Islamic Finance and Business: Capital, Commerce, and Careers​

We are pleased to invite you to join us at the ​Harvard University Muslim Alumni Association (HUMA) Islamic Finance Conference​. The conference theme this year is ​Islamic Finance and Business: Capital, Commerce, and Careers. Together we will explore the role of Islamic finance from a social impact point of view and showcase successful ethical businesses and their positive impact on a wide variety of community stakeholders. We will also focus on how the theme relates to students and professionals who want to learn more, build their networks and become engaged within the field by starting a business or meeting potential employers.

The full conference schedule is below and more details can be found on our website at humaifc.com. We recommend registering soon due to limited seating.

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Friday, October 26th

12:00 pm - 2:30 pm: Registration

2:30 pm – 2:40 pm: Welcoming Remarks

Rashid Yasin (HUMA President), Sahar Omer (HIS President), Chaplain Khalil Abdur-Rashid

2:40 pm – 4:15 pm

Plenary Session I: Role of Multilateral Institutions in Promoting Islamic Finance

Multi-lateral institutions such as the World Bank, United Nations, and Islamic Development Bank, have increasingly identified Islamic finance as an area of opportunity. The missions of these institutions in supporting the Sustainable Development Goals (SDGs) and promoting human development align strongly with the core values of Islamic finance. Further, Islamic finance is increasingly important in regions served by these institutions. Our panel will explore the ways in which multilateral institutions have engaged with Islamic finance: their rationale (why), their strategies (how), and their organization model (who).

Moderator: Aamir A Rehman (Partner, Hoopoe Capital, Sr. Advisor, UNDP, Consultant World Bank)

Panelists:

Khaleel Ahmed (International Finance Corporation), Ms. Türköz-Cosslett (Deputy Director, United Nations Development Programme)

4:30pm – 6:00pm

Parallel Session I: Islamic Finance 101

What is 'Islamic finance' and how does it actually work? In this short introductory session, Sh. Taha Abdul-Basser will present an overview of finance through an Islamic lens and cover the basic principles of applied Islamic ethics. This fascinating talk will probe the intersection of ethics, Islamic economy, and social entrepreneurship, and we hope it will generate deeper questions and conversations for the remainder of the conference.

Speaker: Taha Abdul-Basser (Principal & Co-Founder, Straightway Ethical Advisory LLC, New York)

4:30pm – 6:00pm

Parallel Session II: Impact Investing and Islamic Finance: A Path Towards Sustainability

Muslims in America and around the world are seeking to invest individually and institutionally in ways that embody their values. But much of the discussion within Islamic finance can seem to focus on “negative” screening, i.e. staying away from “sin” industries and excessive debt, with much less weight given to “positive” screening, i.e. encouraging sustainable impact based on numerous other Islamic values (e.g. environmental stewardship, labor rights, economic empowerment, accountability and governance, etc.). This panel explores (i) whether and how the conversation of Islamic finance can or should be broadened to include consideration of positive impact, (ii) whether and how industry practitioners/faith leaders think about values-based investing and the impact of their own institutions, and lastly, (iii) whether and how lay individuals can incorporate impact considerations even when deciding between financial options where none of the options seem to fall under the current rubric of Islamic Finance.

Moderator: M. Bilal Kaleem (Managing Partner at Hoopoe Advisors, Boston, Massachusetts)

Panelists:

Ousmane Diagne (Timbuktu Capital Management, LLC, Boston, Massachusetts)

Khaled Elsayed (CEO, Guidance Residential)

Sh. Yasir Fahmy (Senior Imam, Islamic Society of Boston Cultural Center)

Umar Moghul (Partner, Roberts Moghul & Partners, Boston, Massachusetts)

6:15pm – 7:15 pm: Mixer and Dinner

Ticknor Lounge, Boylston Hall, Harvard University, Cambridge, Massachusetts

7:15 pm - 8:30 pm

Stories of Excellence: How They Built Social Enterprises

These TED talk-style presentations will highlight businesses and social entrepreneurs that embody Islamic ethics and seek to leverage Muslims’ talent and resources.

