The role of the Islamic financial industry in developing tertiary sector institutions and enhancing their contribution to achieving sustainable development in the Algerian economy

 

 

Preamble :

One of the most important areas of Islamic legislation is the establishment and regulation of the behavior of caring for all beings in existence and making this a path of worship and a means of balanced reconstruction and normal succession in the universe.

    Islamic civilization was known for the various trends from the institutions that worked in all fields, and was concerned with good deeds and charity, not only for humans, but also to provide care for all living organisms, which ensured that Islamic societies maintain their identity, preserve their culture and hold onto the heritage of their civilization. The various institutions and organizations carried out their responsibilities in an environment characterized by cooperation, compassion and sympathy between members of society and its organizations. Thus, the roles were complementary between what is public and what is private and between what is total and what is partial without distinction.

    The major events that shook the world during the 20th century, most notably the Bolshevik Revolution (1917 AD) and the two wars (1914 AD – 1918 AD) and (1939 AD – 1945 AD) and the Great Depression (1929 AD) had positive effects in reshaping the Western mentality towards the redistribution of income and improving the lifestyle; Western people realized that people suffering from high unemployment rates, rising prices, growing poverty and deteriorating health and living conditions is only the product of that capitalist system, in which market mechanisms increase the wealth and luxury of the rich, while increasing the poverty and unhappiness of the poor.

    These conditions exposed the incapacity and inability of the state to solve the various problems of Western society. It also explained that economic institutions are unable and do not want to solve those problems, the facts that have resulted in roles that only a tertiary sector can carry out, and all members of society and its institutions need them in order to restore the balance of human life and preserve the components of the environment.

The COVID-19 pandemic, which affected various countries around the world during the past three years 2020-2022, has contributed in emphasizing the importance of the tertiary sector; The incapacity of Governments to provide the necessary health care for patients and to provide due protection for the rest of the population was shown. Tertiary sector institutions had been greatly responsible for covering these gaps and contributing broadly to answering the needs of individuals and organizations of society.

    Although Algeria has known during the era of sustainability a systematic movement to suppress its identity and erase the traces and features of what has been achieved by Islamic civilization, during this era “Zakat” was absent, but practicing it among individuals was not non-existent, the features of endowment institutions were suppressed, but the activities of the charitable sector and the effects of its fate in society were not eliminated.

    In this context, Algeria, like many other countries, seeks to rehabilitate and revive the institutions of the tertiary sector; the various constitutions (1963, 1976, 1989) stipulated the freedom of forming associations and joining them within the framework of the laws governing them.

    Since the interest of the Islamic financial industry is to take care of the various axes of economic, social and cultural activities, and seek to provide the required financing through Islamic banks, and the necessary insurance through Takaful institutions, as well as financial support through investment institutions, it helped the development of this industry and the spread of its products in various Islamic and non-Islamic countries. It is possible to present the following research problem:

 

How can the Islamic financial industry contribute to the development of tertiary sector institutions and ensuring its effectiveness in achieving sustainable development in the Algerian economy?

 

    In order to answer this problematic, the Higher School of Commerce in Algeria, in cooperation with the Islamic Bank of Development Institution, is organizing the sixth edition of the International Forum of the Islamic Financial Industry, within the framework of the cooperation and partnership agreement between the two organizations, under the title:

How can the Islamic financial industry contribute to the development of tertiary sector institutions and enhance its contribution to achieving sustainable development in the Algerian economy

 

Objectives of the Forum

– Raising awareness of the importance of the tertiary sector and highlighting the number of its institutions and its span across times and countries,

– Evaluating the performance of tertiary sector institutions and detecting their capabilities to contribute to development programs,

– Feeling the nature and strength of the relationship between tertiary sector institutions and Islamic financial industry institutions;

– Identifying the various international legislations and laws governing tertiary sector institutions and the role of financial technology and digitization in controlling and developing their activities,

– determining and evaluating the position of the tertiary sector in the Algerian economy and the laws governing its institutions compared to contemporary international experiences.

 

Themes of the forum

The first theme / the tertiary sector

There is no doubt that the concept and nature of the tertiary sector differ between Islamic culture and Western culture, as well as the different components of this sector in one culture. On that basis, the economic, social and cultural objectives of the tertiary sector institutions are different, which inevitably leads to the existence of diverse models that differ in the ways of managing their investments and the methods of marketing their services. which makes the aspiration of the tertiary sector institutions to achieve harmony with the prospects of the millennium a motive to sharpen their effectiveness.

 

The second theme / legislative and legal frameworks of tertiary sector institutions

The relative modernity of the tertiary sector compared to the originality of the private sector or the government sector highlights the importance of researching the development and appropriateness of legislation and laws governing its institutions and activities, and the extent of their difference or convergence in Islamic culture and Western culture. This modernity also leads to question how the Islamic financial industry keeps pace with the institutions of this sector in its innovative financial products, accounting methods or regulatory legislation, and how to benefit from what is available from contemporary financial technologies, as well as the extent of international laws’ interest in this sector and the need to identify what is included in the Algerian legislation in this area within the system of international laws.

