Monthly Seventh Scientific Seminar (6)

(2016-1438H)

between King Abdulaziz University in Jeddah
and University of Paris1 Panthéon Sorbonne

The Islamic Economics Institute at King Abdulaziz University in Jeddah will be organizing scientific Seminar on Wednesday, 08 March, 2017 (09/06/1438H) at 11 AM at Institute's. The topic of the dialogue is (Islamic Venture Capital in French Law: A legal analysis) by Ms. Dorsaf  Matri (Speaker) (Chair of Ethics and Financial Norms). This would be transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.

Islamic Economics Institute at King Abdulaziz University in Jeddah (KAU), organizes live (video conference) scientific Seminar with University of Paris1 Panthéon Sorbonne, France (UP1), from its Sheikh Saleh Kamel library every month. This monthly meeting is part of the program of the 'Chair for Ethics and Financial Norms' (CEFN), which was created following the agreement between KAU & UP1 on 8th January 2011 (4th Safer 1432H). As part of the agreement each side presents a paper every month alternatively.

The programs of the CEFN wish to study ethical principles underlying the standards and financial fundamentals in the economic system today. It wishes to take advantage of Islamic economic thought and other alternatives to contribute to the development of financial system that is more equitable and stable. The Chair encourages cultural interaction and dialogue between civilizations, students and researchers in both countries.

The objectives of The Chair are to find a suitable environment for research & development in the area of finance under a model of Islamic economy. It would support the specialized knowledge and the development of exchanges in the field of financial systems and financial transactions. It wishes to conduct research and studies in the chair in universities in order to answer the scientific questions in both countries.

The Chair intends to achieve its objectives by implementation of specialized training programs, cooperation with non-profit organizations, conduct of events and scientific programs, and to provide specialized advisory services to public institutions. To further Chair's mission for equitable and stable economy by offering scholarship to brilliant graduates, in addition to attracting visiting professors and support for scientific communication between the two countries.

The First Scientific Seminar was held on May 4, 2011(1th JumadaII 1432H) under the title “Islamic Economics and Scholastic Ideas: Linkages and Similarities”. By Prof. Dr. Abdel-Azim Islahi reform researcher with the institute.

Second Scientific Seminar by the University of Paris1 Panthéon Sorbonne, France was held on 1st June, 2011 (29 Jumada II 1432H) under the title “Adapting the Demands of the Islamic Moral order to Project Finance: Prospects for French Law in Connection with an Istisna'a-Ijara (Construction Financing and Lease-to-own) Structure” by a graduate student in the doctoral program (Hugues MARTIN-SISTERON) Then followed by another graduate student for PhD Ms. Maha Qabbani, she presented her comment entitled “Islamic Project Finance”.

Third Scientific Seminar was held on September 14, 2011, (10/16/1432H) entitled “Islamic Approach To Risk” by Dr. Sami Ibrahim Al-Swailem, Director, Center for the development of Islamic financial products at Islamic Development Bank. Dr. Swailem raised two concentrated on two points, first: the danger in the Islamic concept and the second: the theory of ambiguity (ghrar).

Fourth Scientific Seminar by the University of Paris1 Panthéon Sorbonne, France, was held on October 5, 2011, (11.07.1432H), entitled “Product That Can Save the System: Public Capitalization Notes”, Dr. Armen Papazian, Executive Director of Keipr. He spoke on following issues: 1. Debt crises and mechanisms for the money. 2. Mechanisms of money and certificates of public recapitalization. 3. Restructuring and the impact of capitalization of public testimony in the economy. 

Fifth Scientific Seminar was held on November 19, 2011, (23/12/1432H), entitled “Sukuk: An Economic and Shari `ah Examination”, presented by Dr. Mohammad Al-Qari, who holds a doctorate in economics and previously worked as director of the Islamic Economics Research Center at King Abdulaziz University, during 1415-1419H. He is currently a consultant in Islamic banking and Islamic finance, and a member of several Shariah boards in a number of banks and Islamic financial institutions. He has many research and scientific papers published in the field of economics and finance. He spoke on following points: 1. Definitions. 2. Instruments (the legal aspects of the instruments - the challenges of sukuk issuance under the civil law). 3. Some economic ideas. 4. Groups of instruments. 5. Some parameters instruments (The Government of Bahrain sukkuk, SABIC sukkuk, Saudi Hollandi Bank sukkuk and Bank Al-Jazira sukkuk. 6. what instruments.

