Towards the end of 2008, the world witnessed a significant economic change that may alter its future.  The constant calls of many leaders in the past to find a new economical model to replace capitalism or to initiate changes related to free market trade. Some concepts have surfaced as well related to organizational governance, social responsibility and work ethics.

 

The Islamic Finance has always been aware of what is happening on the world economy being part of the global finance industry. However, the fact that it is in alignment with the Islamic law requirements and being governed by the Islamic Shariya, protected Islamic Finance from falling in to the practices that eventually led to the global economic recession.

 

This conference aims in its first launch to illustrate the available opportunities in the Islamic Financial industry and the challenges it faces in an effort to be adapted to a global level. It will attempt to response issues such as: to which extent can Islamic Finance successfully influence the conventional finance practices? Is it possible that Islamic Finance with its current applications may after all represent the ideal model that the world economy is looking for? To which extent can Islamic Finance reflect its modern usage the reality of basic theoretical concepts and Shariya rules on which it is founded? Most importantly, what are the challenges that Islamic Finance would face in its attempt to influence the conventional practices in economics and finance?