AGENDA
International Conference
VALUES FOR IMPACT
Ethical Finance, Innovation and Sustainable Growth
18 – 19 June 2025
Sarajevo, Bosnia and Herzegovina
Day 1 - 18th June 2025
IUS Campus, Building A, Ground Floor, Red Amphitheatre
09:30 – 10:00 Opening remarks
Dr Ahmet Yıldırım, Rector, International University of Sarajevo (IUS), Bosnia and Herzegovina
Dr Ahmet Albayrak, Executive Vice president, Kuveyt Türk Katılım Bankası & Patron/Hami of
the Center for Islamic Finance, Innovation and Sustainability at IUS
10:00-10:30 Keynote session
Dr Sami Al-Suwailem, Director General, Islamic Development Bank Institute, Kingdom of Saudi Arabia
10:30-12:00 IsDB prize winners session
Moderator: Dr Turkhan Ali Abdul Manap, Senior Research Economist, Islamic Development Bank Institute,
Kingdom of Saudi Arabia
Panelists:
Dr Mehmet Asutay, Professor of Middle Eastern and Islamic Political Economy & Finance, Durham Centre for
Islamic Economics and Finance, Durham University Business School, United Kingdom
Dr Mohammad Kabir Hassan, Professor of Economics and Finance, University of New Orleans, United States
Dr Habib Ahmed, Sharjah Chair in Islamic Law and Finance, Durham University Business School, United Kingdom
12:00 – 12:30 Break
IUS Campus, Building A, Ground floor, Red Amphitheatre IUS Campus, Building A, Ground Floor, Conference room
12:30 – 14:00 Session 1A: Reviving the Moral 12:30 – 14:00 Session 1B: Data-Driven and Operational
Foundations of Economic Life: Paths to a Approaches in Islamic Banking and Finance
Just Political Economy
Session Chair: Sami Al-Daghistani, Lund University, Sweden;
Session chair: Mehmet Asutay, Durham University, United
Columbia University, USA
Kingdom
Does the Ṣukūk Market Have the Wind in Its Sails? A Hexagonal-
Examining The Evolution In The Values Embraced In The Islamic
Fiqhī Appraisal and Quantitative Analysis
Finance Industry: From Conceptualisation To The Current
Hylmun Izhar, Turkhan Ali Abdul Manap, Yahya A. Rehman,
Sustainable Development Trends
Islamic Development Bank Institute, Kingdom of Saudi Arabia
Beebee Salma Sairally & Marjan Muhammad, INCEIF University,
Malaysia
Embracing Quantum Computing for Sustainable Finance: The
Malaysian Case
From Conventional to the Islamic Moral Economy Wealth
Maya Puspa Rahman, ISRA Institute, INCEIF University;
Distribution: Pathways to Addressing Income Inequality in Morocco
Noorihsan Mohamad, Zarinah Hamid, Kulliyyah of Economics and
Hamida Lahjouji, Mariam El Haddadi, EMSI Casablanca,
Management Sciences, International Islamic University Malaysia;
Morocco
Mior Nasir Mior Nazri, Kulliyyah of Information and
Communication Technology, International Islamic University
Adapting Malaysia’s Value-Based Intermediation Framework:
Malaysia
Towards An Ethical And Sustainable Islamic Financial Ecosystem In
The Maldives
Stabilizing Credit Through Diversification in Islamic and
Latifa Bibi Musafar Hameed, Faculty of Economics,
Conventional Banks
Management & Accountancy, Selangor Islamic University (UIS);
Mirzet Šeho, Mohammed Sharaf Mohsen Shaiban, Abdul Ghafoor,
Ahmed Munawar, Maldives Monetary Authority (MMA); Ahmad
Monash University, Malaysia
Fatin Mohamad Suhaimi, Faculty of Economics, Management &