Sixth Scientific Seminar was held on January 14, 2012 (20 Safar 1433H), entitled “Sharia-Based Ethical Performance Measurement Framework”, presented by Mr. Houssem eddin Bedoui. This model is based on the concept of Maqasid Shari‘a. Considering the fact that Business ethics is one of the most needed in the market nowadays, this framework is a solution for Islamic financial institutions but can obviously be used for other organizations looking for ethical investments. The presentation was focused on converting the “The Islamic Vision of Development in the Light of Maqāsid Al-Sharī‘ah” by Dr. Umar Chapra to a measurable mechanism. He also covered the Al Najjar model He presented a graphical measurement in a pentagon design and numerical formulas which included Global performance method (Reynaud 2003), means and vector method to calculate global corporate ethics.

Seventh Scientific Seminar was held on February 11, 2012 (19 Rabe I 1433H), entitled as “The Islamic Vision of Development in the Light of Maqāsid Al-Sharī‘ah,”, presented by Prof. Dr. M. Umar Chapra, Research Adviser, Islamic Research and Training Institute, Islamic Development Bank, Jeddah. His paper is developed on the maqasid presented by Imam Ghazali, The five objectives are 1) The human self, 2) Faith, 3) Intellect, 4) Posterity, and 5) Wealth. Imam Ghazali has used “Safeguarding” (Hifz) while Dr. Chapra has preferred “enrichment” of dean. According to Dr. Chapra there are at least 31 sub objectives if we remove the repetitions which are all to fulfill the mqasid.

Eighth Scientific Seminar was held on March 17, 2012 (24 Rabe II 1433H), entitled as “The impact of Basel III on Islamic Banks: A theoretical Study and comparison with Conventional Banks”, presented by Mr. Adel Harzi, Head of Capital Management, Dexia Credit Local, Paris, France. He covered the following issues: a) The impact of the new capital requirements and ratios on Islamic banks, b) New definition of own funds and new regulatory ratios, c) Basel III impact on the risk computation of Islamic banks, d) The impact of the Profit sharing investment accounts (PSIA) on the risk weighted assets and capital adequacy computation, e) Capital conservation buffer and countercyclical buffer in Islamic banks, f) impact of the leverage ratio on the Islamic banks, g) Basel III new liquidity ratios on the
Islamic banks. He concluded with “Basel III as the business model is more conservative and derivatives and short selling is Forbidden”.

Ninth Scientific Seminar was held on April 14, 2012 (22 Jamad I, 1433H), entitled as “Islamic Microfinance: lessons from good and bad practices”, presented by Dr. Mohammad Obaidullah, Islamic Research & Training Institute, Islamic Development Bank. He talked about, a) Islamic Approach to poverty Alleviation. b) Instruments of Islamic Microfinance in profit and non-profit mode. c) Microfinance Models such as : Joint-Liability-Groups (JLG), Self-Help-Groups (SHG), Village-Banks, Credit-Unions, Rotating Savings and Credit Associations (ROSCA), and Pawning. d) Indigenous Islamic Models, such as: Qard Hasan Funds, Baitul-Mal-wa-al-Tamweels (BMTs), Zakah Funds, Awqaf-Based Institutions, and Composite Models. e) good and bad practices in all these systems. f) Meso-Level Challenges: Absence of Supporting Infrastructure such as: Accounting Systems, Payment Platforms, Rating Agencies, Training & Consultancy Providers, Advocacy.

Tenth Scientific Seminar was held on May 12, 2012 (21 Jamad II 1433H), entitled as “Creditor-Debtor Relations: Some Issues, Some Proposals”, presented by Dr. Munnawar Iqbal, Researcher, Islamic Economics Institute, King Abdulaziz University, Jeddah. He started his presentation by distinguishing between creditor & Lender, he covered Creditor – Debtor Relations: Six Defining Principles. The following are Six Principles: 1. The Principle of Principals. 2. The Principle of Non-Principals. 3. The Principle of Restraint. 4. The Principle of M-R Linkage. 5. The Principle of Relief. 6. The Principle of Transparency. He concluded with request to Ulamas to consider punishment to delinquent debtor from public interest angle and proposed setting up of research fund by banks.

