International Conference on Islamic Economics

and Financial Inclusion




“Towards Establishing an Economic Equilibrium encompassing Real and Monetary Sectors, and Poverty Eradication”

24-25 April 2015

Universitas Muhammadiyah Yogyakarta


Jointly Organized by:

International Program for Islamic Economics and Finance (IPIEF)

Ekonomi Keuangan Perbankan Islam (EKPI) – Department of Economics

Ekonomi Perbankan Islam (EPI) – Department of Muamalah

Universitas Muhammadiyah Yogyakarta (UMY), Indonesia


In collaboration with

Majelis Tarjih and Tajdid Pimpinan Pusat Muhammadiyah

Institut Pengurusan dan Penyelidikan Fatwa se-Dunia (INFAD) – USIM, Malaysia

Ikatan Ahli Ekonomi Islam – Daerah Istimewa Yogyakarta



Islamic Research and Training Institute – Islamic Development Bank (IRTI-IDB), KSA

International Institute of Islamic Thought (IIIT), USA

International Sharia Research Academy (ISRA), Malaysia

Universiti Islam Sultan Sharif Ali (UNISSA), Brunei Darussalam

Bank Indonesia, Jakarta

Otoritas Jasa Keuangan, Jakarta

Islamic Economic Forum for Indonesian Development (ISEFID), Jakarta-Kuala Lumpur

Badan Amil Zakat Nasional (BAZNAS), Jakarta

Center for Islamic Studies in Finance, Economics and Development (CISFED), Jakarta



Recent development of Islamic economics, banking and finance has facilitated the empirical support to vindication of various branches of Islamic economics, a “relatively newly-developed” subject that has secured wide recognition for couples of decades, not only among Muslims but also among academic scholars, and other professionals in general. Many studies, researches, and other works have been done and published both by Muslims and non-Muslims; along with different seminars, conferences and other forums conducted in different places, indicating their apprehension to the subject. The philosophical underpinning of the subject is anchored on the Islamic teaching brought about 14 centuries ago, promoting quality of human life, both in material and spiritual senses. Today, Islamic economics has emerged and fortified itself for more than thirty years, in appreciation to the current development of conventional economics, from which models and applications can be further developed in compliance with the Shari’ah precepts. Development of Islamic economics as an academic discipline necessitates at least two supports: education and research on the one hand, and operational or practical implementation of economic activities, business and entrepreneurship on the other.

On the academic side, Islamic economics as a subject is currently offered by universities and other higher learning institutions in many countries, particularly in South East Asian Countries. A number of Islamic higher learning institutions have offered the subject in various study programs such as accounting, business and entrepreneur, management, banking and finance, and insurance (takaful). Many non-Islamic universities (in the East as well as in the West) have also offered the programs in numerous curriculum designs: by-course, by-research and/or combination of both, in response to enormous growth of the Islamic schemes and products made available both by banking and financial institutions. This indicates viability of the subject to disseminate all over the world. Nonetheless, still, educational coverage of the subject is limited and likely unable to reach certain groups of the Muslim communities such as less-educated youth, school children, and elder people of neither academicians nor professionals. This fact has created barriers to progress of marketability and acceptability for various Islamic economics – i.e. in particular banking and financial – products, in the communities. Other issues demanding for discussion relate to operational facet of the subject in the societies. In such cases, banking and finance, as which Islamic economic system is often perceived by many people have apparently made up the greatest contribution to the development of the subject.

There also a number of issues such as poverty and possible ways of its eradication through any means such fiscal and monetary policies by the government, encouraging zakah payment from the Rich, financial inclusion through Islamic banking and other financial institutions and the like. Hence, this Conference is focused to find solutions for such economic problems

The Committee of ICIEFI is pleased to call for submission of the papers for the following issues/themes:

  1. Maqashid shariah and principles of Islamic economics and finance
  2. Islamic jurisprudence, qawaid fiqhiyyah and fatwas on Islamic economics and finance
  3. Distribution of income and products, equality and needs fulfillments
  4. Poverty eradication, and relevant monetary and fiscal policies
  5. The roles of microfinance institutions and small medium enterprises
  6. Channeling models and agencies for the financial inclusion
  7. Other issues relevant to the theme may also be considered



The Conference will be organized using four languages such as:

  1. Arabic
  2. English
  3. Bahasa Indonesia
  4. Bahasa Melayu/Malaysia


  • Dr. Syamsul Anwar, MA. (Chairman, MTT PP Muhammadiyah, Indonesia)
  • Dr. Bambang Cipto, MA (Rector, UMY, Indonesia)

