A seminar on Islamic Economy: Realities and Perspectives has been held at AIT

Azerbaijan Institute of Theology hosted a seminar on Islamic Economy: Realities and Perspectives. The event was organized jointly by Azerbaijan Institute of Theology (AIT), the Islamic Economy Resource and Research Center (IERRC) and the Meybullayev Center for Islamic Economics at Azerbaijan State Economic University (UNEC).

AIT rector Jeyhun Mammadov welcomed the guests and expressed his satisfaction with the organization of this event at the Institute. Drawing attention to the topic, J.Mammadov stressed its relevance and said that our country has always maintained and promoted Islamic values. He emphasized these values are based on traditions, national mentality, culture and other rich qualities. The Rector also noted that the remarkable steps taken by the great leader Heydar Aliyev to protect our national and spiritual values are being successfully continued today by the President of the Republic of Azerbaijan Mr. Ilham Aliyev.

J.Mammadov further noted that the purpose of such events, seminars and round tables is to inform our students about current issues and increase their knowledge and skills.

Associate Professor Sarvinaz Khanlarzade, Head of the Meybullayev Islamic Economic Center at UNEC, said that the event will provide detailed information on the concepts and tools of Islamic economics and banking. Khanlarzade said that Islam aims to reduce poverty and improve people’s welfare.

PhD Ruslan Atakishiyev, Chairman of the Economic Resource Study Public Union, informed the participants about the main objectives of the event. He noted that implementation of such events will lead to the growing interest in the Islamic economy and the disclosure of the factors contributing to this interest.

PhD Ahmed Niyazov, Head of the Department of Islamic studies at Azerbaijan Institute of Theology, delivered a speech on the theoretical basis of Islamic economy. He mentioned the sources of the Islamic economy, the peculiarities of Islamic law and economic principles related to economic science. He noted that as an Islamic term, “economy” means “frugality”.

Ruslan Atakishiyev, Chairman of the Economic Resource Study Public Union, informed the participants about “Attitude towards Interest in Banking in Islamic Economy”, mentioned the nature of interest-free banking and the barriers that impede the fair distribution of income. The speaker further stated that interest causes an increase in the risks and cost of capital investment. Interest rates affect the cost of the product, leading to artificial price inflation. The speaker mentioned the application of interest-free banking and its development prospects as well as its implementation in Azerbaijan.

Anar Yusufzade, Vice President of IQRAM LLC, Auditor for Sharia issues at AAOIFI, delivered a speech on Introduction to Islamic Finance. He gave detailed information about Islamic finance and traditional financial system as well as the current situation of Islamic banking. A.Yusufzade emphasized the increasing interest in Islamic finance in the world.

At the end of the event, a book exhibition on Islamic economics, finance, banking and affiliated business was held.