Center for Islamic Economics and Finance (CIEF)

Center for Islamic Economics and Finance (CIEF)

Introduction

Red Sea University, Somalia decided to establish a Center for Islamic Economics and Finance (CIEF) in Somalia. The goal of this center is to provide a dedicated hub for education, research, and community involvement in the field of Islamic economics and finance. As the interest in Sharia-compliant financial systems continues to grow worldwide, the CIEF will play a crucial role in promoting economic development that aligns with Islamic principles.

Somalia, with its entire population being Muslim, naturally aligns with Islamic economic and financial principles. However, there’s a significant lack of formal educational and research institutions focusing on this field. By establishing the CIEF at RSU, we aim to bridge this gap and offer specialized knowledge and skills tailored to the local context.

Islamic finance has shown its resilience and ethical foundations, putting emphasis on risk-sharing, asset-backed financing, and social justice. Through the CIEF, RSU will actively promote these principles, making a positive contribution to sustainable economic development in Somalia.

RSU has the opportunity to establish itself as a leading institution for Islamic economics and finance education in Somalia. By doing so, it can attract students, scholars, and practitioners from all over the country and even beyond. This initiative will not only boost the university’s academic reputation but also enhance its research output.

Through the Center for Islamic Economics and Finance (CIEF), RSU will provide education and training in Islamic finance. This will empower local communities with the knowledge they need to participate in Sharia-compliant financial activities, promoting financial inclusion and encouraging entrepreneurship.

Vision

To be a leading center of excellence in Islamic economics and finance, recognized for innovative research, high-quality education, and impactful community outreach.

Mission

To promote and enhance the knowledge and application of Islamic economics and finance. Through education, research, and community engagement, we aim to contribute to the socio-economic development of Somalia and the wider Muslim world.

Objectives

1. Develop and offer undergraduate, postgraduate, and professional development programs in Islamic economics and finance.
2. Integrate Islamic financial principles into the broader business and economics curriculum at RSU.
3. Conduct cutting-edge research on contemporary issues in Islamic economics and finance.
4. Publish research findings in reputable academic journals and disseminate knowledge through conferences and seminars.
5. Provide training and workshops for local businesses, financial institutions, and community members on Sharia-compliant financial practices.
6. Collaborate with industry stakeholders to promote the adoption of Islamic finance in Somalia.
7. Establish partnerships with leading Islamic finance institutions and universities worldwide.
8. Facilitate student and faculty exchanges, joint research projects, and international conferences.

Core Values

Integrity: Upholding the highest ethical standards in all activities.

Excellence: Striving for the highest quality in education, research, and community service.

Innovation: Encouraging creative solutions and forward-thinking approaches.

Community Service: Committed to the socio-economic development of the local and broader Muslim communities.

Collaboration: Fostering partnerships and teamwork to achieve common goals.

Implementation Plan

Phase 1: Establishment

1. Develop the curriculum for undergraduate and postgraduate programs in Islamic economics and finance.
2. Recruit qualified faculty and staff with expertise in Islamic finance.
3. Set up the physical infrastructure, including classrooms, offices, and research facilities.

Phase 2: Program Launch

1. Launch undergraduate and postgraduate programs.
2. Begin offering professional development and certification courses.
3. Initiate research projects and start publishing findings.

Phase 3: Expansion and Collaboration

1. Expand program offerings and introduce new courses based on emerging trends and needs.
2. Establish partnerships with international Islamic finance institutions.
3. Organize national and international conferences, seminars, and workshops.

Activities and Programs

Category	Programs and Activities
Educational Programs	Degree Programs: 1.       Higher Diploma in Islamic Economics and Finance 2.       Master’s in Islamic Economics and Finance Short Courses: 1.       Courses on Islamic Banking and Finance 2.       Practical Courses on Islamic Banking 3.       Workshops on Shariah-compliant investment strategies 4.       Training on Islamic microfinance and SME financing 5.       E-learning modules and webinars on various aspects of Islamic Economics and Finance
Research and Publications	1.       Conducting research on contemporary issues in Islamic Finance 2.       Publishing research papers and reports on topics like Sukuk, Takaful, and Islamic wealth management
Community  Outreach Programs and Social Responsibility	Financial Literacy Programs: 1.       Conducting community workshops on basic financial literacy from an Islamic perspective 2.       Offering programs to educate the public about Islamic savings, investments, and retirement planning Youth Engagement: 1.       Initiating youth programs to engage students in Islamic economics and finance through competitions and mentorship Zakat and Waqf Management: 1.       Facilitate Zakat ad Waqf Management collection centers 2.       Offering consultancy on effective Zakat collection and distribution systems 3.       Providing guidance on the establishment and management of Waqf (endowments) for social welfare.
Consultancy Services	Shariah Advisory: 1.       Providing Shariah compliance audits and consultancy for businesses and financial institutions 2.       Offering advisory services for developing Shariah-compliant financial products Business Development: 1.       Consulting services for startups and SMEs to align their operations with Islamic financial principles 2.       Assisting companies in structuring Sukuk (Islamic bonds) and other Islamic financial instruments

 

Areas of Support Required

To establish this center, Red Sea University requires support from the International Institute of Islamic Thought (IIIT) in the following areas:

1. Academic and Curriculum Development

Provide expertise in designing and developing comprehensive curricula for undergraduate and postgraduate programs in Islamic economics and finance, including course content, teaching materials, and assessment methods aligned with international standards.

2. Teaching Support

RSU requests from IIIT Provision of visiting professors in the field of Islamic Economics and Finance to support the teaching activities at the CIEF. These experienced educators will deliver high-quality education to students and mentorship to the locally recruited lecturers.

3. Research and Publications
4. Collaborate on joint research projects addressing critical challenges and opportunities in the field, including co-authorship opportunities and shared research resources.
5. Provide research grants and funding to support faculty and student research projects focused on contemporary issues in Islamic economics and finance.
6. Assist in publishing research findings in reputable academic journals and IIIT’s own publications. Help in creating a dedicated journal or newsletter for the CIEF to disseminate research.
7. Networking and Partnerships
8. Sponsor and co-organize conferences, seminars, and workshops that bring together scholars, practitioners, and policymakers to discuss advancements and challenges in Islamic finance.
9. Facilitate connections with other leading institutions, scholars, and industry professionals in the field of Islamic economics and finance, promoting knowledge exchange and collaboration.
10. Access to IIIT’s Library and Resources

Grant access to IIIT’s extensive library of books, journals, and digital resources on Islamic thought, economics, and finance. This would be invaluable for both teaching and research purposes.

6. Financial and Logistical Support

Provide initial seed funding to help establish the CIEF, covering costs related to infrastructure, faculty recruitment, and program development.

7. Scholarships

Offer scholarships for students who cannot afford to learn at the center, ensuring that talented and motivated individuals from all socio-economic backgrounds have the opportunity to benefit from the education and training provided by the CIEF.