9:00 AM — 10:45 AM

Plenary 3:
Realising A Sustainable Humane Economy 2

The economic system, the means through which value is created, is at the core of realizing a humane and meaningful existence. However, clear evidence exists to support the notion that the economic system serves some, while neglecting many. This has led to the emergence of alternative economic concepts and models like the Circular economy and socially responsible investing, that have gained prominence. While these have received eager acceptance among Islamic economists in general, critics have cautioned that these additions do not sufficiently tackle the fundamental values of the mainstream economic system, to transform it into one built on humane values and universal ethics. To them, transformative change occurs at the grassroots level, where values at the individual level translate into inclusive well-being for the whole society. Not addressing Neoclassical values results in ‘green-washing’ that still serves the few at the cost of the many. This session attempts to rationalise the extent to which alternative constructs in economics provide transformative solutions.

Panellists:

1. Prof. Dr. Tariqullah Khan, Professor, International Centre for Education in Islamic Finance (INCEIF), Malaysia
2. Dr. Suraya Ismail, Director of Research, Khazanah Research Institute (KRI), Malaysia
3. Dr. Mohd Afzanizam Abdul Rashid, Head of Economics, Bank Muamalat Malaysia Berhad (BMMB), Malaysia
4. Prof. Dr. Mehmet Asutay, Director, Durham Centre for Islamic Economics and Finance (DCIEF), United Kingdom
5. Dr. Tatiana Didier, Senior Economist, Finance, Competition and Innovation, World Bank (WB), Malaysia

 Moderator – Assoc. Prof. Dr. Hassanudin Mohd Thas Thaker, Kulliyyah of Economics and Management Sciences and Deputy Director of the Office of Knowledge for Change & Advancement, International Islamic University Malaysia

10:45 AM — 11:00 AM

11:00 AM — 12:30 PM

Plenary 4:
Financing A Sustainable Humane Economy: Role of Social Responsible Investment

The growth of Islamic financial assets in sectors like Islamic Banking and Finance (IBF) and Islamic Social Finance (ISF) presents significant opportunities for funding sustainable social development. Malaysia, boasting the largest global sukuk market valued at $285 billion in 2023, holds substantial funding potential. However, critics view the current Shari’ah-compliance framework as minimal, which needs to focus more on social development and human welfare (maslahah). Socially responsible investing has deeper meaning than fulfilling a set of industry-based and juristic criteria. The impact of such investments should tangibly and sustainably contribute to economic and social inclusion and well-being. However, what kind of incentives exist for the global sukuk industry and Islamic venture capital markets to internalize such norms?

Panellists:

1. Datuk Hjh Nik Amlizan Mohamed, CEO, Kumpulan Wang Persaraan (KWAP), Malaysia
2. H.E. Prof. Emeritus Dato’ Dr. Sano Koutoub Moustapha, Secretary General, International Islamic Fiqh Academy (IIFA), Saudi Arabia
3. Dr. Abderrahmane Lahlou, Founding Manager ABWAB Consultants, Morocco
4. Mr. Mohd. Suhaimi Abdul Hamid, CEO, Standard Chartered Saadiq, Malaysia

Moderator – : Prof. Dr. Mohammad Kabir Hassan, Professor of Finance, University of New Orleans

12:30 PM — 2:00 PM

3:30 PM — 3:45 PM

3:45 PM — 5:15 PM

5:15 PM