Know 3 Most Prominent Islamic Finance Scholars from the MENA

Know 3 Most Prominent Islamic Finance Scholars from the MENA

Did you know some of the most prominent Islamic Finance Scholars from the MENA (the Middle East and North Africa) region? They are considered as who influenced the rapid growth of Islamic finance in the recent five decades. Basically, Islamic finance’s fundamental notions trace back to the sixth century. At that time, Muslims practised Islamic finance for many decades. However, when the Islamic Empires collapsed and European powers conquered Muslim lands, the practice of Islamic Finance disappeared incrementally. The current Islamic finance industry arose in the 1970s. This is mainly triggered by early twentieth-century Muslim economists. They sought alternatives to interest-based transactions that violate Islamic law.

Suppose you are not familiar with Islamic Finance Scholar from the MENA region. Here are we present to you the three selected prominent scholars from the MENA region who contributed to the massive development of Islamic Finance. We highlight the most remarkable record of their careers, contributions and their notable scholar books.

1) Dr. Umar Chapra, Saudi Arabia, Winner of IDB Prize in Islamic Economics, 1989

Muhammad Umar Chapra is one of the prominent Islamic finance scholars from the MENA region. He is a Pakistani- Saudi Islamic Finance Scholar who was born on 1 February 1933 in Karachi, Pakistan. As of November 1999, he is an Advisor at the Islamic Development Bank’s (IDB) Islamic Research and Training Institute (IRTI) in Jeddah, Saudi Arabia. Before that, he spent nearly 35 years as an Economic Advisor. Subsequently, he became a Senior Economic Advisor at the Saudi Arabian Monetary Agency (SAMA) in Riyadh. Chapra has authored numerous articles on Islamic economics and finance. Along with numerous articles published in reputable publications, he has written 11 books, the most prominent of which are listed below.

  • Towards a Just Monetary System
  • Islam and the Economic Challenge
  • The Future of Economics: An Islamic Perspective
  • The Islamic Vision of Development in the light of Objectives of the Sharia
2) Dr. Rafiq Younus Al Misri, Syrian, Winner of the IDB Prize in Islamic Economics, 1997

Rafiq Younes Al-Masry is an Islamic Finance Scholar from the MENA region who was born in Damascus, Syria on June 2, 1942. He grew and studied in Damascus and earned a doctorate in development economics from the University of Rennes in 1975. After that, he worked as an assistant to the head of the Accounting Department at the Industrial Bank from 1966 until 1978. Subsequently, he was designated to head the Credit Department and the Studies and Planning Department in the Bank’s General Administration.

Dr Rafiq is a member of the Islamic Fiqh Academy. Additionally, he is also a member of the Organization of the Islamic Conference in Jeddah since its inception and a member of the International Association of Islamic Economics in London. At the same time, he served on the Scientific and Curriculum Committees and assisted the center’s magazine. Also, he provides advice, arbitration, research publication, discussion papers, dialogues, book reviews, and translation. Here are some notable books he wrote:

  • The Economic Miracle of the Noble Qur’an” (2005)
  • The Fundamentals of Islamic Economics”, fourth edition (2005)
  • Al-Ghazali Economics. (2007)
3) Dr. Abbas Mirakhor, Iranian, Winner of the IDB prize in Islamic Economics, 2003

Another Islamic Finance Scholar from the MENA region is Dr. Abbas Mirakhor born in Iran. He earned a PhD from Kansas State University in the United States. From 1968 until 1984, he taught at several colleges before joining the International Monetary Fund (IMF). He served as staff, Executive Director, and Dean of the Board until his retirement in 2008. Furthermore, Mirakhor was awarded the “Order of Companion of Volta” by Ghana’s President in 2005 for his devotion to the country.

He shared the 2003 Islamic Development Bank Annual Prize for Research in Islamic Economics with Dr Mohsin Khan, another prominent IMF economist. In addition, he has written numerous books, articles, and research papers on various subjects, including microeconomic theory, mathematical economics, and Islamic economics. Above all, his most recent publications include “Islam and Development: The Institutional Framework,” co-authored with Dr Idris Samawi Hamid, a professor of philosophy at Colorado State University in the United States of America.

Furthermore, here are some most notable books within five recent years:

  • Introduction to Islamic Economics: Theory and Application (Hossein Askari, Zamir Iqbal, and Abbas Mirakhor, December 2014).
  • Risk Sharing in Finance: The Islamic Finance Alternative (Zamir Iqbal, Abbas Mirakhor, Hossein Askari, and Noureddine Krichene, 2011).
  • An Introduction to Islamic Finance: Theory and Practice, 2nd Edition (Zamir Iqbal,and Abbas Mirakhor, 2011)
  • The Stability of Islamic Finance: Creating a Resilient Financial Environment for a Secure Future (Hossein Askari, Zamir Iqbal, Noureddine Krichenne, and Abbas Mirakhor, 2010)
  • Globalization & Islamic Finance: Converge, Prospects & Challenges (Hossein Askari, Zamir Iqbal, and Abbas Mirakhor, 2009)

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