Islamic Economics Workshop VII

Monetary Issues in Islamic Economics

5 April 2019 Friday to 7 April 2019 SUNDAY
Marmara University

Research Center for Islamic Economics (IKAM) in collaboration with Scientific Studies Association (ILEM) and Turkish Entrepreneurship and Business Ethics Association (IGIAD) will organize 7th Islamic Economics Workshop, which will be hosted by Marmara University from 5 to 7 April, 2019. The theme of this year’s workshop is “Monetary Issues in Islamic Economics”.

A major part of problems existing in contemporary economies are attributed to the existence of fiat currencies. The current monetary system is not only a key source of exorable increase in interest rates but also a principal cause of inflation and collapse in value of money in many countries. This modern usurious alchemy is at the heart of fractional reserve banking and its controversial ability to create fictional purchasing power by charging interest on money. The challenges in international context are equally abstruse where few reserve currencies are ruling over international market with exorbitant advantage over others leaving the weaker ones exposed to daily artificial fluctuations of exchange rates.

An Islamic monetary system is certainly a solution theoretical foundations for which have long been laid by pioneers of Islamic Economics discipline. The pioneers have blazed the trail, what is left is the development of a comprehensive theory of Islamic monetary economics. Hence, this year’s workshop’s aim is to argue, debate and elucidate misconceptions related to monetary conundrum in Islamic Economics. Experienced academia from Islamic Economics discipline would offer different perspectives, critically evaluate the existing works and propose suggestions for reducing differences to set a common future course of action. In this framework, topics that will be covered in the workshop related to the issue of “Monetary Issues in Islamic Economics” should address but are not restricted to the following issues:

1. Reputation, risk-taking and monetary policy in Islamic economy
2. Money creation from Islamic perspective
3. The theory of the financial intermediation from Islamic perspectives
4. Capital requirements, systematic risk and monetary policy
5. The importance and needs of macro-prudential in Islamic monetary policy
6. Fiat Money, Gold Standard, Islamic Currency and the Gold Dinar
7. The interaction between the Islamic financial system and the macroeconomy
8. Role of central bank/supervisory in Islamic monetary policy
9. Fundamentals of integrated commercial and social finance in Islamic perspective
10. Time Value of Money
11. Reserve Currency and implications: Islamic Perspectives
12. Islamic Monetary Union: Prospects and Implications
13. Crypto Currency

Submission of Papers
Abstracts are expected be sent to the workshop at until 31 October 2018. The final acceptance for participation in the workshop will be decided through full texts. Articles that are sent to the workshop should be authentic, not having been published or presented in any other program or publication. 

Travel and Accommodation
The workshop is envisioned as a meeting of minds among thinkers, scholars and practitioners in a limited number. Authors of the accepted papers will be covered for round-trip economy class air ticket and hotel accommodation during the workshop. Accommodation and travel expenses of the participants will be met by the organization.

The papers presented at the workshop will be reviewed and considered for publication in an edited book that will be published by Iktisat Publications following the conference.

Accepted Abstracts


Full Text Submission


Accepted Full Text


Program Details



05.04.2019 - 07.04.2019

Questions can be directed to:

Ahsan Shafiq
7th Islamic Economics Workshop


Hafsa Orhan, Istanbul Sabahattin Zaim University
Hasan Hacak, Marmara University
Ismail Cebeci, Marmara University
Lütfi Sunar, Istanbul Medeniyet University
Necmettin Kızılkaya, Istanbul University
Ömer Bedrettin Çiçek, İGİAD
Süleyman Güder, Istanbul University
Taha Eğri, Kırklareli University
Ahsan Shafiq, Marmara University
Ozan Maraşlı, Istanbul Sabahattin Zaim University


