1ST WORLD CONFERENCE ON RIBA: Islamic Monetary & Economic System as a Solution to Global Economic Crisis

The current global trend today is complicated under the conventional monetary system. Kameel states that almost every country around the world have to face the situation. First, the 2007 monetary meltdown still has its effect on the world. Second, unemployment in the US still persists. Third,widening disparity in wealth and income distribution. Fourth, major economies in liquidity traps. Fifth, recession, possible double-dip. Sixth, domino effect–Dubai, Iceland, Greece, Portugal, Spain etc. Seventh, dollar crisis and gold. Eighth, currency war.

Joseph Stiglitz who receives nobel laureate said a growing divide between the haves and the have-nots has left increasing numbers in the Third World in dire poverty, living on less than a dollar a day. Despite repeated promises of poverty reduction made over the last decade of the twentieth century, the actual number of people living in poverty has actually increased by almost 100 million. This occurred at the same time that total world income actually increased by an average of 2.5 percent annually.

Actually, what happen nowadays is part of the nature of international crisis. According to Meera, that the crisis global in nature are world economy expected to shrink for the first time since Great depression and global socio-economic chaos likely. There seems to be a general breakdown of the global monetary and financial system.

Many references describe about the phenomenon and theory of conventional monetary system. For example from western writers we can read Money Understanding and Creating Alternatives to Legal Tender by Thomas H Greco, The End of Money and The Future of Civilazion by Bernard Lietaer and Robert A. Mundell, Jude Wanniski, Ellen Brown etc. Also we can read from muslim writers such as The Problem with Interest by Tarek el-Diwani, The Prohibition of Riba by Imran Hossein, Riba and The Destiny of Muslims by Aziuddin Ahmad, The End of Economics by Umar Vadillo and The Theft of Nations by Ahamed Kameel etc.

Continuous growth of Money is a debt. Refers to http://mwhodges.home.att.net/ (see the figure) describes about American economic situation that the trend of money is exponential growth. America has a total debt of $53 trillion and the highest debt ratio in history $175,154 per man, woman and child or $700,616 per family of four.

In Islamic world view, riba is the underlying issue in the situation. Riba is the root of economy problem in the world. Moreover, all major religions; Judaism, Christianty, Islam and Hinduism addressed about this topic. Its very important for Muslim to make a program that concern about riba and find the solution. Therefore, there is 1st world conference on riba, Islamic Monetary and economic system as a solution to global economic crisis as a theme. The Main Organizer is Thinkers Trends Resources (TTR) with Co-organizer Kulliyyah of Economics and Management Sciences (KENMS), International Islamic University Malaysia. The conference held on 1st -2nd November 2010 in Dewan Tun Hussein Onn, Putra World Trade Centre (PWTC), Kuala Lumpur.

There are five objectives of the conference. First, bring together the business community, shariah scholars, academicians, government officials, policy makers, bankers, students etc. to discuss the global financial and economic crisis that is threatening to explode into a major global conflict. Second, identify the major underlying causes of the crisis and find ways to mitigate it collectively and effectively. Third, collate the findings into a book for the benefit of all and for further deliberations. Fourth, create a dedicated resource centre for research and education on Riba. Fifth, create a network of workers and organizations with the common interest of addressing the issue of Riba.

The contents of conference are Tun Dr Mahathir Mohamad as a Keynote speker and eleven sessions by the qualified speaker around the world. First session, Riba According to Qur'an and Sunnah by Prof Umar Ibrahim Vadilo (Leader World Islamic Trade Organization). Second session, Prohibition of Riba in Islam by Sheikh Imran N.Hosein (imam, author, Trinidad & Tobago).Third sessions, Riba and Global Economic Crisis by Prof Ahamed Kameel Mydin Meera (professor,IIUM). Fourth session, Socio Political Impact of Banking Sector's Riba al Duyun (Debt Usury) by Prof Aziuddin Ahmad (rector KUIS). Fifth session, Riba and the New Global Order by David Musa Pidcock (Leader Islamic Party in Britain. Sixth session, Interest based Monetary system and The Global Economic Crisis by Rodney Shakespeare (Christian Council for Monetary Justice, UK. Seventh session, The Role of Governments in Addressing the Global Economic Crisis by DR Zambry Abdul Kadir (Chief Minister State of Perak,Malaysia). Eighth session, Riba and The Gold Dinnar by DR Yasin Dutton (Assoc Prof University of Cape Town South Africa). Ninth session, Islamic Micro Finance in Alleviating Poverty by DR Asyraf Wadji datuk Dusuki ( Head Research ISRA). Tenth session, Riba Free Home Financing : A Pratical Cooperative Model by Pervez Nasim(Chairman Ansar Cooperative Housing Corp. Ltd, Toronto Canada). Eleventh session, The need to Educate the Public on Riba by Shirazdeen Adam Shah & Mohd Abbas (Principle Consultant Thinkers Trends Resources).
Reference: press conference 1st world conference on riba by Prof Ahamed Kameel Mydin Meera and the proceedings of conference
Arranged by Yuni Yulia Farikha