Accountancy, Selangor Islamic University (UIS)
14.00 – 15.00 Break and Lunch (IUS Cantine, Floor -1)
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15:00 – 16:00 Session 2A: Contemporary trends and 15:00 – 16:00 Session 2B: AI Workshop sponsored by BH
analytical perspectives in Islamic finance Telecom & ARTI Analytics
and Investment
Digital assistant as a Value Generator: GenAI in the Service of
Session chair: Mohammad Kabir Hassan, University of New Customer Experience at BH Telecom
Orleans, USA Dženeta Kudumović, Amil Čohadžić, Armin Memić, BH
Telecom, Bosnia and Herzegovina
Istisna Sukuk vs. Built-Operate-Transfer (BOT): A Comparative
Social and Economic Cost-Benefit Analysis for Infrastructure Empowering Time-Series Forecasting Through Rapid AI Model
Financing in Turkey Deployment Framework
Isa Yilmaz, Istanbul Medeniyet University, Türkiye Faruk Herenda, Migdat Hodžić, Tarik Hubana, ARTI Analytics
Exploring Diversification: Dynamic Relationships among AI,
Sustainable Energies, Commodities, and Islamic Investments
Burhan Uluyol, Zaim Sabahattin University; Edib Smolo &
Mohamed Mahees Reheem, Effat University, Kingdom of Saudi
Arabia
The Consequences of Fixed Income Investments on Sustainable
Economic Growth
Suad Bećirović, University of Novi Pazar, Serbia
16:00 – 16:15 Break
16:15 – 17:15 Session 3A: Faith, Ethics, and 16:15 – 17:15 Session 3B: Reclaiming Economic Justice:
Environmental Behavior: Rethinking Zakat, Sustainability, and Moral
Sustainability in Finance Accountability
Session chair: Bill Russell, University of Dundee, United Session chair: Edib Smolo, Effat University, Kingdom of Saudi
Kingdom Arabia
GREENECON: Incentivizing Futures: Ethical Finance and Climate Assessing the Sustainable Impact of Zakat in Empowering
Justice in the Green Economy Marginalised Communities
Sarah A Tobin, CMI, Bergen, Norway; SGS, University of Sussex, Nur Harena Redzuan, Siti Saffa Shaharuddin, IIUM Institute of
United Kingdom Islamic Banking and Finance, International Islamic University
Malaysia
Economic and Environmental Perspectives in Islamic Thought
Sami Al-Daghistani, Lund University, Sweden Zakat, Social Giving, and Lorenz Curve Mathematical Model
Migdat Hodžić, International University of Sarajevo, B&H & ARTI
Bridging Islamic Ethics and Circular Economy: Towards a Halal Analytics, USA
Circular Economy Framework
Hasan Gilani, University of Brighton, United Kingdom Implementing Sustainability in the Civilizations of the Greco-
Roman and Abrahamic Religions: Sustainable Sukuk Today, How
to Fund the Sustainable in the Past?
Khairunnisa Musari, Kiai Haji Achmad Siddiq State Islamic
University (UIN KHAS), Indonesia
Developing of Impact Measurement Framework for Islamic
Microfinance Based on Maqasid Al-Shariah
Siti Saffa Shaharuddin, Nur Harena Redzuan, Romzie Rosman,
IIUM, Institute of Islamic Banking and Finance, Malaysia
17:15 – 17:30 Break
17:15 – 18:30 Special parallel session: Getting Published in a Peer Reviewed Journal: Insights from a
Scopus-Indexed Journal Editor. Facilitated by Dr Beebee Salma Sairally, Editor of International
Journal of Islamic Finance and Sustainable Development (IJIFSD).
Venue: Building B, Floor I, FBA Conference Room.
