Islamic finance is one of the fastest growing financial markets. According to Standard & Poor Rating service agency, assets held by Islamic financial institutions are estimated to be about $1.8 trillion and they are likely to sustain double-digit growth over the coming few years to reach about $3 trillion. Moreover, Saudi Arabia is one of the leading markets for Islamic finance industry. Saudi Arabia is the second largest in term of the size of Islamic assets. Despite this rapid growth, the size of the market is still small compared to the history of the Islamic finance practices. For example, the market of Islamic finance is much smaller than the market of social responsibility investments, which is estimated to be $ 6.5 trillion only in the United States. Global financial assets are hovering around $150 trillion. Big part of which are recently created innovations (e.g. derivatives) that have been preceded by the existence of Islamic finance.
On another dimension, Islamic finance so far suffers from very week scientific research. A scan of the top 10 scientific journal in finance and economics reveals that Islamic finance is almost absent in such quality scientific journals in finance and economics.
For that reasons, King Fahd University of Petroleum and Mineral (KFUPM), represented by College of Industrial Management (CIM) and Center of Research Excellence in Islamic Banking and Finance (CEIF) , organized a scientific conference of Islamic finance research held in March 14-15, 2016 in Riyadh. The aim of the conference was lifting the scientific discussion of Islamic finance and placing the industry in solid economic foundations.
More details about the successful conference are available at the following link: