Call for Papers

Nowadays, technology era is coming and creates digital transformation that gradually or radically changing people’s behavior and habits as well as businesses’ activities. As the result, the transformation gradually change the ways in which how people produce, consume, and interact each other. One thing that promote such significant change is the innovation. The innovation has been affecting the financial industry. The use of digital financial services is boosted by the spread of internet, smartmobile, table and the fall of information system via computer.

However, such innovation can disrupt existing financial industry and gradually blur its boundaries. The disruption happens  when first, the rapid development of fintech does not create significant welfare gains from improvement in financial services due to inhibiting new firms entrance (supply side). Second, it does not achieve botton-up structural change in existing financial industry due to not providing transaction services without leverage, expensive trading system, not transparant, and close-access (demand side).

Such disruptive innovation, if not well managed and regulated, would threat the social, economic, education, and technology. For example, in the case of economy, disruption which lead to inefficiency in the existing system characterized by increasing financial expenses, intermediated assets, unit cost and product quality, wages and employment. These factors would trigger a variety of potential sources of risks (banking vulnerability). Banking and Finance as current rapid growth sector, without exception, will be affected by the technological revolution, given that it is at the centre of credit intermediation between savers and investors which are technologically related. In this context, digital transformation could be viewed as exogeneous shocks which is unavoidable, and uncontrolable, but would affect the ability of financial institution in extending and providing its financial services. Hence, connected with the issue of sustainability, financial institution is resilient, when it has capacity to absorb, anticipate, and adapt shocks originated from technological changes as one connected envirounment, while continuing to fulfill its function in serving real economic services.

Therefore, technological innovation basically provides two-sides effect (shocks) towards economic sector. First side, the technological innovation breaks down the barriers to entry in the credit and financial services markets, creating more efficient market players, raising income and prosperity or we may call this condition as leverage-feature. Second side, the digital development can go in providing high-leverage for financial institution, so that it is its self funded with less equity and equality, or we may call as leverage - bug. These two sides leave the leverage controversy in the balance sheets. The leverage debate ilustrates an important issue to financial regulation. Policy makers and some observers may agree that too high leverage is dangerous, but too low is not suggested. The challenge is to discover the optimal ratio of leverage that becomes a daunting task. Therefore, the outstanding challenge for the authorities is to strike the right balance between promoting innovation and competition on the one side, and in the other side preserving and providing economic sustainability that guarantee consumer protection and financial system stability at large.

Call for Papers

4th ICIEFI is a conference aimed at providing a forum for sharing and promoting cutting-edge research in Islamic economics and development generally as well as Islamic social finance especially. It is also a conference aimed at facilitating intense and productive networking among academics, policy makers, practitioners, students and other interested parties.



“Balancing Innovation and Sustainability in Disruptive Era”

The Committee of 4th  ICIEFI is pleased to call for submission of the papers, but are not limited, to the following issues/themes:


  1. Islamic Economics & Halal Industry, Economics, Banking and Finance Innovation toward Sustainable Economic Development in Disruptive Era

Sub theme:

  • Maqashid Shariah, principles of Islamic economics and finance
  • Economics Stability
  • Political Economy (Politics & Democracy toward Economy)
  • Economic History & Economic Thought
  • Islamic Banking and Finance
  • Islamic Capital Market
  • Islamic insurance
  • Islamic Economy & Halal Industry
  • Economic & Law Perspectives, Shari’ah, Fiqh, Fatawa etc.
  • Microeconomics Issues: Consumer’s Behavior & Demand, Producer’s Behavior & Supply, Game Theory
  • Macroeconomics Issues: Government Policy in Economic Stabilization etc.


  1. Assessing Environment Vulnerability, Energy Innovation, Ecotourism and Disaster Management toward Sustainable Economic Development in Disruptive Era

Sub theme:

  • Customs, Culture, Tourism & Ecotourism Program
  • Disaster Management in Prone Area
  • Renewable Energy Innovation
  • Environment and Natural Resource Issue


  1. Islamic Philanthropy (Zakah & Waqf) and Innovation in Education, Health and Social System toward Sustainable Economic Development in Disruptive Era

Sub theme:

  • Zakah & Cash Waqf to enhance Poverty Alleviation &Social Welfare
  • Fairness & Issue in Equality
  • The Effectiveness of Islamic Philanthropy Institution
  • Education, Training & Human Resources
  • Economics of Health, National Health Service (NHS) &National Health Insurance


  1. Small Medium Enterprise, Fintech & International Trade in Industrial Revolution 4.0 toward Sustainable Economic Development in Disruptive Era

Sub theme:

  • Innovative Strategy in Financial Technology (FinTech)
  • Socioeconomic Development
  • Women Empowerment & Gender Equality
  • Regional Economic
  • Industrial Economic
  • International Economic



The Conference will be organized using two languages such as:

  1. Arabic
  2. English