17:30 – 18:30 Session 4A: Synergies for Inclusive Growt: 17:30 – 18:30 Session 4B: Fintech and Sustainable Digital
Finance, Social values and Policy Solutions
Session Chair: Dr Sarah A Tobin, Research Professor – CMI, Session Chair: Ahmed Shalaby, Bonanza Technology - Human
Bergen, Norway; Visiting Professor of Anthropology – SGS, Information Technology Laboratory, Finland
University of Sussex, United Kingdom
Leveraging Islamic FinTech for Sustainable Development and
Synergizing financial inclusion and fiscal decentralization within Environmental Ethics in Times of Crisis
climate risk management objectives: Do natural resources matter? Salah Alhammadi, Arab Open University, Kuwait
Elma Šatrović, Hasan Kalyoncu University, Türkiye
www.valuesforimpact.com
Comparative Analysis of Islamic Financial Inclusion Strategies in Islamic Fintech Adoption in Pakistan and the Impact of Moderating
Malaysia and Indonesia Role of Religious Orientation
Shamimi Mohd Zulkarnaini, Rusni Hassan, IIUM Islamic Sanaullah Ansari, Ifrah Suhail, SZABIST University, Pakistan
Banking and Finance, INCEIF UNIVERSITY, Malasyia
Measuring Key Success Factors for Potential Equity Crowdfunding
Enhancing Shariah Decision-Making for Ethical Finance, Platforms in Bosnia and Herzegovina
Innovation, and Sustainable Growth Hana Halilbegović, Nihat Gumus, Ibn Haldun University, Türkiye
Ieman Huda Adnan, Bank Kerjasama Rakyat Malaysia; Rusni
Hassan, International Islamic University Malaysia, Institute of Uncovering Fraud in Financial Systems Using a Multi-Model AI
Islamic Banking and Finance; Wan Nurliza W. Ramli, Bank Based Anomaly Detection Ensemble
Kerjasama Rakyat Malaysia Admir Papić, Faruk Herenda, Tarik Hubana and Migdat Hodžić,
ARTI Analytics
20:00 Conference dinner, Hotel Malak (Bosnian room)
Day 2 - 19th June 2025
IUS Campus, Building A, Ground floor, Red Amphitheatre IUS Campus, Building A, Ground Floor, Conference room
09:00 – 10:30 Session 5A: Navigating Sustainability, 09:00 – 10:30 Session in cooperation with ICCD: Tech-
Religious Ethics and Secular Regulation Driven Halal Ecosystems: Advancing
Global Standards and Trade
Session Chair: Isa Yilmaz, Istanbul Medeniyet University,
Session Chair: Alija Avdukić, University of Dundee, United
Türkiye
Kingdom
The Permissibility of Interest-Based Activities from the Perspective of Introductory remarks: Admir Mešković, International
Darura (Necessity): Ismail Hakki Manastirli and the Case of Bosnia University of Sarajevo, Center for Islamic Finance, Innovation and
and Herzegovina Under Austro-Hungarian Rule Sustainability
Edin Kadrić, Independent Researcher, Bosnia and Herzegovina
Interfaith Impact Investments in Bosnia and Herzegovina -
A Critical Analysis of the Possibility of Introducing Takaful Operationalization of Islamic Moral Principles in Technology
Insurance in Secular Regulation: The Example of Bosnia and Venture Capital Funds and Acceleration Programs
Herzegovina Nerma Saračević, Mozaik Foundation, Bosnia and Herzegovina
Advija Alihodžić, Privatisation Revision Agency, FB&H
Government, Bosnia and Herzegovina Zakat and blockchain technology: Exploring the views of Bosnian
Muslims
Ethics and Religion in Modern Finance: Comparative Perceptions of Amra Selimović-Fijuljanin, Ministry of Foreign Trade and
Islamic Financial Principles Among Muslims and Non-Muslims in Economic Relations of B&H; Admir Mešković, Šejma Aydin,
Serbia International University of Sarajevo, Bosnia and Herzegovina
Haris Zogić, International University of Novi Pazar, Serbia
Reflection from practice:
Islamic Finance - a 1450-Year-Old Concept as a pioneer of
Sustainable Finance: An investigation of the synergies and potential Talha Ahmed Shaikh, Islamic Chamber of Commerce and
for the Austrian financial market Development, Pakistan
Edina Latic, FHWien University of Applied Sciences for
Management & Communication, Austria Elmir Babović, European Commission, Bosnia & Herzegovina
10:30 – 10:45 Break
10:45 – 12:00 Session 6A: Behavioural and Legal 10:45 – 12:00 Session 6B: Islamic FinTech for Inclusive
Dimensions of Islamic Finance and Ethical Futures
Session Chair: Habib Ahmed, Durham University Business Session Chair: Migdat Hodžić, International University of
School, United Kingdom Sarajevo, B&H & ARTI Analytics, USA
A Contribution To Behavioral Economics Based On Islamic Ethics in Crisis: Can the Islamic Economy's Digital Revival Tame AI
Economy: An Analysis of The Concept of Self-Interest and An and Global Debt with the Digital Sustainable Growth Model?
