2021
The economic lessons learned from the Coronavirus Pandemic, from an Islamic economics point of view
corresponding to April 24-25 2021
Symposium Details
(Economic lessons learned from Coronavirus Pandemic, from an Islamic economics point of view) Symposium Sessions Session 1: Does the investment world reflect our real economy? Session objective: This session seeks to clarify the
Symposium Details
(Economic lessons learned from Coronavirus Pandemic, from an Islamic economics point of view)
Symposium Sessions
Session 1: Does the investment world reflect our real economy?
Session objective:
This session seeks to clarify the difference between real investments that achieve the interests of society in general and investments based on tracking individual and personal interests by capital owners in light of the dominance of the prevailing financial system and the absence of the principles of solidarity and cooperation.
Session questions:
Can a new investment system be devised that approaches more human needs away from the causes of harm to humans and the environment?
Can governments create incentives for investments in the most important areas? Is it possible to impose restrictions on absurd investments that do not have any positive impact or harmful investments?
How “impact investment” is developed?
How advanced are the ESG indicators?
Do we really have experiences that can be generalized to reach attractive, safe and at the same time beneficial investment results for humans and for the planet on which we all live?
This is what the session seeks to answer through the following papers:
(1) The first paper: Towards a review of the investment system: guidelines and suggested solutions
(2) The second paper: The most important global experiences and major results in the shift towards responsible investment
Session 2: The future of globalization in light of successive crises
Session Objectives:
The importance of the scientific paper lies in assessing the reality of economic globalization in light of the crisis, and then revealing the validity of the alleged claims about the positiveness of globalization, especially in light of pandemics, and identifying its most important effects on societies.
Session questions:
What is economic globalization? Who benefits from it?
Has globalization in light of the pandemic helped facilitate trade and service exchanges between countries?
What have you done to the world’s developing and developed economies alike?
Is it the best model for world economies?
What are the positive and negative services included in the globalization system?
Who are the beneficiaries and affected by the system of globalization in light of the pandemic?
Are there controls and restrictions that can be suggested to improve the “globalization experience”?
What are the consequences for poor countries through the system of globalization in light of the pandemic?
This is what the session seeks to answer through the following papers:
(1) The first paper: Economic globalization and its effects on developing countries.
(2) The second paper: Economic globalization: An attempt to assess and anticipate the future.
Session 3: The contemporary monetary system and its ability to survive and face crises
Session Objectives:
To learn about the role of the prevailing monetary system in light of the pandemic in order to reach the most important economic lessons learned from the coronavirus pandemic, from the point of view of the Islamic economy. By diagnosing the drivers of the prevailing economic system, and then examining, studying and analyzing the resulting effects of the Corona pandemic on the prevailing economic system, while monitoring the most important achievements that the prevailing economic system contributed to facing the pandemic and the most important obstacles that the system was unable to confront.
Session questions:
Is the system, with its various components, capable of absorbing the shock?
How true is what some claim that it includes seeds that represent permanent causes of crises?
What are the problems of the monetary system specifically?
How can alternatives be developed for these problems?
How effective is quantitative easing in treating consecutive financial crises?
How can technological development help in developing remedies for successive financial crises?
Can a system really be devised based on other components? On the natural resources of the state? On the production capacity of the state? Or any other models?
Do we really see solutions that take us back to the barter system that humanity knew many centuries ago?
Can regional economies (such as the ASEAN region) develop an exchange model based on currencies other than the US dollar? Can this model cover the entire inter-trade exchange within the region?
How successful are the European Union countries in developing the single European currency area (Euro)? Is (the euro) a real solution for the state? Or is it a new problem for it, as evidenced by the refusal of a number of European countries to join it?
This is what the session seeks to answer through the following papers:
The first paper: Weaknesses in the contemporary monetary system and the proposed remedies.
Paper Two: Does the world need a new monetary system?
Session 4: Charity in times of crisis
Session Objectives:
Highlight the intended aspects of the meanings of social solidarity in Islamic law.
The flexibility of Sharia to respond to the provisions of emergency circumstances.
The extent of the Sharia’s interest in securing the necessary needs and preserving human dignity from begging, especially in light of general pandemics.
The extent of the intervention of the ruler in removing the harm from his people.
Session questions:
What are the sayings of the jurists – may God have mercy on them – regarding the ruling on the wealth of the rich in imposing a right (other than zakat) that must be paid to the poor if the zakat money is not covered to meet the necessary needs? And at the exact time of the outbreak of pandemics? Are they discharged by simply paying zakat on their money?
In the event of a judgment that it is obligatory:
What are the conditions and restrictions governing the issue?
To what extent does the ruler interfere in compelling that?
Session 5: The desired role of the Islamic economy between hope and reality
Almost half a century is the time that has passed since the launch of the Islamic economy in its new models: Islamic banks, Islamic insurance companies, etc. It is an appropriate period for measuring the experience and evaluating it with various tools and indicators.
Is there really an Islamic economic model that can contribute to treating the accumulated and successive crises? Or do we only have legitimate alternatives to some financing tools? Does this model amount to being an integrated economic system that includes solutions to economic problems? Can it defuse the successive crises of the global economy?
These and other questions are raised in an important dialogue session that concludes the symposium sessions through the following topics:
Discussion Topic (1): The centrality of humans in the economic system.
