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SEVENTH HARVARD UNIVERSITY FORUM ON ISLAMIC FINANCE
The Seventh Harvard University Forum on Islamic Finance will be held at the Harvard Law School in Cambridge, Massachusetts on April 22 - 23, 2006. The theme of the conference will be ‘Integrating Islamic Finance in the Mainstream: Regulation, Standardization and Transparency‘
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 Seventh Harvard University Forum will focus on a variety of challenges facing this industry: regulation, standardization, transparency, and related issues of Shari.a compliance. 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 Seventh Forum will critically examine the integration of Islamic finance in the mainstream from the point of view of regulation, standardization and transparency. In addition to other topics, the Forum will discuss the advancements of rules and laws designed to control and govern the conduct of Islamic financial institutions and the challenges faced in formulating and implementing such regulation. Islamic financial institutions. efforts to establish commonly agreed upon standards of practice for product development, accounting, corporate governance and dealing with Shari`a compliance challenges in the pursuit of such standardization and transparency will also be discussed. The Forum will additionally offer an overview of the latest advancements in the understanding of Shari`a with regards to financial products and their regulation.
The two-day conference will open with a session entitled, .Central Bank Governors. Roundtable.. We have received confirmations from central bank governors of Bahrain, Indonesia, Pakistan and Qatar. In addition, a total of more then 25 research papers will be presented in various sections from leading academics, legal and shari.a experts, and practitioners.
TOPICS
The Seventh Forum will include the following topics:
Regulation
- Risk management
- Challenges in Europe
- Capital adequacy standards
- Integrating Islamic finance
Redefining Islamic Finance
- Corporate governance
- Narrow banking
- Profit-Loss sharing
- Capital Theory
Shari‘a Compliance
- Hiyal and Maqasid in modern Islamic finance
- Comparing conventional business ethics
- Contractual issues
Innovations
- REITs
- Istisna.a-Salam contracts
Current Academic Research
- Current doctoral research in the field of Islamic law and finance will be covered.
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 some of the luminaries in Islamic finance. The Second Forum,‘Islamic Finance into the 21st Century,‘ took the vision of the First Forum to a new level. This two-day event attracted more than 200 guests, including shari.a scholars, economists, banking practitioners, lawyers, and students. The Third Forum, ‘Islamic Finance: Local Challenges, Global Opportunities,‘ welcomed even more participants anxious to tackle the kinds of vital issues emerging at previous Forums. The Fourth Forum, ‘Islamic Finance: The Task Ahead,‘ focused on critical issues in Islamic economics and finance as well as opportunities for and constraints on their development. The Fifth Forum, ‘Islamic Finance: Dynamics and Development‘ covered theoretical and practical, current and upcoming issues at that time in Islamic finance and economics, in addition to the shari‘a.
The Sixth Forum,‘Islamic Finance: Current Legal and Regulatory Issues‘ was held May 8 - 9, 2004 by uniting several topics of current interest in the field of Islamic finance. As befits Islamic Legal Studies Program.s focus, emphasis was placed on the academic and research aspects with the goal of making contribution to the scholarship and fostering understanding among academic community.
ABOUT THE ISLAMIC FINANCE PROJECT
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‘a points of view by analyzing contemporary scholarship, inducing collaboration among scholars within and outside 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.The Islamic Investment Study, conducted by Professor Frank E. Vogel at ILSP and Professor Samuel Hayes at the Business School culminated in the publication of Vogel and Hayes. Islamic Law and Finance: Religion, Risk, and Return in 1998, which has been well received by scholars and students alike. This landmark study underscores Harvard's leadership role in the field, which is supported by HIFIP's wide array of activities, and now with ILSP, the project is poised to offer much needed academic thrust. The Project also assists students and other researchers with advice and direction to the best resources.
The Seventh Forum will concentrate more on integrating Islamic Finance into the mainstream. It will have more emphasis on the academic and research aspects of Islamic finance to increase the scholarship and understanding of this emerging discipline.
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 from one of publishing the full conference proceedings to publishing 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 ILSP, Harvard Law School. All publications can be purchased by contacting ifp@law.harvard.edu.
We intend to publish a thematic collection of elected papers from the Seventh Harvard University Forum on Islamic Finance in the form of a book. For further information on the previous forums. publications, please visit http://ifptest.law.harvard.edu/ifphtml/index.php.
REGISTRATION
The Islamic Finance Project invites you to attend the Seventh Harvard University Forum on Islamic Finance. We hope that on April 22 - 23, 2006 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$200/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.
REGISTRATION FORM
Please register the following for the Seventh Harvard University Forum on Islamic Finance (fill out separate forms for each registrant):
Name:
Position:
Organization:
Address:
City, State/Province, Postal Code, Country:
Tel:
Fax:
E-mail:
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 Harvard/Cambridge.
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.
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