How the University of Bahrain is putting Islamic finance at the centre of sustainability
The International Conference on Sustainable Islamic Business and Finance is playing its part in the promotion of truly transformative Islamic finance
University of Bahrain
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Islamic finance is a religious, ethical and moral concept that is accruing an increasing number of adherents the world over – not just in Muslim-majority countries. Financial conferences play an important role in the spread of associated ideas, particularly in an age where investors are increasingly concerned about equity and impact.
Sara Al-Faihani, head of the Department of Islamic Banking at the University of Bahrain (UoB), was chair of the organising committee for last November’s fourth edition of the International Conference on Sustainable Islamic Business and Finance.
“Jointly organised by the College of Business Administration and the Deanship of Graduate Studies and Scientific Research at UoB, this year’s conference marked a significant evolution in its format and reach,” explains Al-Faihani. “Began in 2021 as a fully virtual event due to the pandemic, for this fourth edition I decided to transition the conference to a hybrid model. This allowed for deeper engagement and broader participation.”
Beyond a series of research presentations, last year’s International Conference on Sustainable Islamic Business and Finance contained a high-level discussion on the integration of Maqasid Al-Sharia and sustainability principles in Islamic finance. Chaired by Abdulrahman Al-Saadi, associate professor at UoB’s Department of Islamic Banking, the panel featured distinguished experts including Alija Avdukic from the University of Dundee, Ahmed Al-Mahmood from Al-Salam Bank and Farhan Noor from the Accounting and Auditing Organisation for Islamic Financial Institutions (AAOIFI).
“I am also particularly proud of the fact that most of the conference’s accepted papers were published through IEEE, a Scopus-indexed platform,” says Al-Faihani. “This not only reflects the global academic standing of the conference but also significantly enhances the quality of the research contributions we receive.”
The integration of sustainability into Islamic business and finance is not merely a timely topic; it is deeply rooted in Islamic economic principles. Core Islamic concepts such as public interest (Maslaha), trust (Amanah), justice (Adl), and social equity are inherently aligned with the United Nations’ Sustainable Development Goals. In today's global financial landscape, beset by challenges around climate crisis, inequality and ethical concerns, Islamic finance offers a uniquely principled approach, promoting fairness, environmental responsibility and inclusive development.
UoB plays a crucial role in advancing the academic and practical dimensions of sustainable Islamic finance, specialising in the field in a way not found at many other institutions.
“We are among a select few universities globally that offer a complete academic pathway for students, with bachelor’s, master’s and PhD programmes in Islamic banking and finance,” Al-Faihani continues. “Our courses are truly unique in their content and infrastructure. Unlike many other universities that offer either purely Islamic finance or solely Sharia courses, UoB provides a balanced curriculum, integrating both Islamic finance core courses and Sharia courses, giving students a robust theoretical and practical foundation aligned with AAOIFI standards.”
Ensuring UoB teaching keeps up with recent developments, cutting-edge courses around AI applications in finance have been developed. The university has recently conducted a comprehensive curriculum redevelopment plan, with the updated material launching in September 2025.
“With its emphasis on real economic value, wealth sharing and social justice, Islamic finance is uniquely poised to offer solutions to the moral and material challenges of the 21st century,” says Al-Faihani. “The International Conference on Sustainable Islamic Business and Finance, and other similar events, are critical platforms for shaping this future. They bring together scholars, industry practitioners, regulators and students to present research papers, share ideas and engage in debates. They help translate ethical principles into actionable policies. In doing so, we ensure that Islamic finance remains not only compliant but truly transformative.”