I. Statement of the problematic:

Transcription

1

2 I. Statement of the problematic: The global economic mobility in recent decades have shown the influential importance of the financial industry and its products and institutions on the economic, financial and monetary stability at the local, regional and international levels; and how it relates to and integrates with the various pillars of the institutional system of the global economy. Monetary and financial crises, both global and regional, have evolved starting with the 80 s crisis of the financial markets, then the crisis of Southeast Asia that stretched its impacts to reach Russia and the countries of Latin America; all the way to the 2008 crisis that shook the financial and banking sector, then the current sovereign debt crisis in the European Union and its negative repercussions on the international economy. All of these crises have hit the capitalist economy at the heart of its ideas and the essence of its theories and showed the limited efficiency of conventional banking industry. The financial and monetary crises also showed the widening gap between real economic circle and the financial and monetary one. This fact is reflected in the huge rise in the value of financial derivatives traded which exceeded $ 077 trillion, whereas the total global output has not exceeded 07 trillion dollars. The financial products of the financial engineering operations, which was aimed at the development of the financial industry by creating mechanisms that enable them to effectively manage the risk of their assets, have turned into a mechanism for the production and transfer of risk; and therefore multiply the effects of the crises. The need for the continuity of the financial industry and its evolution so as to match the level of economic transformations and the investment financing needs is subject to the adoption of the new rules for the financial innovation operations and the creation of alternative mechanisms of the financial industry that preserve the financial balances of the economy and avoid speculations, usury debts, simulated transactions and illusionary mortgages. On the other hand, the alternatives of the Islamic finance industry stands out in the form of financial products and banking based on the principles of the Musharaka (sharing) system which no longer, in its context, upfront pre-financing costs and other unfair associated conditions. This system of Musharaka develops real asset-based securitization which is an alternative to the of traditional debt securitization. The Islamic finance industry is based on the principle of which is controlled by financial transactions guidings in the Islamic economics. This innovation is one of the best alternatives for the development of financial engineering that provides products and funding methods. This industry is growing at a rate of 20% per year, and exceeded the value of $ 1.5 trillion of financial assets, in addition to 390 billion dollars as the value of the cumulative size of the global Islamic Sukuk market. In light of the above-mentioned facts, the leading questions of this conference will be:

3 Did the financial innovations and the financial engineering applications contribute in the promotion of traditional financial industry or was it the cause of the production, transfer and globalization of financial crises? What is the role of the financial contemporary innovations and their usefulness in the asset risk management of the financial and economic institutions? What are the new rules and principles that must govern the innovation operations, and control the financial engineering models in order to save the balance between the real economy and the financial and monetary one? How can we reconcile and harmonize the requirements of the development of the Islamic finance industry and the developments of financial engineering in light of Shariah compliances of the financial transactions? What are the success chances of the Islamic investment funds, and the securitizing operations that stand as the alternative to traditional securitization? What is the level of its legitimacy, efficiency and usability of resources? II. The conference themes : Theme 01: Financial engineering and innovation in the conventional financial banking industry. The fundamentals and bases of the conventional financial engineering; Financial Engineering: hedging and risk management of the financial assets; Evaluating the innovation operations and the financial engineering products; Financial innovations : turmoil and crisis in the financial and banking markets; Approaches and strategies of financial engineering: approaches of financial stability or financial instability; Quantitative methods to predict the risk of the financial industry, ways to assess the costs, methods of pricing and evaluation of financial products; Theme 02: Rules of innovation and financial engineering origins in the Islamic finance industry. Risk and ambiguity (Gharar ) in Islamic economics, and their relationship with the rules of Islamic finance; Financial engineering between the Islamic and conventional perspectives; Financial engineering and risk hedging in the Islamic finance industry; Rules, regulations and methods of the financial innovation in the Islamic economics; Islamic financial engineering and the problematic of economic and financial balances. Theme 03: Innovation and application of Islamic financial products Engineering. The financial innovation in the Islamic finance industry between the requirements of the development of the financial industry and the Shariah restrictions;

4 Economic efficiency, credibility and Shariah compliance of the Islamic financial innovations; Financial derivatives between the practice and the Shariah vision; Compound and simulated contracts and the problem of the development of Islamic financial products in light of the Shariah purposes; The importance of the financial engineering in the monetary and financial policies in the Islamic economics; The role of financial engineering in the development of complementary institutions of the Islamic finance industry (Zakat, endowments Waqaf, mutual funds..) Theme 04: Reality and Prospects of the Islamic Sukuk industry and its future applications in the Algerian economy. Conventional securitization Vs. Islamic Sukuk industry; Islamic Sukuk industry; reality and challenges; The efficiency of Islamic Sukuk and its effects on the Islamic financial markets and banks, and the government budgets deficit; Areas of securitization and its role in the Takaful industry and nonprofit work; Evaluating the experience of Islamic Sukuk and studying its legal texts; The Islamic Sukuk importance of the Algerian economy and forecasting its future and the challenges. (Financial market, monetary policy, the budget, the household saving...) An international workshop about: The role of institutions, research centers and supporting bodies in the development of the Islamic finance industry Evaluating the role of technical and financial supporting bodies of the conventional financial industry including: (World Bank, International Monetary Fund, the Bank for International Settlements, the International rating agencies, central banks and regional financial institutions...); Assessing the role of the supporting bodies of the Islamic finance industry (the Islamic Development Bank, the Accounting and Auditing of Islamic institutions and banks, Islamic Financial Services Board, the General Council of the Islamic banks and financial institutions, rating agencies...) Assessing the role of fiqh academies and research institutions in supporting the Islamic finance industry like: (International Islamic Fiqh Academy, (Organization of Islamic Cooperation), the Islamic Fiqh Academy (Muslim World League), the Islamic Research and Training Institute (IRTI), and the International Shariah Research Academy for Islamic finance (ISRA).