Eleventh Scientific Seminar was held on June 09, 2012 (19 Rajab, 1434), entitled as“An Introduction to Islamic Economic Thought (IET)”, presented by Prof. Ramon Verrier, Professeur à l’Université de Tours (France). In his presentation he covered the following Issues: 1) Absence of contribution from Muslim thinkers on the Islamic Economic thoughts. 2) European Contribution to the thought. 3) Some of Arab and Muslim Contribution to IET. 4) IET unknown to masses and the reasons for it. 5) influence of Great Gap? 6) Notion, that its Greek legacy? He also presented the table comparing conventional and Islamic thought towards end, followed by a chart derived from Ibn Khaludin’s thought of Decay.

Twelfth Scientific Seminar was held on September 15, 2012 (28 Shawal, 1434), entitled as “The Moral Dimension of Islamic Economy”, presented by Prof. Jean-Yves Moisseron, Socio-Economist at the French Research Institute for developing country (IRD). He believes Islamic economics is based on a corpus of principles that were established and fixed in a period of time anterior to the development of capitalism. That is why many characteristics of Islamic Finance focused mainly on commercial and trade activities instead of production activities. He thinks Islamic economics is defensive in front of the development of capitalism. Our point of view is that Islamic Moral Economy could participate in an “ethical” response to Capitalism Crisis. It would be necessary to elaborated an autonomous Islamic critic of Capitalism (autonomous from socialist critic of capitalism and autonomous from a global critic of the West). By re-interpreting the Islamic principles of economy, Islamic thoughts could become an Islamic wisdom useful for the whole mankind and then, Islamic economy could be a more active player in the debates about “ethic Finance”.

Thirteenth Scientific Seminar was held on October 13, 2012 (27 Zul Qaeeda, 1434), entitled as “Eurozone Crisis Viewed from Islamic Finance Perspective”, presented byProf. Munawar Iqbal, Researcher at Islamic Economics Institute (IEI), King Abdulaziz University, Jeddah. He stress “We know that the root cause of the Eurozone crisis is excessive debt. The economic rule for individuals, corporations and the countries alike is living within their means. This does not mean that there is absolutely no role for debts. Debt is a double edged sword. There are circumstances when debts may become unavoidable”. This paper make an effort to present an alternative view on the role of state in the area of debt-creation as well as the wealth creation potential of debt and its appropriate limits. We believe that the concept of so called “Welfare State” needs to be revisited. One reason of Eurozone Crisis is that governments have created vested interests and pressure groups that do not allow them to reduce their budget deficits. A good part of these deficits may be feeding ‘economic parasites’ who unnecessarily developed dependencies on welfare benefits. In this respect, we will examine the economic role of state from an Islamic perspective.

Fourteenth Scientific Seminar was held on November 17, 2012 (03 Muharram, 1434 ), entitled as “Big problems of petty coins in comparison: quattrini & fulūs in late 14th c. Florence and early 15th c. Cairo”, presented by Dr. Olivia Orozco de la Torre, Coordinator of Education, Economics and Business at Casa Árabe, Madrid. This paper, explores the impact that dramatic increases in the supply of copper had on money, prices and the way their relationship was understood. It analyzes in particular two cases of small change invasions that took place at the turn of the fifteenth-century in the Mediterranean: the case of the quattrini in Florence (1378-1380) and the case of fulūs in Cairo (1392-1405). Contemporary reactions to those problems created by the influx of petty coins are compared as well as the proposals and policies introduced in both cases to solve them. The paper discusses the following in detail; a) Hard money economies & the big problem of petty coins. b) Silver famine and black money invasions at the turn of the 15th century. c) Measures to solve the problem of small change: copper from Florence to Cairo. d) Florence and Cairo`s measures and proposals in comparison.

Fifteenth Scientific Seminar was held on December 15, 2012 (02 Safar, 1434), entitled as “Islamic Finance and Financial Stability: A review of Theoretical Literatures”, presented by Dr. Ahmed Belouafi, Researcher at Islamic Economics Institute (IEI), King Abdulaziz University, Jeddah. This paper provides an analytical review of about fifteen theoretical investigations that had examined the stability of the Islamic Financial System (IFS) vis-à-vis the conventional interest-based conventional system. The research aims at discussing the main findings and conclusions that the reviewed literature arrived at. A brief account of how financial stability has been defined, in the conventional literature, is also been explored. The preliminary results indicate that there is an almost a general ‘consensus’ among these treatises on the financial stability’s ‘superiority’ of an Islamic financial system based on equity and participatory modes of financing. To what extent are these claims robust? And what are the underlying assumptions behind the development of such syntheses? These and other important related questions will form the basis of the discussion and analysis in this research. It contains a table with Summary of the Findings and Conclusions of the Reviewed Investigations.

