2ND International Conference on Islamic Economics and Financial INCLUSION




“In Search for an Islamic Strategy to deal with Global Economic Instability”

24-25 January 2017

A.R. Fachruddin Building “A”, 5th Floor

Universitas Muhammadiyah Yogyakarta


Organized by:

International Program for Islamic Economics and Finance (IPIEF)

Ekonomi Keuangan Perbankan Islam (EKPI) – Department of Economics

Universitas Muhammadiyah Yogyakarta (UMY), Indonesia


In Collaboration with:

Majelis Tarjih and Tajdid Pimpinan Pusat Muhammadiyah, Indonesia

Ikatan Ahli Ekonomi Islam (IAEI) – Daerah Istimewa Yogyakarta, Indonesia

International Institute of Islamic Thought (IIIT), Virginia, USA

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



Kulliyyah of Economics and Management Sciences (KENMS) -IIUM, Malaysia

Central European University (CEU), Hungary

Universiti Sains Islam Malaysia (USIM)

Universiti Brunei Darussalam (UBD)

University College of Bahrain (UCB)

University of Essex

Jurnal Ilmu Ekonomi Studi Pembangunan (JESP), Department of Economics, Universitas Muhammadiyah Yogyakarta



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 principles.

Development of Islamic economics as an academic discipline necessitates at least two supports: on the one hand education and research, on the other hand, operational or practical implementation of economic activities, business and entrepreneurship. 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.

On the implementation of economic activities, there also a number of issues on the attitude of Islamic economics towards poverty and the possible ways to stop poverty through Islamic fiscal and monetary policies. For instance, encouraging zakah payment from the rich and promoting financial inclusion through Islamic banking and other financial institutions. Moreover, entrepreneurship is also one of the solution in economic problem to induce economic growth in the extent to which, Islam encourages Muslim to work harder in order to achieve economic betterment.

Another way to boost economic growth is through industrialization. There has generally been a strong belief that industrialization is necessary in order to eliminate poverty, unemployment, and above all to bring an accelerated economic development. This belief which has been deep rooted for decades in Muslims’ hearts is based on assumption that the third world countries must follow the footsteps of the West if they aim at tremendous growth of economic development. Unfortunately, besides give positive effects in the economy, industrialization also bring negative impacts. industrialization has been accompanied not only attributes of economic development, but also by abject poverty, greater unemployment, wider inequalities and horrifying numbers on crimes, drug addiction, moral collapse and so on.

Hence, this conference is focused to find solutions for such economic, social and environment problems due to industrialization that is to search better industrial policy to deal with global economic imbalance. In addition, to give more access on finance for those who are needy and poor through financial inclusion.

2nd ICIEFI is a conference aimed at providing a forum for sharing and promoting cutting-edge research in Islamic economics and development. It is also a conference aimed at facilitating intense and productive networking among academics, policy makers, practitioners, students and other interested parties.


“In Search for an Islamic Strategy to deal with Global Economic Instability”

The Committee of 2nd 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 Fatawa on Islamic Economics Specifically in industrialization
  3. Ethics on industrialization: A Discourse from Islamic Perspective
  4. Market Conduct in Islamic Financial Industry
  5. Macroprudential and Microprudential Regulation and Policy for the Islamic Financial Industry: Theory and Applications
  6. Islamic Financial System as Alternative for Global Financial Stability
  7. The Roles of Islamic Microfinance Institutions in Corporations and Small Medium Enterprises
  8. Developing Models of Community Development and Agencies for the Financial Inclusion
  9. The Emerging Market of Islamic Entertainment Industry (Movies, Fashion, Music, Art and etc)
  10. Other issue relevant to Industry, such as:
  11. Industry and Pollution;
  12. Industry and Energy Resource;
  13. Industry and Renewable and Unrenewable Resource Conservation;
  14. Industry and Democracy (How Democracy Affects on Industrial Policy?);
  15. Industry and Its Competitiveness (International Trade);
  16. Creative Industry and Microfinance;
  17. Industry and Credit Default (Micro, Small & Medium Entreprise and Non Performing Finance);
  18. Industry and Tourism.
  19. Other issues relevant to the theme may also be considered

*The materials of the conference is to fulfill the need of textbook writing of Fiqh Industrialization and Islamic Industrialization.



The Conference will be organized using four languages such as:

  1. Arabic
  2. English
  3. Indonesian


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

Advisory Commitees:

  • Dr. Nano Prawoto (Dean, Faculty of Economics, UMY)
  • Imamuddin Yuliadi (Head, Department of Economics, UMY)

Steering and Academic Joint Committee:

  • Masyhudi Muqorobin, M.Ec. (Director, IPIEF-UMY/ IAEI-DIY)
  • Liviu Matei, Provost and Pro-Rector, Professor at the School of Public Policy, Central European University (CEU), Hungary.
  • Heri Sudarsono, M.Ec., Ikatan Ahli Ekonomi Indonesia (IAEI) DIY, Indonesia.

International reviewer are appointed such as,

  1. Hassanudden B. Abdul Aziz (International Islamic University Malaysia)
  2. Amir Shaharuddin (Universiti Sains Islam Malaysia)
  3. Sutan Emir Hidayat (University College of Bahrain)
  4. Muhamad Abduh (Universiti Brunei Darussalam)
  5. Murniati Mukhlisin (University of Essex)

Steering Committee

Chairman                                 : Dyah Titis Kusuma Wardani, MIDEc.