5 III. The conference objectives : To assess the efficiency of financial engineering products and the feasibility of innovations that characterized the modern financial industry; To study the international experiences in financial engineering and assess its role in the manufacture of financial industry derivatives, so as to benefit from its breakthroughs and avoid its failures; To establish a deep understanding of the rules and the foundations of financial engineering and innovation in the Islamic finance industry, and its importance in the rationalization of the monetary and global financial system; To attempt measuring the correlation between the financial engineering products and the financial crises in the global economy; and the need for standards that govern the Islamic financial innovation operations and its importance in the financial balance and the economic stability. To provide the world economy with the specificity of the products and innovations related to the industry of Sukuk, investment funds and Takaful of the Islamic financial industry. IV. Who can take part? Decision makers, national economy responsibles, economic companies leaders & CEOs, university researchers & specialists and post graduate students are very welcome to participate in this conference. V. Important dates : The applications and manuscripts should be fully submitted in Word format on line via: (English Articles) (Arabic Articles) before March 31 st, 2014 as a final deadline; Authors whose papers are accepted will be notified before April 20 th, 2014; Accepted participants must confirm their participation before April 25 th, 2014; Accepted participants will be officially invited by April 30 th, 2014; VI. Participation & paper presentation guidelines: - The languages of the conference will be: Arabic, French and English; - Formatting: A4 paper, single space, font: TNR 12, margin 2cm each; - Paper structure: Title, Abstract, I. Introduction, II. Literature Review, III. Data and Methodology (for papers using quantitative methods), IV. Findings and Discussion, V. Conclusion and Recommendations. - The faculty will take charge of the accepted participants accommodation (ONE participants for co-authored papers); - Participants should send a power point presentation of their papers before the conference begins. - Outstanding research is published in a special Issue of faculty magazine.

6 Pr. SALHI Saleh Conference coordinator Pr. BOUHRAOUA Said workshop coordinator VII. The Scientific committee Pr. Ammari Amar UFAS 1 Algeria Pr. Soualhi Younes IIBF Malaysia Pr. Lahcessna Lahcen INCEIF Malaysia Pr. Boudjellal Mouhamed University of Messila Algeria Pr. Guedi Abdelmajid University Of Algiers3 Algeria Pr. Sami al-suwailem IRTI - IDB Pr. Berregui tidjani UFAS1- Algeria Pr. Kettani omar University of Mohamed5 - morocco Pr. Farhi Mouhamed University Of Aguwat Algeria Dr Chamsia Mohamed ISRA Malaysia Pr.Bouhezza Mouhamed UFAS1 Algeria Pr. Djebbar Mahfoudh UFAS 1 Algeria Pr. Feddade Layachi IRTI IDB Pr. Benyagoub Tahar UFAS 1 Algeria Dr. Loghman Hakim Hocine ISRA Malaysia Dr. Amer OTOM - Yarmouk University - Jordan Pr. Farhi Mouhamed ESC Algeria Pr. Almoula Mona - University Of Al Yarmouk Jordan Pr. Meliani Hakim UFAS 1 Algeria Pr. Berouch Zineddine UFAS 1 Algeria Dr. Rasha Dayyat - Princess Sumaya University for Technology- Jordan Dr.Mohamed Fairouz Aboualkhair ISRA Malaysia Dr.Gharbi Abdelhalim - University Of Imam Saoud KSA Pr. Benfarhat Saad UFAS 1 Algeria Pr. Daoudi Taib - University of Biskra Algeria Pr. Sahnoune Mouhamed University Of Constantine3 Algeria Pr.Hamdi Mouhaed University Of Batna Algeria Dr. Ahmed Djamil University Of Bouira Algeria Dr. Benamara Naoual University Of Ourgla Algeria Dr. Gundouz Abdelkarim University Of King Faiçal Saudi Arabia Dr.Bishr Moufak University Of Almamlka Bahrain Dr. Morjane Mouhamed ISRA Malaysia

7 For any further information: Conference coordinator Faculty of economics, commerce and management University of Setif 1 Phone/fax: Colloque2014@univ-ecosetif.com Or Arabic English French