Sixteenth Scientific Seminar was held on January 12, 2013 (30 Safar, 1434), entitled as “Ethics and Finance: A Shift to Performation”, presented by Dr. Christian Walter, Associate Professor at the University Paris 1 Panthéon-Sorbonne, Paris. This paper stresses the ethics of finance cannot be limited to good conduct, but should include consideration of the impact of management tools, especially those that contain a representation of risk. Management tools conveying a representation of risk are a real machinery in professional finance. They have an impact that is organizational (control procedures), institutional (international regulatory standards), technical (evaluation methods), and cognitive (ways of thinking about uncertainty and how to deal with it). The shaping of financial activities by technical and mental tools is called the "performation" of the financial system. It is of prime importance to understand the role played by performation in the 2007-2008 financial crisis, so that the ethics of finance can be integrated into the techniques that shape the financial world. It covers the following: a) The financial logos and calculative rationality. b) A dangerous but invisible technology. c) The performativity of the financial logos. d) Outline of a program on the ethics for financial techniques, i) Documenting mediation chains. ii) Complementing existing work.

Seventeenth Scientific Seminar was held on February 09, 2013 (28 Rabe I, 1434), entitled as “Ethics Norms and Finance: What Are We Talking About?”, presented byDr. Abderrazak Belabes, Researcher at Islamic Economics Institute (IEI), King Abdulaziz University, Jeddah. His paper is structured as follows: the first part is devoted to the genesis of the Chair. The second part explores the barriers to communication. The third part discusses the interaction between ethics, norms and finance to outline an appropriate questioning framework. The last part summarizes and discusses the main findings before proposing several routes for reflection. He recommends the following; a) Translate key concepts accurately. B) Clarification of key concepts. C) Addressing financial practices by critical approaches. D) Exploring historical experiences input oriented. E) More knowledge interactions. F) Extend the Field of Ethics beyond Behaviors. G) Ethical Questioning Beyond the Output.

Eighteenth Scientific Seminar was held on April 13, 2013 (03 Jamada II, 1434), entitled as “The performance of Socially Responsible Investment: evidence from Shariah-compliant stocks”, presented by Mr. Erragraguy Elias, Phd student at Universite du Sud Toulon-Var and Research Assistant at Euromed Management Business School. According to author; Islamic equity investments have been growing at a steady pace in the past decade. However, amidst this relative success some criticisms regarding the fulfillment of its underpinning social objectives draw our attention and push us to investigate the social tenets of Islamic investment. In this paper we explore the compatibility of Islamic ethical principles with Socially Responsible Investment (SRI) practices and examine their complementarities. Drawing similarities from SRI screenings this study focus on the integration of Environmental, Social and Governance (ESG) criteria into a Shariah-compliant investment. Based on KLD social ratings, the study constructed and evaluated a panel of self-composed shariah-compliant portfolios that differ in ESG performance. Our results report no adverse effect attributed to ESG screens with a substantially higher performance for our portfolio with positive performance in governance over the 2008- 2011 period. This outperformance could not be explained by differences in market sensitivity or investment style. Interestingly our study reports significant outperformance for portfolios with negative performance in community and human rights domains.

