The 12th Islamic Economics and Finance Summit, formerly known as the Islamic Economics Workshop and organized by the Islamic Economics Research Centre (IKAM), affiliated with the İLKE Foundation, was held in a new format this year on 16 October 2024 at Marmara University in Istanbul.
In his opening speech, Dr. Melih Turan, Director of the Islamic Economics Research Centre, asserted that Islamic economics and Islamic finance studies have immense potential and must be further developed and sustained. Mr Ahmet Sait Öner, Chairman of the Board of Directors of İLKE Foundation, made a strong case for the importance of Islamic economics and finance studies as an alternative model to the current financial system.
Fatma Çınar, Deputy Secretary General of the Participation Banks Association of Turkey, stated: 'In the 21st century, global challenges have made fair and sustainable financial systems a necessity.' Islamic economics and finance are vital for establishing a fair and sustainable order and for achieving sustainable development. Prof. Dr. Mehmet Babacan, Member of the Supervisory Board of the Central Bank of the Republic of Turkey, confidently evaluated the developments in the participation finance sector and stated, "We have made significant strides in participation banking over the past six years, but there is still a long way to go.Institutionalisation is critical for success in this field." Prof. Dr. Göksel Aşan, President of the Presidential Finance Office, stated that the current system is unsustainable and that it will be replaced by a new system.
Following the opening speeches, the panels were held in two different halls in parallel sessions. In-depth discussions were held on the issues addressed by the academia and the sector from different perspectives. The 10 panels, which addressed a range of topics, included discussions on the contribution of Islamic economics to crisis solutions, the transformation of global finance, innovative approaches in participation finance, digitalisation and the transformative impact of Islamic fintechs.
The panels were attended by distinguished speakers from both academia and the industry, who shared information, strategies and practical experiences that will help realise the potential in the field of Islamic economics.
At the summit, awards were presented to recognise excellence in the field of Islamic economics. The Islamic Economics Thesis Award was presented to Dr Yunus Emre Aydınbaş, the Islamic Economics Application Award was awarded to Türkiye Emlak Katılım Bankası for its Portfolio Custody Service, the Islamic Economics Research Award was presented to Dr Sami Al Daghistani, and the Islamic Economics Contribution Award was presented to Prof. Dr Masudul Alam Choudhury.
The participation finance sector was the focus of several panels at the summit, which examined it from different perspectives. Dr. Tarık Akın, Head of the Participation Finance Department at the Presidential Finance Office, highlighted the interconnectivity of Islamic finance with global trends such as the emergence of the middle class, urbanisation and climate change. He further emphasised that these trends are shaping the global economic landscape.
Ökkeş Emin Balçiçek, CEO of Architecht, highlighted the crucial role of technology in the fintech sector, emphasising the importance of aligning digital solutions with Islamic principles. Umar A. Oseni, Secretary General of the Arbitration Centre of the Organisation of Islamic Cooperation, stated that Islamic finance should be considered as a fair, sustainable and balanced system at both individual and societal levels. Prof. Dr. Obiyathulla Ismath Bacha from INCEIF University emphasised that most of the financial transactions are made through banking, which makes the system fragile and problems in one bank can threaten the whole system.
