Articles on Islamic Economics

Roundup of 3rd International Divine Economics Conference

Divine Economics Conference

Muzaffarabad, Azad Jammu and Kashmir

May 5 to May 7, 2023

Renowned intellectuals, economists, and scholars from various corners of the globe convened to engage in insightful discussions on the “Role of Religion, Spirituality, Ethics, and Values in Economy and Society.”

The third International Divine Economics Conference, organized by the Islamic Social Sciences Forum (ISF) of Hadi Foundation in collaboration with esteemed universities and AJK Medical College, commenced with great enthusiasm in the month of May, 2023 in capital city of AJK, Muzaffarabad.

The conference aimed to question traditional economic paradigms and delve into the profound influence of religion, ethics, values, and spirituality on the economy and society. Distinguished speakers and participants geared up to challenge established norms and explore novel perspectives on the interplay between economic systems and the realm of faith.

The inaugural session was presided over by the Former Chief Justice of Azad Jammu and Kashmir, Justice Chaudhary Muhammad Ibrahim Zia.

The session featured addresses by notable figures such as Prof. Christopher Hodshire from the United States and Dr. Redek Tadeusz E. Biernacki from Chile, who joined remotely. Renowned economist Dr. Muhammad Fahim Khan and Chairman of the Hadi Foundation, and Conference Chair, Prof. Dr. Nisar Hussain Hamdani, along with other distinguished guests, also delivered thought-provoking speeches.

In his address, Former Chief Justice, Justice (R) Chaudhary Muhammad Ibrahim Zia emphasized that Islam encompasses all facets of life, including the economic dimension. He applauded the conference as an excellent opportunity to deliberate on the economic challenges posed by conventional systems and make rational decisions.

Justice Zia stressed that isolating the economy from religion, values, and the social fabric would be counterproductive, highlighting the inherent interconnectedness of these elements.

Prof. Dr. Nisar Hussain Hamdani, Chairman of the Hadi Foundation, provided an overview of Divine Economics and shed light on the latest developments in research within this field. He expressed hope that the conference would serve as a unique platform for stimulating discussions and debates on integrating religion, ethics, and values into the economy.

Prof. Hamdani envisaged that the conference could challenge conventional wisdom in economics, inspiring economists and social scientists in reimagining the discipline by placing a greater emphasis on the role of religion, ethics, values, and spirituality in shaping economic systems.

Prof. Dr. Nisar Hamdani further said that the prevailing western economic theory, which maintains that the economy is separate from religion, morality, and spirituality, is not acceptable. “Economy and society are one, and therefore, religion, ethics, and values as part of society should be an integral part of economic ideas”.

Prof. Christopher Hodshire from the United States discussed divine economic justice and ongoing collaborations between religious institutions and their impact on poverty at both local and national levels.

Experts from various countries, including the United States, Britain, Chile, Iran, and Malaysia, attended the conference along with researchers, economists, philosophers, MPhil and PhDs, faculty members, scholars, and post-graduate students from over two dozen universities of Pakistan and Azad Kashmir.

During the conference, the Islamic Social Sciences Digital Library was inaugurated, which includes a large number of e-books on topics such as the Quran, Hadith, ethics, divine economics, research journals on Islamic history, biography, logic, philosophy, law, literature, and social sciences. This library is available online for free. Furthermore, the book “Philosophical Thinking and Rational Thinking” by philosopher Dr. Kausar Ali was launched, providing guidance on basic philosophical concepts and issues. Dr. Ali described the book as a rational attempt to answer metaphysical questions that arise in life and a strong foundation for building an intellectual personality.

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