Nineteenth Scientific Seminar was held on June 1, 2013 (22 Rajab, 1434), entitled as “Can Information Efficient Markets Accommodate Pure Debt Financing ?”, presented by Prof. Dr. Seif I. Tag el-Din, Department of Economics, Imam Mohammad bin Saud University, Riyadh. He writes; Pure debt financing is the hallmark of banking intermediation in modern capitalist systems does it tally in with an information efficient environment? Alternatively, what is the status of profit-sharing mudarabah in an information efficient environment? The plan: to contrast the neoclassical firm with mudarabah firm. This presentation is built upon two previous works of the author: Income ratio and the risk-sharing structure: the optimality of mudarabah, 2008, JKAU, pp37-59. ‘Maqasid Foundations of Market Economics’, Chapter VI, (pp139-162 ), particularly the statement about information efficiency in the theory of the firm that it “conceals factor specific information structure that gives the entrepreneur a relative information advantage... this underlies how the entrepreneurial role emerged historically from the Industrial Revolution” (p 162). And concludes as follows: It is important to create a situation where : r^ > r* so that r• < r* < r^ Which is only possible if the RRSM is not the same for both parties. Since Party B is a profit-maximising entrepreneur working at the forefront of information-making activity, Party A must be the misinformed party. Accordingly, Party B has an informational advantage over Party A.
21th Scientific Seminar was held on 27th November 2013 (23/01/1435H). The topic of the dialogue is (Neuroenomics: Promises and Pitfalls for Conventional and Islamic Economics)by Prof. Necati Aydin (Research, King Saud University, Riyadh, Saudi Arabia). This would be transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.
 
22th Scientific Seminar was held on 01 January 2014 (07/03/1435H). The topic of the dialogue is (Protecting the family, from levirate to family takaful: Historical perspective, contemporary significance) by Dr. Pierre-Charles Pradier (Université Paris 1 Panthéon-Sorbonne). This would be transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.
 
23th Scientific Seminar was held on 12, Februry 2014 (12/04/1435H). The topic of the dialogue is (Islamic Preferred Sharess)by Dr. Mohammad Al-Suhaibani (Al Imam Mohammad Ibn Saud Islamic University, Riyadh, KSA). This would be transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.
 
24th Scientific Seminar  was held on 12 March, 2014 (11/05/1435H). The topic of the dialogue is (What did hold back the Middle East? The Thesis of the long divergence revisited)by Prof. Dr. Abdul Azim Islahi (Researcher, Islamic Economics Institute, King Abdulaziz University, Jeddah). This would be transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.

25th Scientific Seminar  was held on 09 April,2014 (09/06/1435H). The topic of the dialogue is (Rights of beneficiaries for endowment contracts: Fitting French assurance-vie to the Islamic moral order)by Mr. Ezzedine Ghlamallah(Fellow, Chair for Ethics and Financial Norms)This would be transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.

26th Scientific Seminar was held on 12 November,2014 (20/01/1436H). The topic of the dialogue is (Islamic Banks: An alternative model?)by Mr. Jerome Ballet (Fellow, Chair for Ethics and Financial Norms)This would be transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.
 
27th Scientific Seminar was held on 10 December, 2014 (18/02/1436H). The topic of the dialogue is (Muslim Civilization: The Causes of Decline and the Need for Reform)by Prof. Muhammad Umer Chapra (Islamic Research and Training Institute - Islamic Development Bank - Jeddah )This would be transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.
 
28th Scientific Seminar was held on 11 February, 2015 (22/04/1436H). The topic of the dialogue is (Research Trends on Zakat in Western Literature)by Dr. Ahmad Mahdi Belouafi (Researcher at Islamic Economics Institute, King Abdulaziz University, Jeddah, Saudi Arabia) This would be transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.

29th Scientific Seminar was held on 11 March, 2015 (21/05/1436H). The topic of the dialogue is (Channeling Asset-Managed Sukuk towards SMEs financing: Sukuk Mudaraba prototype applied to a French SME)by Mr. Anass Patel (PhD Student, Paris 1 Sorbonne University). This would be transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne. )

30th Scientific Seminar was held on 08 April, 2015 (19/06/1436H). The topic of the dialogue is (The Genesis of Islamic Economics" Revisited)by Prof. Abdul Azim Islahi  (Researcher, Islamic Economics Institute, King Abdul Aziz University) This would be transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.

31th Scientific Seminar was held on 13 May, 2015 (24/07/1436H). The topic of the dialogue is (Religious Discrimination in the French Labour Market)by Prof. Marie-Anne Valfort  (University Paris1, Panthéon, Sorbonne, and Paris School of Economics) This would be transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.

32th Scientific Seminar  was held on Wednesday, 03 June, 2015 (16/08/1436H). The topic of the dialogue is (The Ethical Responsibility of Multinational Firms)by Prof. Drs. Cecile Renouard  (Director of the CODEV – Companies and Development – Research Program at the Institute for Research and Education on Negotiation (IRENE) at ESSEC Business School in Paris) This would be transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.

