Meetings of Heads of the Departments of Economics (6)

MEETINGS OF THE HEADS OF DEPARTMENTS OF
ECONOMICS AND ISLAMIC ECONOMICS IN
THE UNIVERSITIES OF THE KINGDOM OF
SAUDI ARABIA
______________________________________________

Sixth Meeting
21-22/01/1422H
(15-16/04/2001G)

With the grace of the Almighty, the Sixth Meeting of Heads of Departments of Economics and Islamic Economics in the Universities of the Kingdom of Saudi Arabia was held at the Islamic Economics Research Center of King Abdul Aziz University in Jeddah during the period 21-22/01/1422H (15-16/04/2001G).

The meeting was opened by H.E. Dr. Ghazi Bin Obeid Madani, Chancellor of the University. Sessions were chaired by Dr. Mohammad Najib Bin Ghazali Khayyat, Director of the Islamic Economics Research Center, Dr. Usamah Bin Ibrahim Filali, Deputy Director of the Center, Dr. Ahmad Sa'id Bamakhramah and Dr. Mohammad Bin Ali Al Ogla. Proceedings of the meeting were as follows:

- First Working Session: Presentation and discussion of the paper on "Teaching Money and Banking from an Islamic Perspective".

- Second Working Session: Presentation of the comments on the paper mentioned above.

- Third Working Session: Continuation of discussions and comments of the participants on the paper.

- Fourth Working Session: Presentation of the proposed paper on "Teaching of Fiqh-ul-Mua'malaat Al-Maliyyah" (Teaching of Islamic Business Law).

- Fifth Working Session: Islamic Banks: Future Challenges.

The participants emphasized the importance of teaching Money and Banking from an Islamic Perspective. They also emphasized the importance of having such teaching emanate from technical know-how and related knowledge of Shari'ah concepts and pronouncements or judgments on such subject. The participants concluded their session with the following recommendations:

Recommendations of the Sixth Meeting:

1. To send a letter of thanks in the name of the participants in the meeting to H.E. the Chancellor of the University, Prof. Dr. Ghazi Bin Obeid Madani, for patronizing this meeting and devoting part of his valuable time to inaugurate the proceedings of the meeting and provide participants with his enlightened ideas.

2. To send a letter of thanks in the name of participants to the Dean of the College of Economics and Management Sciences and Chairman of the Board of Directors of the Center, Dr. Farid Bin Hashim Flimban, the Director of the Islamic Economics Research Center, Dr. Mohammad Najib Bin Ghazali Khayyat and to all those who contributed to preparations for the meeting and for their excellent organization, arrangements and hospitality.

3. To send a letter of thanks to Prof. Dr. Mohammad Nejatullah Siddiqui for preparing the working paper of the meeting on “Teaching Money and Banking from an Islamic Perspective” and for the paper’s prominent role in deepening and concentrating the discussions and opening the minds of participants in highlighting the issues related to money and banking.

4. Adoption of an outline for description of the Money and Banking Course to look as following:

- Money

- Banks and Monetary Institutions

- Financial and Money Markets

- Monetary Theories

- Monetary Policy

- Banks and International Markets

The recommendation calls for coordination with the various departments concerned to prepare a detailed description of the Money and Banking Course, and to submit such description to the next meeting.

5. Adoption of Economics Departments in the universities of the Kingdom of the idea of teaching Fiqh-ul-Mu’amalaat Al-Maliyyah (Islamic Business Law) in Colleges of Economics and Management Sciences.

6. Publication of the proceedings of the 6^th Meeting of the Heads of  Economics and Islamic Economics Departments in the Universities of the Kingdom of Saudi Arabia, as well as the oral and written comments made during the meeting.

7. Intensify studies and research to complete the various aspects of teaching the Money and Banking Course from an Islamic Perspective.

8. Intensify applied research activities on Islamic financial institutions and their role and the challenges they face.

9. Publication of a bibliography of research in money and banking.

10. Establish a committee for communication and follow-up among the Center and the departments concerned and appointment of a representative for each department.

11. Recommend adoption by the Saudi Monetary Agency (SAMA) of the following procedures to enhance the performance of Islamic financial institutions in the Kingdom:

Establish a Shari’ah Supervisory Committee within SAMA to supervise and monitor the operations of Islamic financial institutions.

1. Seek the assistance of researchers in Saudi universities and other institutions to undertake studies in the field of Islamic financing and monetary policy from an Islamic perspective.