussions and deliberation, trial and error, and steadfast commitment to innovation that we can fully harness its transformative power. This conference serves as a vital forum to propel these conversations and drive Islamic finance to cater to local economies.“

For registration and more information about the conference, visit the AAOIFI website. The IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. More information about the IsDB Institute is available on their website.

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CHICAGO, IL: The Islamic Society of North America (ISNA) is thrilled to announce the 60th Annual ISNA Convention, on September 1-4, 2023, at the Donald E. Stephens Convention Center in Rosemont, Illinois. This year’s convention promises to be a historic event as we celebrate six decades of service to the Muslim community and broader society.

Over the years, ISNA conventions have provided a broad platform for the biggest and brightest stars in the Muslim community. Prominent Muslim leaders, government officials, community activists, celebrities, guests from the interfaith community, and heads of state have been featured in past conventions. Our ability to gather some of the foremost names in the North American landscape is a testament to ISNA’s reach and historical impact over the years. And we are proud and honored to celebrate this legacy at this year’s annual convention.

With the theme “60 Years of Service: Navigating the Way Forward,” we believe it is a beautiful and timely expression of the strides we have made and how far we have come as an organization. For decades, ISNA has fostered the development of the Muslim community and greater society. It has been a national leader in advancing interfaith dialogue and civic engagement and has played a pivotal role in shaping the national conversation around Islam by promoting a better understanding of Muslims in America.

Still today, we offer a variety of programs and services, such as our annual convention, which has served as a forum for Muslims and people of all backgrounds to learn from one another, network, and enhance their appreciation of Islam and the ongoing efforts and achievements of Muslims in America and around the world.

That is why we are thrilled and delighted to return to Rosemont, Illinois, this year for the 60th Annual ISNA Convention. We look forward, once again, to welcoming thousands of attendees for what promises to be one of our most exciting and celebratory events in recent years. With nationally and internationally acclaimed guests, special events, entertainment sessions, and a dynamic expo featuring hundreds of Muslim businesses, the 60th Annual ISNA Convention is sure to be one of the most historic and memorable events in ISNA history.

Please mark your calendars for the 60th Annual ISNA Convention in Rosemont, Illinois, on September 1-4, 2023. We hope you will join us as we celebrate the past, embrace the present, and inspire the next generation of leaders and change-makers in America!

About ISNA: The Islamic Society of North America was founded in 1963. Its mission is to foster the development of the Muslim community, interfaith relations, civic engagement, and a better understanding of Islam.

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