Abdulazeem Abozaid, Emirates Islamic Bank
Abdullah Durmuş, Istanbul University
Adem Esen, Istanbul University
Ahmet Faruk Aysan, Istanbul Şehir University
Ali Köse, Marmara University
Arif Ersoy, Istanbul Sabahattin Zaim University
Asad Zaman, Pakistan Institute of Development Economics
Burhanettin Can, İGİAD
Cengiz Kallek, İstanbul Şehir University
Erkan Erdemir, İstanbul Şehir University
Fahim Khan, Riphah Center of Islamic Business
Fatih Savaşan, Milli Savunma University
Fatih Yarımcıoğlu, Sakarya University
Gülfettin Çelik, Istanbul Medeniyet University
Hafsa Orhan, Istanbul Sabahattin Zaim University
Haluk Songür, Süleyman Demirel University
Hasan Hacak, Marmara University
Ibrahim Güran Yumusak, Istanbul Sabahattin Zaim University
İsmail Cebeci, Marmara University
İsmail Eriş, Marmara University
Lütfi Sunar, Istanbul Medeniyet University
Mahmut Bilen, Sakarya University
Masudul Alam Choudhury, University of Malaya
Mehmet Babacan, Istanbul Ticaret University
Mehmet Bulut, Istanbul Sabahattin Zaim University
Mehmet Saraç, Istanbul University
Murat Şentürk, Istanbul University
Murat Taşdemir, Medeniyet University
Murteza Bedir, Istanbul University
Necdet Şensoy, TCMB
Necmettin Kızılkaya, Istanbul University
Nihat Erdoğmuş, Yıldız Teknik University
Nurullah Gür, Medipol University
Sabri Orman, TCMB
Servet Bayındır, Istanbul University
Süleyman Kaya, Sakarya University
Şakir Görmüş, Sakarya University
Yusuf Alpaydın, Marmara University




5 April 2019, 18.00 – 21.00

Marmara University

Prof. Dr. Raşit Küçük Conference Hall






Monetary Issues in Islamic Economics

Chair: Fatih Savaşan, Sakarya Üniversitesi

President, TCMB

Mehmet Ali Akben, BDDK 

Melikşah Utku, Albaraka Türk

Mehmet Babacan, Medipol Üniversitesi


6-7 April 2019 Saturday

Marmara University

Prof.Dr. Ali Özek Hall


1.      Session: 09:30 - 11:00

Session Chair: Hakan Sarıbaş

Mabid Ali Mahmoud Al Jarhi, The Islamic Macroeconomic Model: How to Apply it

Fahim Khan, Monetary Economics and Monetary Policy in Islamic Perspective: Focus on Contemporary Muslim Economies Aiming at Making their Economies Islamic


2.      Session: 11:30-13:00

Session Chair: Zeynep Hafsah Orhan

Mehmet Saraç, The Problems With Fractional Reserve Banking and Proposing a New, Shariah Compliant Full Reserve Banking Model  

Zahra Afshari, Towards designing a Dynamic Stochastic General Equilibrium (DSGE) Model in an Islamic Framework


3.      Session: 14:30-16:00

Session Chair: Ismail Cebeci

Shamim Ahmad Siddiqui, Time Value of Money and Islamic Finance: Reexamining Differing Views

Salman Ahmed Shaikh, Economic Analysis of Islamic Monetary Framework and Instruments


4.      Session: 16:30-18:00

Session Chair: Buerhan Saiti

Abdul Rashid, Impact of Monetary Policy Shocks on Credit Supply of Islamic Banks: An Empirical Study of Pakistan versus Malaysia

Md Akther Uddin, Is GDP growth link instrument feasible for Islamic monetary policy ?


 7 April 2019 Sunday

5.      Session:  10:00 - 12:20

Session Chair: Necmettin Kızılkaya

Adam Abdullah, Re-Examining Monetary and Financial Stability In A Modern Economy: Evidence From Turkey And Malaysia

Sajjad Zaheer, Monetary Policy Management in an Islamic System

Ahmet Faruk Aysan, Ethics of Monetary Policy, Central Banking as an Art and Science


Closing Panel:  12:30-13:15

Moderator: Taha Eğri

Participants: Hasan Hacak, Adam Abdullah, Mehmet Saraç, Ahmet Faruk Aysan, Mabid Ali Mahmoud Al Jarhi