Report on the Third Seminar on Islamic Economics Resource Mobilization and Investment in an Islamic Framework The Catholic University of America, Washington, D.C. Herefeld Auduorium, Hannan Hall Jumada al Akhirah 4-5, 1411 December 22-23, 1990

Abstract

The Third Seminar on Islamic Economics, held under the sponsorship
of the International Institute of Islamic Thought (IIIT) and the Association
of Muslim Social Scientists (AMSS), took on an international character with
delegates in attendance from as far east as Malaysia, Egypt, and Saudi Arabia
in addition to participants from Canada and the United States. This year's
theme for the conference, "Resource Mobilization and Investment in an Islamic
Framework;' evoked considerable interest among both academicians and
practitioners of the Islamic economic reform movement. Evidence of this
interest was seen in the large number of research papers received on the
subject although, regrettably, funding limitations prevented many a scholar
from participating in the meetings.
The first day's sessions opened with brief remarks from Sayyid M. Syeed,
general secretary of the AMSS, and Zaidi Sattar, program director for the
seminar. Their remarks, while highlighting the significant strides made in
the past decade in research on Islamic economics, pointed to the substantial
financial and logistical constraints that remain in the advancement of future
research in the area. IIIT and AMSS were commended for their past role
in this endeavor, and hopes were expressed for a more vigorous role in the
future.
The highlight of the opening session was the thoughtful inaugural address
by Taha Jabir al ‘Alwani, President, IIIT, who emphasized the importance
of the “human” element in the organization and management of economic
resources as “. . . man is both intellect ready for thought, and hands ready
for action.” Citing from the Holy Qur’an and the works of Islamic scholars,
he stressed that Islamic thought has much to offer in the emancipation of
the ummah from the debilitating influence of colonialism. Development of
the mind, he argued, is as critical to a society’s growth process as is the
development of economic resources ...