The Seminar on Islamic Economics

Abstract

The International Institute of Islamic Thought sponsored a major seminar on “Islamic Economics” in North America on March 28-29, 1987 at its Washington D.C. area headquatters in Herndon, Virginia. The seminar was coordinated by Dr. Muhammad Anwar, secretary of the Economic Discipline Council of the Association of Muslim Social Scientists. Although there was great interest expressed by numerous professors and graduate students of economics, the registration was limited to seventy participants due to some temporary physical constraints. The program began with recitations of the Qur‘an followed by addresses of Dr. Taha Jabir Al-‘Alwani, President of the International Institute of Islamic Thought; Dr. ‘AbdulHamid ’Abu Sulayman, President of the Association of Muslim Social Scientists; and Dr. Raquibuz Zaman, Chairman of the Economic Discipline Council. A total of nine sessions, including a business session and a special session for Ph.D. candidates from various universities in the United States, were held during the two-day seminar which concluded with a farewell dinner on the final day. Among the highlights were sessions on Methodology of Islamic Economics, Islamization of Knowledge, Modeling Macroeconomics, Micmconomics, and Financial Accounting and Comparative Economics. Eighteen speakers delivered their research papers. First session on Methodology of Islamic Economics was chaired by Dr. Abbas Mirakhor of the International Monetary Fund. Dr. Anwar, also of the International Institute of Islamic Thought, Dr. Salim Rashid of the University of Illinois, and the famous Islamic economist Dr. Mahmud Abu Saud delivered their papers on “Methodology of Islamic Economics,” Islamic Economics: An Historic-Inductive Approach,” and “Research Methodology for Islamic Economics”, respectively during the session. Lectures on Islamization of Knowledge were delivered by Dr. Al-‘Alwani, Dr. ’AbuSulayman, and Dr. Jamal Baninji in the second session. The third session on Modeling Macroeconomics was chaired by Dr. Mohsin Khan of the International Monetary Fund. In this session, Dr. Syed ...