Dr. Zayed Nawaf Awad Al-Duweiri
Department head’s speech
In the Name of Allah, the Most Gracious, the Most Merciful
All praise is due to Allah, Lord of the worlds, and peace and blessings be upon the noblest of messengers, our master Muhammad, and upon his family and companions.
The Department of Economics and Islamic Banking at the Islamic University of Minnesota was established to meet the growing need for specialists who combine modern economic sciences with Islamic Shariah studies, in light of the global expansion and increasing demand in the field of Islamic economics and Islamic banking in recent years. This major is considered one of the most attractive economic fields for students due to its connection with achieving and fostering economic growth and enhancing economic efficiency from an authentic Islamic perspective.
The department is housed within the College of Economics & Business Administration at the university and is guided by the universal message of Islam:
“And We have not sent you except as a mercy to the worlds.”
It also aligns with the recommendations of the Organization of Islamic Cooperation, which called for the establishment of Islamic economics departments in parallel with the founding of the Islamic Development Bank.
Department Directions:
- Preparing qualified graduates to work in Islamic banks and financial institutions that offer Shariah-compliant services.
- Integrating modern economic knowledge with Islamic principles in finance and Islamic banking.
- Addressing economic and financial challenges with strategies rooted in Islamic values that respond to the needs of communities.
Focus Areas and Expected Outcomes:
- Studying Islamic financial contracts and practices such as Murabaha, Mudaraba, Musharaka, and others.
- Qualifying graduates to work in banks, financial institutions, Islamic insurance companies, economic analysis, and specialized research fields.
- Developing scientific research skills in Islamic economics to address contemporary issues and innovate practical solutions.
- Enhancing the ability to contribute to economic development from an Islamic perspective and achieve financial efficiency in accordance with Shariah regulations.
Digital Transformation and Contemporary Developments
The department strives to preserve the foundational values and principles of Islamic economics and banking while keeping pace with modern requirements through integrating digital transformation tools, e-learning, artificial intelligence, data analytics, and Islamic digital finance. This enables graduates to enter future markets with confidence and excellence.