Steering and Academic Committee

Dr. Masyhudi Muqorobin, M.Ec. (Director, IPIEF-UMY/ IAEI-DIY) (Chairman)


  • Nano Prawoto (Dean, Faculty of Economics, UMY)
  • Mahli Zainuddin Tago (Dean, Faculty of Islamic Studies, UMY)
  • Shahirah Abdul Shukor (Dean, Faculty of Shariah and Law, USIM)
  • Dr. Hj Abdul Samad Musa (Director, INFAD, USIM)
  • Imamuddin Yuliadi (Head, Department of Economics, UMY)
  • Ahmad Wifaq bin Mokhtar (Deputy Director, INFAD, USIM)
  • Hilman Latief (Head, Institute of Research, Development and Community Services, UMY)
  • Muhammad Sobar (Dept. of Muamalah, UMY)
  • Heri Sudarsono (Secretary General, IAEI DIY)
  • Setiyawan Gunardi (INFAD, USIM)

There are two (2) main programs as follows:

  1. International Conference
  2. Call for Papers Presentation
Day/Time Tentative Program
Day 1










(10.45 – 12:30 Saudi time)

Registration and Morning BreakOpening Ceremony

Indonesian and Muhammadiyah anthems

Opening Speech I by Rector, UMY

Welcoming Speech II by Chairman, Majelis Tarjih and Tajdid

Video Session on the History and Milad of UMY

Keynote Speech I

Methodological and epistemological Issues in Poverty Eradication and Financial Inclusion in Islamic Economics

Prof. Dr. Omar Hassan Kasole.

Secretary General, International Institute of Islamic Thought (IIIT), USA

Plenary Session I

The Sharia Approach to Economics, Financial Inclusion and Poverty Eradication

1)      Prof. Dr. Syamsul Anwar (Chairman, MTT PP Muhammadiyah)

2)      Dr. Irwan Mohd Subri, Director, INFAD-USIM Malaysia

3)      Dr. Mustaffa Omar Mohammed, KENMS-IIUM Malaysia

4)      Outstanding speaker from Fatwa Commission, MUI

5)      Outstanding speaker from PB NU

QA Session

Chairperson: Dr. Chairuddin Chamsin

Dhuhr Break

Plenary Session II

Enhancing the Quality of Human Resources in Response to the Issues of Financial Inclusion and Poverty Eradication

1)      Prof. Dr. Didien Hafidzuddin, Chairman, BAZNAS

2)      Dr, Ascarya, Deputy Director, PRES, Bank Indonesia

3)      Ali Sakti, Director, ISEFID

4)      Dr. Hilman Latief, LP3M-UMY

5)      Dr. Masyhudi Muqorobin IPIEF-UMY/MTT PP Muhammadiyah

Chairperson: Dimas Bagus W. (UMY)

Asr Break

Special Session III (Video Conference)

Special Speech with IRTI-IDB on “the Role and Contributions of IRTI-IDB in Establishing Economic Equilibrium between Fiscal and Monetary Sectors, and the Financial Inclusion

Prof. Dr. Mohd. Azmi Omar, Director General IRTI-IDB

Chairperson: Drs. Muhammad Siddik (IIIT Indonesia)

Day 2





Registration and Morning BreakKeynote Speech II

Maqasid Shariah and the spirit of Developing Islamic Economics and Finance, and Eradication of Poverty

Prof. Dr. Dien Syamsuddin, MA

(President, Muhammadiyah; Chairman, Majelis Ulama Indonesia)

Parallel Session I

Chairperson 1: MTT PP Muh (Mudzakarah Ulama Asia Tenggara)

Chairperson 2: UMY (Arabic Session)

Chairperson 3: INFAD (Bahasa Malaysia Session)

Chairperson 4: Mr. Heri Sudarsono (B. Indonesia Session) UII/IAEI DIY)

Chairperson 5: Dr. Rizal Yaya. (English Session) (UMY)

Jum’ah Break

Plenary Session III

“Financial Inclusion in Developing Islamic Economic System: Regulation, Prospects and Challenges”

1)      Dr. Abdurrahman Raden Haji Haqqi, UNISSA Brunei Darussalam

2)      Dr. Bukhari, Department of Islamic Banking, OJK, Jakarta

3)      Dr. Rifqi Ismal, Bank Indonesia, Jakarta

4)      Ir. Saat Suharto, PT PBMT Ventura, Indonesia

5)      Dr. Ahmad Akbar Susamto, M.Phil., IAEI DIY /FEB UGM

Chairperson: Muhammad Akhyar Adnan (MTT PP / PPEI UMY)

Resolution of the Seminar and Closing Ceremony

15:30—18:00 Lava Tour - Tamansari Tour (optional)