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


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.

Lütfi Sunar

Head of Organizing Commit

Hasan Hacak

Member, Organizing Commit

Necmettin Kızılkaya

Member, Organizing Commit

İsmail Cebeci

Member, Organizing Commit

Süleyman Güder

Member, Organizing Commit

Ömer Bedrettin Çiçek

Member, Organizing Commit

Zeyneb Hafsa Orhan

Member, Organizing Commit

Taha Eğri

Member, Organizing Commit

Ahsan Shafiq

Member, Organizing Commit

Ozan Maraşlı

Member, Organizing Commit

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


Zeyneb 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


Lutfi Sunar, President IEW 7 Organizing Committee

Nihat Erdogmus, President ILKE Board of Trustees

Erol Ozvar, Rector, Marmara University



Monetary Issues in Islamic Economics

Fatih Savaşan, Sakarya University (Chair)

Melikşah Utku, Albaraka Türk

Mehmet Babacan, Medipol University

Hasan Hacak, Marmara University


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: Zeyneb Hafsa 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

Sajjad Zaheer, Monetary Policy Management in an Islamic System

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

7 April 2019 Sunday

5.Session:  10:00 - 11:30

Session Chair: Necmettin Kızılkaya

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

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

Closing Panel:  11:45-12:30

Moderator: Taha Eğri

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