 

The third theme / The role of financial industry in the development of tertiary sector institutions

    Activating the performance of Waqf or Zakat institutions or the charitable sector in general necessarily requires fluidity in obtaining the necessary funding, quality in investment management, and follow-up control before and after. This allows the components of the Islamic financial industry such as investment companies, banks or Takaful insurance to provide appropriate financing and provide the necessary insurance to protect the business of tertiary sector institutions and collaborate to ensure the necessary support and stand by them in order to achieve their legitimate objectives and maximize their contribution to development.

    While the nature of the interrelationships between Islamic financial industry institutions and tertiary sector institutions appears in various forms through international experiences, there is an urgent need to formulate an appropriate model to adjust these relations in a form suitable for the Algerian economic environment in order to develop the tertiary sector and enhance its contribution to achieving the Millennium Development Goals.

Organizational Procedures of the forum

– Posts can be written in Arabic, French, and English, accompanied by a summary in a non-search language.

-Posts are written using * Word * font: Simplified Arabic, scale 14 for Arabic language texts, and Times New Roman scale 12 for foreign language texts.

-The number of pages of the submitted research paper must not exceed 20 pages, including the list of references and appendices.

Important date

  • The deadline for submitting the full communications is on 30/08/2023
  • The participation of the researchers will be confirmed on 15/10/2023
  • The submission of the communication in the form of PowerPoint is on 30/10/2023

Governing bodies of the forum

Mr. Dr. Kamal Bousafi: President of the Forum, Business School, Algeria
Mr. Dr. Merizek Admane: Director of the Forum, Business School, Algeria

Scientific Committee:

– Prof. Dr. Mohamed FARHI: Chairman of the Scientific Committee, Higher School of Commerce Algeria

– Prof. Dr. SOUILEM Sami: Islamic Research and Training Institute, Jeddah

– Dr. Abdullah FAKMAK: Islamic Research and Training Institute, Jeddah

– Prof. Dr. Ertugrul BOYNUKALIN Director of the Institute of Islamic Economics at the Marmara University, Istanbul, Turkey

– Prof. Dr. Ahmet TABAKOGLU, Head of the Department of Islamic Economics and Finance, Sabahattin Zaim University, Turkey

– Prof. Dr. BOUSSAFI Kamel Higher School of Commerce Algeria

– Prof. Dr. BOUHDIDA Mohamed: Higher School of Commerce Algeria

– Dr. SABOUA Abdelaziz Higher School of Commerce Algeria

– Prof. Dr. Mohamed Nasser THABET: Higher School of Commerce Algeria

– Dr. BENKHEDDA Ilyes: Higher School of Commerce Algeria

– Dr. Abdelhafid SEDDOUKI: Higher School of Commerce Algeria

– Prof. Dr. Abdelkader BENAZZOUZ, Faculty of Islamic sciences, University of Algiers 1

– Prof. Dr. Abderrahmane SENOUCI, Faculty of Islamic sciences, University of Algiers 1

– Prof. Dr. Nourdine ABASSI, Faculty of Islamic sciences, University of Algiers 1

– Prof. Dr. Said BOUHRAOUA, ISRA Academy, Malaysia

– Prof. Dr. Akram LALDIN, Director of ISRA Academy, Malaysia

– Prof. Dr. Younes SOUALHI, International Islamic University, Malaysia

– Prof. Dr. Mohamed SENINI: Blida University, Algeria

– Prof. Dr. Slimane NACER: Faculty of Economics and Management Sciences, Ouargla Algeria

– Prof. Dr. SALHI Saleh: Faculty of Economics and Management Sciences, Setif, Algeria

– Prof. Dr. BENAZZOUZ Ben Ali: Faculty of Economics and Management Sciences, Chlef, Algeria

– Prof. Dr. KADDI Abdelmajid: Faculty of Economics and Management Sciences Algeria

– Prof. Dr. Moussa ISMAIL: Faculty of Islamic Sciences Algeria

– Prof. Dr. Ali KASSAB: Faculty of Economics and Management Sciences Algeria

– Prof. Dr. Ridha SAADALLAH: President of the Tunisian Association of Islamic Economics, Tunisia

– Prof. Dr. Mounir TLILI: Zaytouna University, Tunisia.

– Dr. BIREM Abdelmajid: Faculty of Islamic Sciences, Algeria

– Dr. BENMANSOUR Abdallah: University of Tlemcen Algeria

– Dr. Mourad BOUDAIA Faculty of Sharia, Qatar University

– Dr. Ismail KADIOGLU, Turkey

The Regulatory Authority:

Dr. Admane Mohamed: President of the Organizing Committee, Business School, Algeria
Dr. Khaled Azawi
Dr. Karim Kassem
A. Manea Rabei
Kanduzi Ahmed
Hamel Abdel Malik
Mabout Zakaria
Wahbi Tariq
Qashi Khalid
Bolbadawi Ahmed.

Contact

For any inquiries please email

semi_fin_06@esc-alger.dz