The College of Sharia/Islamic Banking Department, in partnership with the Islamic Financial Society, held an international conference entitled: (Behavioral Economics: Its Nature and Application Areas), under the patronage of the President of the University, His Excellency Professor Dr. Nazir Obaidat, and in the presence of His Eminence Sheikh Abdel Hafez Al-Rabta/Chief Judge, and a group of His Excellencies and Eminences. Virtue, Kindness, and a group of students, during the period between 7/26-27/2022.
His Excellency the Professor, President of the University, said in a speech he delivered at the opening ceremony that behavior sometimes determines many aspects of the lives of citizens and nations. Today, we see ourselves experiencing the holding of this important conference, with an Islamic character, which gives it special importance, and we at the University of Jordan feel comfortable as we We play this important role in the partnership between us and a public sector that has a significant impact on the lives of Jordanians, which is the Islamic trade and banking sector.
His Excellency Dr. Hussein Saeed, Director General of the Jordan Islamic Bank, emphasized the depth of the sustainable strategic partnership between our bank and the most prestigious university, the mother of all universities, the University of Jordan, in order to enhance and support the academic process and scientific research, which is a source of pride and honor for all of us.
His Eminence Professor Dr. Adnan Mahmoud Al-Assaf, Dean of the College of Sharia, pointed out the college’s interest in holding conferences and seminars on an ongoing basis, indicating the importance of the conference’s topic, as our true religion directs us to take care of the moral and behavioral aspects in all aspects of life, including taking care of money as a means of achieving pure servitude to God in light of... A noble renaissance is built on good morals and social justice. Therefore, our wise Lord commanded us to circulate money, distribute wealth, and care for the poor. His Eminence the Dean praised the role of the Islamic Banking Department and the preparatory and scientific committees in preparing for this conference and organizing its activities.
His Excellency Dr. Abdel Majeed Al-Rahmanna, President of the Islamic Financial Society, said that behavioral economics is one of the most important topics to which studies and research in conferences and seminars should be directed, as it is a virgin topic that needs more serious and sober studies and research that combines the theoretical and applied aspects, and takes into account the nation’s priorities. And his mother.
Professor Dr. Hiyam Al-Zaydaneen, Head of the Islamic Banking Department/Rapporteur of the Conference’s Preparatory Committee, explained that the importance of the conference emerges in the alignment between value-based Islamic economic thought and behavioral economics, in addition to benefiting from applied research in behavioral economics to formulate financial systems and policies that help in making the right decisions. In her speech, she also provided an overview of the department, whose study plan was formulated in a way that meets the needs of Islamic banking institutions and fills the need for the presence of Islamic bankers.
The conference participants reached the following recommendations:
1. Calling for more studies, research, seminars, conferences and workshops, benefiting from international applied experiences, and paying attention to the translation of foreign writings in a way that enriches the Arab library in the field of behavioral economics.
2. Working to establish Sharia controls and standards to be followed in applying behavioral economics procedures, in addition to being a reference Sharia tool to be taken by specialized Sharia supervisory bodies.
3. Include academic courses and programs with the basics and methodologies of behavioral economics.
4. Inviting public and private institutions to establish sub-centres within their various departments in a way that contributes to achieving their main objectives.
5. Establishing a governmental nudge (stimulation) unit similar to international nudge units.
6. Spreading awareness of behavioral economics and its importance in various areas of life and its role in raising the standard of living of the individual and society, and demonstrating the authenticity of Islamic economics by influencing the behavioral and ethical aspects.
7. Calling on specialists in Islamic finance to pay attention and interest to behavioral economics, and direct it in a way that contributes to the advancement of Islamic financial institutions and to pay attention to applied research, to remain a pioneer in banking.