Moderator: Omar Khoshafa (Co-Chair, HUMA Islamic Finance Conference)

Presenters:

Amany Killawi (Co-founder, LaunchGood)

Shahed Amanullah (Co-founder and CTO, Affinis Labs)

Umar Farooq Patel (Assistant Professor, Rizvi Institute of Management Studies and Research, Mumbai)

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Saturday, October 27th

8:00 am - 9:00 am: Registration

9:00 am - 9:30 am: Opening Remarks

Rashid Yasin (HUMA President)

S. Nazim Ali (Director, Research Division, College of Islamic Studies, Hamad Bin Khalifa University, Qatar)

9:30 am - 11:30 pm

Plenary Session II: The Building Blocks of a Muslim Entrepreneurial Ecosystem

Entrepreneurship is a powerful yet elusive path that rewards success with financial independence, stability and freedom. However, successful entrepreneurs don’t arise in a vacuum, and Muslim entrepreneurs face additional challenges and opportunities on the path to commercial success. In order to create world-class Muslim business and entrepreneurial leaders, we must systematically address the following requirements. We must create a culture of learning and innovation for young Muslim professionals to develop; provide leadership training that is grounded in Islamic principles, and identify business opportunities in the Muslim and non-Muslim world that leverage our Islamic tradition and knowledge. The panelists will address each of these areas using their own personal and professional journeys and the businesses they’ve created.

Moderator: Imran Sayeed (Sloan School of Management, Massachusetts Institute of Technology)

Panelists:

Khadija Rejto (CEO of Solutions International Advisors, & UN Foundation Board Member)

Dominique Russo (Founder of the Islamic Leadership Academy) Asim Khan (Managing Director, Paragon Development Systems, Inc.) Naureen Meraj (Co-Founder, Teach-The-World Foundation)

Mohammed Evren Tok (Associate Professor, College of Islamic Studies, Hamad Bin Khalifa University)

11:30am - 1:30pm

Plenary Session III: Fintech, Blockchain and Crowdfunding: It’s Role in Impact Financing

While a lot has been discussed about blockchain applications and fintech development in the conventional finance industry, limited discourse is available on the possible role of blockchain, fintech & crowdfunding on Impact and Social Investing. This specialized session focuses on the current and future implications of Fintech and Blockchain on Islamic finance and addresses issues from strategic, operational, regulatory and Shariah perspectives. The session will also discuss the changing landscape of impact financing with the advent of innovative crowdfunding approach. The panelists will deliberate on the present and likely future regulatory environment surrounding technological development and its impact on Islamic financial institutions from privacy and security viewpoints.

Moderator: Ibrahim Warde (Adjunct Professor, Tufts University)

Panelists:

Ibrahim Hassan (Executive Director of Investments, Qatar Development Bank, Doha)

Nafis Alam (Associate Professor, Reading University)

Taha Abdul-Basser (Principal and Co-Founder of the Straightway Ethical Advisory LLC, New York)

Amany Killawi (Co-Founder, LaunchGood)

Ahmad Raza (Consultant/Researcher, Boston, Massachusetts)

1:30 to 2:30 pm: Lunch

2:30pm - 4:30pm

Plenary Session IV: Alignment ESG and Impact Investing with Islamic Finance or SRI

Academics and researchers have long viewed Socially Responsible Investment and Equitable Financing as the Holy Grail of Islamic Finance. Many of the stipulations of Islamic Finance have been widely rationalized as being necessary for equitable growth and as being more humane, compassionate even more environmentally sustainable than secular banking practices in their larger impact on society. This view has created a sizeable common ground between Islamic finance, SRI and other faith-based investment philosophies. Despite these ideas of responsible Islamic finance, there is not much evidence to suggest that Islamic finance has been able to achieve its social rationale and thee is a dire need for new ideas to understand how the rules, prohibitions and guidelines of Islamic finance. Therefore, aligning SRIs are indeed the strengthening formula that can boost Islamic finance into potent vehicles of meaningful social change.

Moderator: Brace Young (Partner, Arabesque Asset Management, New York, NY)

Panelists:

James Ryan (Private Wealth Advisor, Merrill Lynch, New York, NY)

Patricia Dinneen (Senior Advisor, Emerging Markets Private Equity Association & Chair, Impact Investing Council)

Kabir Hassan (Professor, New Orleans University, Louisiana)

Shariq Nisar (Head Research, BSE Institute, Bombay Stock Exchange, India)

Lokesh Gupta (Co-founder and CTO, RM Applications, Kuala Lumpur, Malaysia)

4:30pm to 5:45pm: Concluding Remarks

Khalid Latif (Co-founder, Honest Chops, New York, NY)

Rashid Yasin (HUMA President)

Sahar Omer (HIS President)