What some have estimated to be a $4 trillion industry in the next year (others suggest more like $200 billion), Islamic Finance will be a fascinating faith-based form of finance to watch as the world keeps getting more interconnected.

Here is an accessible overview of a couple of the key principles involved

Tomorrow, Harvard Law School’s Islamic Finance Project (out of their Islamic Legal Studies program) will begin their seventh annual conference on Islamic Finance.  I am most interested in the panel coming up on Sunday:

Parallel Session C: RELIGIOUS PERSPECTIVES ON FINANCE 8:30 – 10:30am Austin North
Chair: Taha Abdul-Basser (Chaplain, Islamic Society, Harvard University) Usman Hayat (Director Islamic Finance & ESG Investing, CFA Institute, London, U.K.)
Faith in Finance Should Mean Transparency and Accountability
Janell Nakia Irving (Founder and CEO, V.O.I.C.E. Inc., Gary, Indiana) Garnering Federal Support for Faith-Based Initiatives
Omar Kalair (President & CEO, UM Financial, Toronto, Canada); and Aznan Hassan (Associate Professor, International Islamic University Malaysia, Kuala Lumpur) Faith and Finance: Multicultural Banks vs Islamic Banks
Ayesha Khan (Doctoral Candidate, Harvard Business School) Faith a Luxury for the Rich? Examining the Influence of Religious Beliefs on Individual Financial Choices
Shahzad Siddiqui (Legal Counsel, Shahzad Siddiqui Professional Corp., Toronto, Canada); and Talha Ahmad (Shari’a Manager, BMB Islamic, London, U.K.) The Alpha and Omega of “Abrahamic” Funds

The international group, Islamic Financial Services Board, has an interesting meeting coming up May 4-5, 2010 in Bahrain, which will consider topics like these:

  • The Changing Landscape of Financial Regulation: Implications for Islamic Finance
  • Macro-Prudential Surveillance Issues for Islamic Finance
  • New Architecture for Liquidity Management for Islamic Financial Instruments
  • Balanced growth of Islamic finance- the Sectoral Composition of the Islamic Financial Services Industry as a Contributor to Growth with Stability
  • New Islamic Financial Architecture: Challenges Ahead