Discussion Topic (2): The driving forces of economic growth
Discussion Topic (3): The Ethical Buildup of the Economic System
Learn More
Schedule
- Day 1
- Day 2
- April 24, 2021
13:00 Opening Session13:00 - 13:05Speech of the Chairman of the Board of Trustees of Iqra Endowment for Development and Employment (Sheikh Abdullah Saleh Kamel)
13:15 The speech of His Excellency the President of the International Fiqh Academy, Sheikh Saleh bin Hamid13:15 - 13:25The speech of His Excellency the President of the International Fiqh Academy, Sheikh Saleh bin Hamid
13:25 Speech of His Excellency Mr. Tarek Amer, Governor of the Central Bank of Egypt13:25 - 13:35Speech of His Excellency Mr. Tarek Amer, Governor of the Central Bank of Egypt
13:35 Honoring excellencies and professors who passed away in 202013:35 - 13:45Honoring excellencies and professors who passed away in 2020
13:55 First Session (Investment): Does the investment world reflect our real economy?13:55 - 14:05Moderator (Mr. Khalil Al-Bawab, CEO and Managing Director of Misr Capital)
14:05 Second Paper by Dr. Ali Ibrahim (India)14:05 - 14:15Second Paper by Dr. Ali Ibrahim (India)
14:15 Comment by Mr. Ayman Sejini (Saudi Arabia)14:15 - 14:25Comment by Mr. Ayman Sejini (Saudi Arabia)
14:35 Comment by Dr. Jamal Seyam (Egypt)14:35 - 14:45Comment by Dr. Jamal Seyam (Egypt)
14:55 Break14:55 - 15:05Break
15:05 Second Session (Globalization): The future of globalization in light of successive crises15:05 - 15:15Moderator (Prof. Kamal Bou Safi, Director of the Higher School of Commerce in Algeria)
15:05 First Paper by Dr. Abdul Hamid Bashir (Sudan)15:05 - 15:15First Paper by Dr. Abdul Hamid Bashir (Sudan)
15:15 Second Paper by Dr. Kamal Hattab (Jordan)15:15 - 15:25Second Paper by Dr. Kamal Hattab (Jordan)
15:25 Comment by Dr. Salah Al-Shalhoub (Saudi Arabia)15:25 - 15:35Comment by Dr. Salah Al-Shalhoub (Saudi Arabia)
15:35 Comment by Dr. Men’em Salam (Egypt)15:35 - 15:45Comment by Dr. Men’em Salam (Egypt)
15:45 General discussion15:45 - 15:55General discussion
- April 25, 2021
12:00 Third Session (Monetary): the contemporary monetary system and its ability to continue and cope with crises12:00 - 12:10Moderator (H.E. Sheikh El Kebir Ould Moulay El Taher, Governor of the Central Bank of Mauritania)
12:00 First Paper by Dr. Maabad Ali El-Garhi (Egypt)12:00 - 12:10First Paper by Dr. Maabad Ali El-Garhi (Egypt)
12:10 Second Paper by Dr. Ahmed Belwafi12:10 - 12:20Second Paper by Dr. Ahmed Belwafi
12:20 Comment by Dr. Mohammed Abdul Haque12:20 - 12:30Comment by Dr. Mohammed Abdul Haque
12:30 Comment by Dr. Abdul Jabbar Al-Sabhani (Iraq)12:30 - 12:40Comment by Dr. Abdul Jabbar Al-Sabhani (Iraq)
12:40 Comment by Dr. Najah Abou El-Futouh (Egypt)12:40 - 12:50Comment by Dr. Najah Abou El-Futouh (Egypt)
12:50 General discussion12:50 - 13:00General discussion
13:10 Fourth Session (Sharia): Charity in times of crisis13:10 - 13:20Moderator (H.E. Dr. Muhammad Mukhtar Jumaa, Minister of Endowments, Egypt)
13:10 First Paper by Dr. Elias Dardur (Tunisia)13:10 - 13:20First Paper by Dr. Elias Dardur (Tunisia)
13:20 Second Paper by Dr. Balqasem Al-Zubaidi (Saudi Arabia)13:20 - 13:30Second Paper by Dr. Balqasem Al-Zubaidi (Saudi Arabia)
13:30 Comment by Dr. Khalid Al-Musleh (Saudi Arabia)13:30 - 13:40Comment by Dr. Khalid Al-Musleh (Saudi Arabia)
13:50 General Discussion13:50 - 14:00General Discussion
14:10 Fifth Session (Dialogue): The desired role of Islamic economy between hope and reality14:10 - 14:25Moderator (Dr. Hamed Hassan Mira, CEO of the Saudi Center for Commercial Arbitration)
14:10 1st Topic of discussion: The centrality of humans in the economic system 14:10 - 14:251st Topic of discussion: The centrality of humans in the economic system
14:25 2nd Topic of discussion: Driving forces of economic growth14:25 - 14:402nd Topic of discussion: Driving forces of economic growth
14:40 3rd Topic of discussion: Ethical buildup of the economic system14:40 - 14:553rd Topic of discussion: Ethical buildup of the economic system
14:55 Reading the closing statement and recommendations of the symposium14:55 - 15:00Reading the closing statement and recommendations of the symposium