Jakarta: Reliable research and education are prerequisites for the emergence of policies to support development of the Islamic economy and finance.
That was the key takeaway of Bank Indonesia Deputy Governor Dody Budi Waluyo during his opening speech delivered on Tuesday, November 12, 2019 at the 5th International Islamic Monetary Economics and Finance Conference (IIMEFC) 2019, as part of the Indonesia Sharia Economic Festival (ISEF) 2019 in Jakarta.
According to the BI offiial, Knowledge accumulation is a critical element of the policymaking process while also incubating innovative policy breakthroughs for economic advancement.
The forum is expected to provide valuable insight and support policymaking towards the full realisation of the Islamic economy and finance as a new locomotive of sustainable and inclusive growth in line with the overarching theme of ISEF 2019, namely ‘Sharia Economy for Stronger and Sustainable Growth’.
"The IIMEFC forum brings together various intellectual ideas and perspectives from all corners of the globe to stimulate expansion of the Islamic economy and finance as a new source of sustainable and inclusive economic growth," BI said in a written statement released on Monday, November 12, 2019.
Amongst others, the prominent speakers at the event include Prof Dr Asad Zaman (International Islamic University Pakistan), Prof Dr Monzer Kahf (Istanbul Sabahattin Zaim University), Prof Dr Habib Ahmed (Durham University, United Kingdom), Dr Wiliam Coen (former Secretary General of the Basel Committee on Banking Supervision), Feraldi Wisber Loeis (National Committee on Islamic Finance of the Republic of Indonesia - KNKS) and Dr Imam Teguh Saptono (Global Wakaf, Indonesia).
Supporting a learning ecosystem for the Islamic economy and finance, BI launched the Journal of Islamic Monetary Economics and Finance (JIMF) in 2015. Furthermore, the JIMF Call for Papers was announced as part of the IIMEFC activities at ISEF 2019. The JIMF Call for Papers is a regular annual activity organised by Bank Indonesia as a discussion, scientific exploration and showcase of the latest research by leading researchers, lecturers, Islamic economists and players in Islamic finance.
This year, the JIMF Call for Papers attracted 250 papers, of which 39 were selected from 10 participating countries, with 22 papers written by Indonesian researchers and the other 17 authored by international researchers. The scope of the papers submitted this year is diverse, from the role of the Islamic economy and finance in terms of stimulating sustainable and inclusive growth to development of a sharia-compliant digital economy and FinTech.