Islamic Economics Department Became the Event Committee of 7th AICIF

University of Darussalam (UNIDA) was organizing the annual event, 7^th ASEAN International Conference on Islamic Finance (7^th AICIF) on 3^rd – 5^th December 2019. The AICIF is a collaborative effort among University of Darussalam (UNIDA) Gontor, IIiBF International Islamic University Malaysia, Mindanao State University (MSU) Philippines, UIN Sunan Kalijaga, Yogyakarta, Universitas Islam Sultan Agung (UNISSULA), Semarang, Sultan Sharif Ali Islamic University Negara Brunei Darussalam and STEI Tazkia University, Indonesia.

This conference was an annual event aiming at providing a platform for all relevant stakeholders in Islamic finance to discuss and evaluate the current state of Islamic finance as well as to highlight the issues and challenges facing the industry today. In this context, theoretical and empirical research papers are invited in English and Arabic languages, under the theme “Revival of Islamic Social Finance To Strengthen Economic Development Towards A Global Industrial Revolution”.   

UNIDA Gontor, the host of the event has invited Prof. Dr. Monzer Kahf, Professor of Islamic banking, finance and economics from Istanbul Zaim University Turkey, and Prof Khalaf Solaman Saleh Alnemari, Professor of Islamic Economics from Umm Al-Qura University as keynote speakers in the opening plenary session in the conference.

Prof. Dr. Monzer Kahf addressed awqaf as a base for community development. The first waqf, the Ruma well, implied that private sector could fail in providing goods for community. Waqf was the solution. Public sector and private sector alone could not ensure sound economy. Sound economy requires third sector, which is non-profit. There should be a course on Islamic Social Finance, and UNIDA Gontor must have it.

The Conference included 20 parallel sessions, 105 English papers, and 6 Arabic papers were presented and discussed. The authors of these papers are academicians, practitioners and post-graduate students from 25 universities in Asia and others, such as Malaysia, Brunei Darussalam, Philippines, Turkey, Saudi Arabia, Nigeria, and others.

The 7^th AICIF Welcoming Dinner was held to celebrate the welcoming participants, reward and engage an audience with a warm greating from Gontor. The evening event was held at Darussalam Meeting Hall, Pondok Modern Darussalam Gontor. A total of 200 paper presenter representatives from across university enjoyed the show. Sandiaga Salahuddin Uno became the special guest at that event. He spoke about his historical story regarding to his family and his experience that make us realized that revival of Islamic Economics and Finance is a must, through hard working, smart working, excelent working, and cincerely working. 

On the second and final day, Assoc. Prof. Dr. Syed Musa Alhabshi, Dean of IIUM Institute of Islamic Banking and Finance, also as President of ICIFE, Dr. Ascarya, Research Adviser of Bank Indonesia Institute, and Minombao Ramos-Mayo, PhD, JD, Dean of Graduate School at Mindanao State University became the invited speaker for the last plenary session.

Talking about the international conference could not be separated from fieldtrip, a concept concerning the relationships across the universities around the world. A day fieldtrip on 5 December would bring the participants to western part of Ponorogo called by Sarangan. Sarangan Lake is a natural lake located on the slopes of Mount Lawu. The 7^th AICIF participants could also enjoy the beauty of Sarangan by horse riding around the lake, or driving a speed boat.

It was a brief information to an Asean Universities International Conference on Islamic Finance, it was hoped, would culminate in an effort to modernize these reviving issues to address the economic and social needs of contemporary Muslim societies. (Atika).