Back to Home EIGHTH HARVARD UNIVERSITY FORUM ON ISLAMIC FINANCE " Innovation and Authenticity " April 19-20, 2008 The Eighth Harvard University Forum on Islamic Finance is scheduled to be held at Harvard Law School in Cambridge, MA on April 19 and 20, 2008. The theme of the conference will explore "Innovation and Authenticity" in the field of Islamic Finance. The Harvard University Forum on Islamic Finance provides a venue for the critical and objective examination of the purposes, theory, practice, structure, and institutions of the rapidly developing field of Islamic finance. Building on previous forums, the Eighth Harvard University Forum will focus on a variety of challenges facing this industry; namely the quest for authenticity as innovative ideas progress the field of Islamic finance. The industry.s response to challenges in these areas will no doubt go far in determining the shape of its future expansions, and the degree to which it becomes part of the global financial mainstream. The Eighth Forum will critically examine the integration of Islamic finance in the mainstream from the point of view of industry innovation. The Forum will focus on the two issues that have become the central issues of debate within the Islamic finance industry today: the latest innovations and developments at the leading edge of the field, and the long-term impact, scope and authenticity of these ideas in the context of an Islamic community and way of life. In addition to other topics, the Forum will discuss the theoretical and practical role of debt and product innovation in debt-based financial instruments. The Forum will also investigate economic and legal views of equity as well as focus on specific attempts to introduce equity-based financial instruments. Economic comparisons of debt and equity, including concern for wealth distribution, will be a focal point of discussion. Additionally, the Forum will consider the impact of global economic forces on Islamic finance and how Islamic financial institutions can and should respond to globalization, liberalization, and international regulation and its impact on innovation and authenticity in the Islamic finance industry. The role of shari.a supervision in the evolution of the Islamic finance industry will be considered, with an eye towards expanding the scope of current shari.a investment guidelines to include non-financial factors, such as corporate social responsibility, corporate governance, environmental impact, and labor practices. Lastly, with an eye towards the real world implications of these issues, we ask since having achieved a certain degree of commercial success; can Islamic Finance now push the boundaries of traditional financial services? The two-day conference will open with a Keynote Address by Professor Robert Merton, winner of the Nobel Prize in Economic Sciences and Professor at Harvard Business School, focusing on Innovation and its implications for Islamic Finance. This will be followed by a Forum Address by Dr. M. Umer Chapra, recipient of the IDB Award for Islamic Economics, focusing on the economics of authenticity. Additionally, more then 25 research papers will be presented in various sections from leading academics, legal and shari.a experts, and practitioners. A summary of this event will be posted on our website soon after the conclusion of the Eighth Forum. TOPICS The Eighth Forum will include the following topics: DEBT AND DEBT- BASED INSTRUMENTS Islamic legal view of consumer and institutional debt, debt-based, or sale-based financial instruments Role and impact of debt based transactions in an Islamic economy EQUITY AND EQUITY-BASED INSTRUMENTS Consumer and Institutional equity-based financial instruments Economic comparisons of debt and equity REGULATION AND SUPERVISION Shari'a supervision in modern Islamic finance Expanding the scope of current shari.a investment guidelines BEYOND TRADITIONAL FINANCIAL SERVICES Islamic microfinance initiatives Innovations in Islamic philanthropy Monetization of Islamic philanthropic instruments CURRENT ACADEMIC RESEARCH Current doctoral research in the field of Islamic law and finance will be presented. A SELECTED LIST OF SPEAKERS Keynote Speaker: Nobel Laureate Robert Merton, Professor, Harvard Business School M. Umer Chapra (Senior Advisor, Islamic Development Bank, Saudi Arabia) Abdulazeem Abozaid (International Islamic University Malaysia) Muhammad Nadeem Aslam (Bank Muscat, Sultanate of Oman) Andan Al Bahar (Chairman, The International Investor, Kuwait) Kilian Bz (Gleiss Lutz, Frankfurt/Main,Germany) Hari Bhambra (Praesidium LL, Dubai, United Arab Emirates) Rafique Dawood (Dawood Islamic Bank, Karachi, Pakistan) Kristin Smith Diwan (American University, Washington, D.C.) Joseph DiVanna (Maris Strategies Limited, Cambridge, United Kingdom) Abdurrahman Habil (Abu Dhabi Islamic Bank, Abu Dhabi, United Arab Emirates) Mohammed Umar Faruq (Upper Iowa University, Fayette, Iowa) Samuel L. Hayes (Professor Emeritus, Harvard Business School) Baber Johansen (Director, ILSP and Affiliated Professor, Harvard Law School) Iqbal Khan (Founding ex-CEO, HSBC Amanah) Kilian Bz (Gleiss Lutz, Frankfurt/Main,Germany) Laya Joneydi (University of Tehran and Attorney at Law, Tehran, Iran) Amir Kordvani (Melbourne Law