The Second Economics Seminar of the AMSS Economic DisciplineCouncil on Islamic Economics co-sponsored by the International Instituteof Islamic Thought (IIIT) and the Association of Muslim Social Scientists(AMSS) was held Rabi‘ al Akhir 8-10, 1409/November 18-20, 1988, at theIIIT headquarters in Herndon, Virginia. The program chairman for theconference was Dr. Mohammad Safa of Southeastern University, Washington,DC and the Seminar was attended by over fifty (50) people from variousparts of the United States and Canada including academicians, Islamic bankers,and graduate economics students.Following recitations from the Holy Qur’in, the opening sessioncommenced with the welcome addresses of Dr. Taha Jabir Al-Alwani,President, and Dr. AbdulHamid AbuSulayman, Director-General of the ID”,respectively. Dr. Taha emphasized the importance of the implementation ofIslamization of Knowledge in modem social sciences particularly in economics,and the role of IIIT in this process. Dr. Taha also paid tribute to the servicesof Dr. AbuSulayman in building Islamic institutions like the AMSS and theIIIT in their formative years. He prayed for the success of Dr. ’AbuSulaymanin his new assignment as the Rector of the International Islamic Universityin Kuala Lumpur, Malaysia.Dr. AbuSulayman then outlined the challenges lying ahead for Muslimeconomists in their efforts to Islamize the science of economics.Conference Program and Papers:The conference program was divided into four sessions. The first sessionwas on “Methodological Issues in Islamic Economics” chaired by Dr. RasoolM. Hashimi of Southern Illinois University. Drs. Syed Iqbal Mahdi of BenedictCollege and Masudul Alam Choudhury of University College of Cape Bretonpresented papers entitled “Methodological Issues in Islamic Economics” and“Cost-Benefit Framework in an Islamic Economic System” respectively. Thelast paper in this session was given by Shamim Siddiqui who is a doctoralcandidate at Temple University in Philadelphia, Pennsylvania. The title ofhis paper was “Savings and Investment in an Islamic Economic System.” ...
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