The Department of Islamic Economics, Faculty of Economics and Management (FEM) of IPB University signed a letter of intent (LoI) with the Istanbul Institute of Islamic Economics and Finance (IIIEF), Türkiye.
The signing took place during an international public lecture entitled “The Challenges in the World Economy and Financial Integration of OIC Countries in the Age of Digitalization,” which also featured the President of IIIEF, Prof Mehmet Bulut, as the keynote speaker. He was welcomed by the Dean of FEM IPB University, Prof Irfan Syauqi Beik, and the Head of the Department of Islamic Economics, Dr Khalifah Muhamad Ali.
The signing of the LoI serves as a formal foundation for cooperation between the two institutions in the fields of education, collaborative research, and knowledge exchange. The Dean of FEM IPB University, Prof Irfan Syauqi Beik, stated that this collaboration is an important step in expanding the international network of Islamic economics.
“This cooperation not only strengthens academic capacity, but also encourages tangible contributions to the development of the global Islamic economy,” he said while welcoming Prof Mehmet Bulut at the IPB Dramaga Campus some time ago.
In his public lecture, Prof Mehmet Bulut stated that the world is currently experiencing a shift in economic power from the West to the East. He noted that the conventional capitalist system is facing multiple crises, making a new approach based on humanitarian values and ethics increasingly necessary. According to him, Islamic economics has strong potential to become a fairer alternative solution.
He also highlighted the potential of member countries of the Organisation of Islamic Cooperation (OIC), which are projected to achieve a combined gross domestic product (GDP) of USD52 trillion by 2050. Prof Mehmet further predicted that Indonesia would become one of the major economic powers with a GDP of USD4,7 trillion.
To address the challenges of digitalization, Prof Mehmet Bulut introduced the concept of the Integrated Digital Islamic Trade Facilitation Framework (IDITFF). He explained that this framework could significantly accelerate international trade transactions through the utilization of digital technology.
The series of activities was conducted in a solemn yet interactive atmosphere. This momentum is expected to become a catalyst for the IPB academic community in developing globally competitive innovations in Islamic economics. (*/dr) (IAAS/KAL)