School, University of Melbourne, Australia) Habib Motani & Andrew Coats (Clifford Chance LLP, London, United Kingdom) Armen V. Papazian (Dubai International Financial Exchange, UAE) Mansoor Shakil (HSBC Amanah, Dubai, United Arab Emirates) M Nejatuallah Siddiqi (Eminent Economist, Aligarh Muslim University, India) Huma Sodher (AAOIFI, Bahrain) Hatim EL-Tahir (Dubai International Financial Exchange, UAE) Mohammed Tameme & Gaffar Ahmed (University of Durham, United Kingdom) Frank E. Vogel (Founding Director, Islamic Legal Studies Program) Ibrahim Warde (Adjunct Professor, Tufts University) Nizam Yaquby (Independent Shari.a Consultant and Supervisor, Bahrain) THE HARVARD FORUM AT A GLANCE In May 1997, the First Forum, .Islamic Finance in the Global Market,. gathered some 100 participants. Though a small, single-day event, the First Forum drew luminaries in the field of Islamic finance. Since then, Harvard University has hosted several forums including: 1998- Islamic Finance into the 21st Century 1999- Islamic Finance: Local Challenges, Global Opportunities 2000- Islamic Finance: The Task Ahead 2002- Islamic Finance: Dynamics and Development 2004- Islamic Finance: Current Legal and Regulatory Issues 2006- Integrating Islamic Finance in the Mainstream: Regulation, Standardization and Transparency As befits the Islamic Legal Studies Program.s focus, emphasis was placed on academic and research aspects with the goal of making a contribution to scholarship and fostering understanding among the academic community, industry practitioners, and economists. ABOUT THE ISLAMIC FINANCE PROJECT 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 legal and shari.a points of view by analyzing contemporary scholarship, inducing collaboration among scholars within and outside of the Muslim world, and increasing the interaction between theory and practice in Islamic finance. Over the last ten years, the subject of Islamic finance has attracted growing interest among academics, students and professionals around the globe. In addition to the above-listed Forums, the IFP also hosted closed-door workshops including topics such as .Selected and Methodological Issues in Shari.a -Compliant Finance,. .Tawarruq,. and .Financing the Poor: Promoting Micro-Finance the Islamic Way.. The Project also assists students and other researchers with advice and direction to the best resources; as well as through sponsoring events like .Seminars on Legal Careers in Islamic Finance.. Lastly, IFP attracts luminaries to deliver lectures and seminars, including Jeffrey Sachs who delivered a special lecture entitled .Economic Development and the Muslim World.. PROCEEDINGS The publication of the proceedings from the Second, Third, Fourth, and Fifth Forums . the first reference works of their kind in the industry . has endowed the Harvard Forum with additional significance. From the Sixth Forum onwards, the Project has changed its policy; thus instead of publishing the full conference proceedings, the Forum publishes a book of selected papers. Islamic Finance: Current Legal and Regulatory Issues (ISBN 0-9702835-5-5), based on the Sixth Forum, was published recently by ISLP. Integrating Islamic Finance into the Mainstream: Regulation, Standardization and Transparency (ISBN 0-9702835-6-3), was based on the Seventh Forum papers and is currently at press. All publications can be purchased by contacting ifp@law.harvard.edu. We intend to publish a thematic collection of selected papers from the Eighth Harvard University Forum on Islamic Finance in the form of a book. For further information on the previous forums. publications, please visit http://ifp.law.harvard.edu/ifphtml/index.php. REGISTRATION The Islamic Finance Project invites you to attend the Eighth Harvard University Forum on Islamic Finance. We hope that on April 19th and 20th, 2008 you and your organization will join us for this event on the Harvard University campus. You may register by e-mailing the information requested in the registration form below to ifp@law.harvard.edu or fax the form to IFP at (617) 496-2373. Registration fee: US$400/person Registration fee for academics: US$100/person Harvard affiliates may attend without charge but still need to register for the conference. Please make checks payable to .Harvard University. and mail them to Islamic Finance Project (IFP) Islamic Legal Studies Program - HLS 347 Holyoke Center 1350 Massachusetts Ave. Cambridge, MA 02138 USA Checks must be in US dollars and drawn from banks in the United States only. HOTEL INFORMATION Conference attendees are requested to book their rooms early, as late spring is a busy time in Boston. The Charles Hotel, Harvard Square Hotel, Harvard Inn, and Sheraton Commander are within walking distance from Harvard Square, while the other hotels are in the vicinity of Cambridge. Two Cambridge Inns Mary Prentiss Inn Sheraton-Commander Hotel Harvard Square Hotel The Hyatt Regency Cambridge The Doubletree Guest Suites Boston The Charles Hotel Please note that IFP does not endorse any of these hotels or websites. The Cambridge Office of Tourism maintains a list of places to stay, as well as other useful information for visitors new to the area. Conference Venue: Harvard Law School . 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