Experimental Research Ahmed Shalaby, Bonanza Technology - Human Information
Zeynep Hafsa Orhan, Eyyup Yakup Gedikli, Istanbul Sabahattin Technology Laboratory, Finland
Zaim University
Islamic Microfinance & Fintech Scheme for “Refugees as Assets to
Enhancing Profitability through Supply Chain Performance in their New Countries”
Islamic Banking: Evidence from Pakistan
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Fariha Naqvi, Nihat Gumus, Ibn Haldun University, Türkiye Sara AlBalooshi, Sara Alfaihani, Yomna Abdulla, University of
Bahrain, Bahrain
Beyond Riba: Unpacking Customer Willingness to Pay for Murabaha
Margins in Indonesian Islamic Banking What do we know about Islamic FinTech? A critical review and
Dian Kartika Rahajeng, Sheila Hikma Ariefadisya, Universitas research agenda
Gadjah Mada, Indonesia Minela Nuhić Mešković, University of Sarajevo School of Business;
Kabir Hassan, University of New Orleans, USA; Admir Mešković,
International University of Sarajevo; Bosnia and Herzegovina;
Hybrid Credit Risk Assessment: Fusing Human Judgment, Machine
Data, and AI Large Language Models for Scalable Decision Support
Migdat Hodžić, Sabina Brkić, Tarik Hubana, ARTI Analytics
12:00 – 12:15 Break
12:15 – 14:00 Session 7A: Building Resilient Islamic 12:15 – 14:00 Session 7B: Entrepreneurship and Digital
Finance: Risk, Regulation, and Reform Innovation
Session Chair: Beebee Salma Sairally, INCEIF University, Session Chair: Hasan Gilani, University of Brighton, United
Malaysia Kingdom
Risk Governance and Financial Stability of Islamic Banks: A Auto entrepreneurship and economic in Morocco -Challenges and
Bibliometric Analysis perspectives-
Bouchaib Marnouch, Hamid El Boudaly, Abdelbari El Khamlichi, Adil Zarfi, International Islamic University of Minnesota; Sanaa
Chouaib Doukkali University, Morocco Abourahim, Ministry of national education, Morocco
A Graduate Curriculum Proposal for Islamic Economics and Finance Exploring Digital Entrepreneurship Intentions Among Students: A
Programs in Türkiye Systematic Literature Review
Nurgul Sevinc, Ankara Medipol University; Rashed Jahangir, Nisar Ahmed, Sultan Qaboos University, Oman
Sakarya University, Türkiye
Islamic E-Wallet in Malaysia: Exploring Potential Shariah Issues
Challenges of the existing tax framework on the operation of Islamic and Compliance Parameters
banking and Takaful Rafisah Mat Radzi, Universiti Sains Malaysia; Wan Nurliza W.
Mohamed Cherif El Amri, Ramadhani Mashaka Shabani, Istanbul Ramli, Tuan Badrul Hisyam Tuan Soh, Bank Kerjasama Rakyat
Sabahattin Zaim University Malaysia
Halal Business and the Electricity Market: The Case of Sweden
Jusuf Dzafic, Specialized Library Behram Bey Tuzla, Bosnia and
Herzegovina
14.00 – 15.00 Break and Lunch (IUS Cantine, Floor -1)
15:00 – 16:30 Session 8A: Waqf, Resource Governance 15:00 – 16:30 Session 8B: Historical perspectives on ESG
and Environmental Sustainability issues and empirical evidence
Session Chair: Maya Puspa Rahman, ISRA Institute, INCEIF
Session Chair: Salah Alhammadi, Arab Open University, Kuwait
University
ESG Implementation in History: Lessons from Ancient Greece,
Ethical Water Pricing
Rome, Confucianism, and Abrahamic Values
Diana Abu Ghunmi, University of Jordan; Alija Avdukic,
Khairunnisa Musari, Kiai Haji Achmad Siddiq State Islamic
University of Dundee, United Kingdom; Lina Abu Ghunmi;
University, Indonesia; Edib Smolo, Effat University, Saudi Arabia
University of Jordan, Jordan
Divine Green: How Religiosity Shapes—and Complicates—Pro-
Islamic Sustainable Solution to Climate Change: Green Waqf Environmental Behavior
Syed M. Shah, Islamic Chamber of Commerce and Development Rıfgı Buğra Bagci, Istanbul Sabahattin Zaim University
(ICCD), Pakistan
The Nexus between economic growth and water stress in Morocco:
Unlocking the Potential of Green Waqf: Factors Driving Community Empirical evidence based on VAR model
Involvement and Collaboration Opportunities Mariam El Haddadi, Hamida Lahjouji, EMSI Casablanca,
Mutiara Dhane and Lisa Listiana, Faculty of Economics and Morocco
Business, Universitas Indonesia
16:30 – 16:45 Closing and group photo
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