IAIE elects new president and secretary general

Dr Mabid Ali Al-Jarhi, Former Director of the Islamic Training and Research Center of the Jeddah-based Islamic Development Bank has been named as the new President of IAIE. Dr Mohammed Obaidullah, an Indian scholar and Founder Director of IBF NET, has been named as the new Secretary General. Dr Obaidullah in addition to his new responsibilities would continue to coordinate the activities of IBF NET, an online academy hosted at Netversity.Org for training and professional certification in the area of Islamic banking, insurance and investments to students from across the globe.

The International Association for Islamic Economics was established in 1984 as an educational and professional organization with the objective of promoting the study and application of Islamic economics, banking and finance. It involves the reconstruction of economic and finance theory and practice in the light of Islamic principles. The association, thus, aims to develop an integrated approach to economics while welding together the material aspects of economic life with Islamic values and norms. Membership is open to academics, professional financiers and bankers, and students who are interested and involved in Islamic economics, banking and finance, and agree with the aims and objectives of the association.

The three-day conference held in Bahrain focused specifically on sustainable development and Islamic finance in Muslim countries. A total of 26 papers and 52 reports were submitted at the three-day conference, which was attended by 199 participants. Leading economic researchers, academics, bank managers and businessmen from across the globe were among those who attended the conference.

Some of the major recommendations that came out of this gathering of scholars are: the promotion of Islamic finance as a means of controlling debt, more co-operation between Muslim countries, institutional development in Organization of Islamic Conferences (OIC) member states and the implementation of effective accounting and auditing systems.