The Sarajevo Islamic Finance and Economics Conference – SIFEC 2019 Closed

An international conference in the field of Islamic Economics and Finances - Sarajevo Islamic Finance and Economics Conference - SIFEC 2019, was successfully convened on 25 October 2019. The Conference was again held at the Gazi Husrev-Bey’s Library in Sarajevo with the participation of local and international authors and experts.

The main topic of this year's conference was Critical Reviews on Islamic Finance and Economic Development.

The SIFEC 2019 addressed contemporary issues in the Islamic economy, banking and finance, particularly the issue of financial inclusion and corporate social responsibility of banks. Case studies of Islamic finance practices in Western developed countries were presented at the conference. The director of the Islamic Bank in Germany, then the Norwegians doing research on financial inclusion and Islamic finance in the Scandinavian countries participated. Researchers from the UK, Malaysia, Turkey and Indonesia presented their research on experience and trends in the development of Islamic finance in other world markets.

The conference keynote speaker was the director of the Cambridge Institute of Islamic Finance, Dr. Humayon Dar. “As someone contributing to the development of Islamic financial intelligence around the world, I have always been impressed by the dynamics that Sarajevo has shown in its approach to developing national Islamic and halal businesses and attracting foreign investors seeking business opportunities in Southeast Europe. One of the most important roles in the development of the Islamic economy, finance and banking in BiH is the Faculty of Economics, University of Sarajevo, conducting educational programs and conducting high quality research in this field. One of the proofs of this is this Conference, which attracts an increasing number of researchers from around the world every year. My presentation today focused on emphasizing the need for standardization of the Islamic economy, banking and finance” said Dr. Humayon Dar.

After a very interesting panel session where the speakers were Torkel Brekke - Oslo Metropolitan University, Ida Birkvad and Kaja Borchgrevink - Queen Mary University of London, Marta Bivand Erdal - Peace Research Institute Oslo, Ahmet Kudsi Arslan - CEO Kuveyt Turk, Muhamed Prlja - CEO UBA bank Albania, by the end of the day, three more parallel sessions were held at which authors presented their research papers.

“This Conference is an opportunity to present the latest research from the Oslo Peace Institute on the financial and inclusion of Muslims in Scandinavian countries. We hope that our research will stimulate further analysis and become the basis for inclusive policies in Europe. We think SIFEC 2019 is a great opportunity to present the latest research from this area. The field of Islamic banking has been continuously growing and expanding around the world for the last ten years, and this trend is particularly interesting in Western countries. With this conference, Sarajevo once reaffirmed its position as the center for Islamic finance development in Southeast Europe. This year's conference is at the highest level in terms of organization and content so far, and therefore we can be proud that we have taken another step forward in promoting world-class research in this area” said Prof. Dr. Velid Efendić, Faculty of Economics, University of Sarajevo.
The Conference’s main objective is to bring together experts in the fields of Islamic economics, banking and finance who will present their scientific research papers and exchange experiences in this important scientific field. This will provide an opportunity for students to share experiences and ideas with scientific experts, and is expected to establish a stable network of academics and business people in this important field.

“The Faculty of Economics, University of Sarajevo has been actively involved in Islamic economics, finance and banking for several years through the curriculum and other extracurricular activities. In 2012, EFSA established the first Center for Islamic Economics in Bosnia and Herzegovina and then the first Master from Islamic banking, in collaboration with Bolton University in the United Kingdom. By initiating the organization of the SIFEC Conference in Sarajevo, together with the largest European experts in this field, EFSA has confirmed its leadership position in the area of Islamic finance in Southeast Europe” said Prof. Dr. Jasmina Selimović, Faculty of Economics Dean.

The Conference is organized by several institutions: European Association for Islamic Economics, Banking and Finance with partners: Faculty of Economics, University of Sarajevo, Oslo Peace Institute, KT BANK AG, Islamic Finance Center, University of Bolton, Center for Advanced Studies Sarajevo, United Bank of Albania, Zaim University Istanbul and Utara University Malaysia.

The partner of the conference is Bosnia Bank International (BBI) d.d., as the only bank in BiH operating in accordance with the principles of Islamic economy and finance.