Second Annual Economics Seminar

Abstract

The Second Economics Seminar of the AMSS Economic Discipline Council on Islamic Economics co-sponsored by the International Institute of Islamic Thought (IIIT) and the Association of Muslim Social Scientists (AMSS) was held Rabi‘ al Akhir 8-10, 1409/November 18-20, 1988, at the IIIT headquarters in Herndon, Virginia. The program chairman for the conference was Dr. Mohammad Safa of Southeastern University, Washington, DC and the Seminar was attended by over fifty (50) people from various parts of the United States and Canada including academicians, Islamic bankers, and graduate economics students. Following recitations from the Holy Qur’in, the opening session commenced with the welcome addresses of Dr. Taha Jabir Al-Alwani, President, and Dr. AbdulHamid AbuSulayman, Director-General of the ID”, respectively. Dr. Taha emphasized the importance of the implementation of Islamization of Knowledge in modem social sciences particularly in economics, and the role of IIIT in this process. Dr. Taha also paid tribute to the services of Dr. AbuSulayman in building Islamic institutions like the AMSS and the IIIT in their formative years. He prayed for the success of Dr. ’AbuSulayman in his new assignment as the Rector of the International Islamic University in Kuala Lumpur, Malaysia. Dr. AbuSulayman then outlined the challenges lying ahead for Muslim economists in their efforts to Islamize the science of economics. Conference Program and Papers: The conference program was divided into four sessions. The first session was on “Methodological Issues in Islamic Economics” chaired by Dr. Rasool M. Hashimi of Southern Illinois University. Drs. Syed Iqbal Mahdi of Benedict College and Masudul Alam Choudhury of University College of Cape Breton presented papers entitled “Methodological Issues in Islamic Economics” and “Cost-Benefit Framework in an Islamic Economic System” respectively. The last paper in this session was given by Shamim Siddiqui who is a doctoral candidate at Temple University in Philadelphia, Pennsylvania. The title of his paper was “Savings and Investment in an Islamic Economic System.” ...