33th Scientific Seminar was held on Wednesday, 16 September, 2015 (03/12/1436H). The topic of the dialogue is (Comparative Assessment of Different Models of Insurance)by Prof. Dr. Munawar Iqbal, (Islamic Economics Institute, KAAU, Jeddah) Prof. Dr. Pierre-Charles Pradier (Univ-Paris1 France Panthéon, Sorbonne, Paris) This would be transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.

34th Scientific Seminar was held on Wednesday, 14 October, 2015 (01/01/1437H). The topic of the dialogue is (Towards a Sovereign Monetary System)by Dr. Ahmed Belouafi, (Islamic Economics Institute, King Abdulaziz University, Jeddah)This would be transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.

35th Scientific Seminar was held on Wednesday, 4 November, 2015 (22/01/1437H). The topic of the dialogue is (The new dark side of international trade: Compensating foreign contracts to encourage national development)by Mr. Mehdi El-Harrak, (University Paris1, Panthéon, Sorbonne, and Paris School of Economics)This would be transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.

36th Scientific Seminar was held on Wednesday, 09 December. 2015 (27/02/1437H) The topic of the dialogue is (Addressing the Global Debt Crisis through Sovereign Money)by Mr. Ben Dyson, (Founder and Head of Research at Positive Money Movement and co-author of ‘Modernising Money: Why our monetary system is broken and how it can be fixed?’.)This transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.

37th Scientific Seminar was held on Wednesday, 20 January 2016 (10/04/1437H). The topic of the dialogue is (An Inquiry on an Initiative to Create a Bank by Muslim Entrepreneurs in St. Petersburg in the Early Twentieth Century)by Dr. Abderrazak Belabes (Researcher, Islamic Economics Institute, King Abdulaziz University. This transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.

38th Scientific Seminar was held on Wednesday, 10 February, 2016 (01/05/1437H).The topic of the dialogue is (Are Ethical Funds More Resistant to Crisis than Conventional funds?)by Dr. Philippe Gillet (Faculty, Paris-Sud University). This transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.

39th Scientific Seminar was held on Wednesday, 13 March, 2016 (06/07/1437H). The topic of the dialogue is (Petroleum Trade Financing: The Shariah Postulate)by Dr. Mohd Ma’Sum Billah (Researcher, Islamic Economics Institute, King Abdulaziz University, Jeddah, Saudi Arabia). This transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.

40th Scientific Seminar was held on Wednesday, 04 May, 2016 (27/07/1437H). The topic of the dialogue is (Islamic versus Conventional Human Development Index: Empirical evidence from ten Muslim countries) by Dr. Necati Aydin (Associate Professor of Economics, College of Business, Al-Faisal University, Riyadh, Saudi Arabia). This transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.

41th Scientific Seminar was held on Wednesday,21 September, 2016 (19/12/1437H). The topic of the dialogue is (How fair is gambling? Assumptions on the gamblers’ cognitive abilities are likely to create bias in favour of the operators) by Dr. Pierre-Charles Pradier (Chair of Ethics and Financial Norms ). This transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.

42th Scientific Seminar was held on Wednesday, 12 October, 2016 (11/01/1438H). The topic of the dialogue is (Emergence of Sovereign Sukuk towards an eco-Sustainable Development) by Prof. Dr. Mohd Ma'Sum Billah (slamic Economics Institute, King Abdulaziz University, Jeddah ). This would be transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.

43th Scientific Seminar was held on Wednesday, 09 November, 2016 (09/02/1438H).  The topic of the dialogue is (Innovation in Islamic Finance) by Prof. Dr. Monzer Kahf (Qater Faculty of Islamic Studies). This would be transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.

44th Scientific Seminar was held on Wednesday, 14 December, 2016 (15/03/1438H) at 11 AM at Institute's. The topic of the dialogue is (What law will govern my contract? Islamic Law and the problem of certainty and enforceability of contract) by Prof. German Rodriguez Moreno (). This would be transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.

45th Scientific Seminar was held on Wednesday, 08 February, 2017 (11/05/1438H) at 11 AM at Institute's. The topic of the dialogue is (Climate Change financing in the Age of Austerity: Challenges and Opportunities) by Mr. Abdullateef  Bello (Islamic Development Bank). This would be transmitted live through video conferencing to the University of Paris1, Panthéon, Sorbonne.