Islamic financing is financial activity that is consistent with the principles of Islamic law (Sharia) and its practical application through the development of Islamic economics. Sharia prohibits the fixed or floating payment or acceptance of specific interest or fees (known as Riba or usury) for loans of money. Investing in businesses that provide goods or services considered contrary to Islamic principles is also Haraam (forbidden). While these principles may have been applied to historical Islamic economies, it is only in the late 20th century that a number of Islamic banks were formed to apply these principles to private or semi-private commercial institutions within the Muslim community.

The field has quickly expanded into an industry valued at over 500 billion dollars, involving corporations, law firms, and religious advisers, who devise shari’a-compliant bonds, partnerships, private equity deals and mortgages. This phenomenon has reached the US; several US-based banks have emerged and dozens of American law firms have opened offices in the Gulf region or cultivated a practice niche from their US offices.

That being said, Islamic finance remains a mystery to many, and to others who are deeply familiar with it, it remains a realm of open debate, as many points relating to the theory and application of Islamic finance are hotly contested. This conference aims to both provide basic information about Islamic finance and provide a forum for its critical examination.

Questions we aim to address at the conference:

These are only a few of the topics to be discussed at the conference. If you have any further questions please email us at inquiries@if-ec.com.

Thank you.

Format of the event:

A full day-long conference to be held at the University of Maryland, College Park starting at 9am going on until 8:30pm.