Vice Chairman I                      : Romi Bhakti Hartarto, M.Ec

Vice Chairman II                   : Khalifany Ash Shidiqi, M.Sc.

Vice Chairman III                   : Yuli Utami, M.Ec.

Vice Chairman IV                   : Dr. Endah Saptutyningsih

Vice Chairman V                    : Diah Setyawati Dewanti (Ph.D Cand.)


  • Dr. Syamsul Anwar (Chairman, MTT PP Muhammadiyah)
  • Dr. Omar Hassan Kasule* (Secretary General, International Institute of Islamic Thought, IIIT Virgina, USA)


  • Dr. Mohammed Aslam Haneef (International Islamic University Malaysia)
  • Irfan Syauqi Beik (Director, Center of Islamic Business and Economic Studies – Institute Pertanian Bogor, Indonesia)
  • Sutan Emir Hidayat (University College of Bahrain) -Video Conference
  • Hamim Ilyas (Majelis Tarjih and Tajdid Muhammadiyah)
  • Masyhudi Muqorobin, M. Ec., Akt. (IAEI/ Director, IPIEF – UMY Indonesia)
  • Habib Chirzin (International Institute of Islamic Thought, IIIT Indonesian Representative)
  • Yulizar Sanrego (Dewan Syariah Nasional)
  • Jefril Khalil (Majelis Ekonomi dan Kewirausahaan, Pimpinan Pusat Muhammadiyah)

*) Tentative

Day/Time Tentative Program
Day 1 Tuesday 24 January 2017
08:00—08:30 Registration and Morning Break
08:30—08:40 Opening Ceremony
08:40—09:00 Welcoming Speech I by UMY Rector
09:00—09:45 Welcoming Speech II by Director, IPIEF Dr. Masyhudi Muqorobin, M.Ec, Akt.

National Anthem

Mars UMY

Video Session: IPIEF


Opening and Keynote Speech I

Empowerment of Entrepreneur in Industry for Economic Development

Prof. Dr. Syamsul Anwar

(Chairman, Majelis Tarjih dan Tajdid Pimpinan Pusat Muhammadiyah)



Plenary Session I

Market Conduct in Industry from Islamic Perspective

1)      Dr. Hendri Saparini (National Commitee for Economy and Industry Republic Indonesia)

Regulation & Supervision in Market Conduct

2)      Dr. Irfan Syauqi Beik (Director, CIBEST - IPB,  Indonesia)

Conceptual Framework in Market Conduct Risk Assesment

3)      Dr. Masyhudi Muqorobin (IAEI)

Ideal Market Conduct from Islamic Perspective

Question & Answer Session

Chairperson: Dr. Akhyar Adnan (UMY)

12:30—13:00 Dhuhr  Break



Plenary Session II

Islamic Jurisprudence, Qawaid Fiqhiyyah and Fatawa on Islamic Economics Specifically in Industrialization

1)      Dr. Hamim Ilyas* (Majelis Tarjih and Tajdid Muhammadiyah Pimpinan Pusat Muhammadiyah)

2)      Dr. Jefril Khalil (Majelis Ekonomi dan Kewirausahaan, Pimpinan Pusat Muhammadiyah)

3)      Dr. Yulizar Sanrego (National Sharia Board - Dewan Syariah Nasional)

Question & Answer Session

Chairperson: Dr. Rizal Yaya (UMY)

15:00—15:15 Asr Break



Session III

Critical Review on Current Practise on Islamic Economic (ie; industry)

Prof. Dr. Mohammed Aslaam Haneef (KENMS – IIUM)

Question & Answer Session

Chairperson: Dimas Bagus Wiranata Kusuma, SE., M.Ec. (UMY)



Session IV

Labour Migration in Industrialization

Assist. Prof. Dr. Dusadee Ayuwat (Associate Dean for Research Affairs of the Graduate School - Khon Kaen University)

Question & Answer Session

Chairperson: Diah Setyawati Dewanti M.Sc (Dr. Cand) (UMY)

Day 2 Wednesday, 25 January 2017
08:00—08:30 Registration and Morning Break



Keynote Speech II (Video Conference)

Islamic Economics: Issues in Industrialization Policies

Prof. Dr. Omar Hassan Kasule.

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

Chairperson: Lailatusy Syarifah, Lc, M.Si

10.00 – 12.15

Parallel Session

Chairperson 1: Dr. Akhyar Adnan (English)

Chairperson 2: Dr. Rizal Yaya (English)

Chairperson 3: Drs. Hudiyanto (English)

Chairperson 4: Ayif Fathurrahman M.Sc. (Arabic)

Chairperson 5: Yuli Utami M.Sc. (Arabic)

12:15—12:45 Dhuhr  Break



Session IV (Video Conference)

Industrialization: Institutional Aspects of Economic, Monetary and Financial Reforms

Dr. Sutan Emir Hidayat

(University College of Bahrain)

Question & Answer Session

Chairperson: Yuli Utami M.Sc. (UMY)

14:45 - 15.15 Resolution of the Seminar and Closing Ceremony
15:15 - 15:30 Ashr Break
15:30—18:00 Tour to Malioboro and Islamic Heritage
20.00—21.00 Gala Dinner and Cultural Performance