The Center for Islamic Economics and Finance (CIEF) Qatar University

The Center for Islamic Economics and Finance (CIEF) at Qatar University is a specialized research center dedicated to advancing the field of Islamic economics and finance. It emphasizes promoting economic justice and prosperity through the development of financial products, monetary and fiscal policies, and business practices based on Islamic principles.

Overview

CIEF aims to be a global center of excellence in Islamic economics and finance, fostering research and development aligned with Islamic ethics. It provides resources and a collaborative environment for scholars, students, and practitioners to engage in innovative research and dialogue on Islamic economic issues (Hamad Bin Khalifa University, n.d.-a).

Location

The center is located within the College of Islamic Studies at Hamad Bin Khalifa University (HBKU), situated in Education City, Doha, Qatar (Hamad Bin Khalifa University, n.d.-a).

History and Establishment

Established in 2010, CIEF was created to address the evolving legal, regulatory, and market dynamics in the Islamic finance industry. In 2014, Dr. S. Nazim Ali, formerly director of Harvard’s Islamic Finance Project, took leadership of the center, steering its vision toward contributing to an ethically grounded global economy (Hamad Bin Khalifa University, 2018).

Founders and Financial Sponsors

CIEF operates under Hamad Bin Khalifa University, which is part of the Qatar Foundation for Education, Science, and Community Development (QF). Founded in 1995 by HH the Father Emir Sheikh Hamad bin Khalifa Al Thani and chaired by Her Highness Sheikha Moza bint Nasser, Qatar Foundation supports Qatar’s knowledge economy transition through education and research initiatives. The foundation is the primary financial sponsor of HBKU and its centers, including CIEF. The center also collaborates with institutions such as Qatar Central Bank, Qatar Financial Centre, and the Islamic Development Bank, which support its research activities (Hamad Bin Khalifa University, n.d.-b; IslamicFinance.de, n.d.).

Website and Contact Information

• CIEF is part of HBKU’s College of Islamic Studies. The main website for the center is:
• Hamad Bin Khalifa University: https://www.hbku.edu.qa/en/cis/research/cief
• For inquiries, contacting the College of Islamic Studies or HBKU administration is recommended, as specific contact details for CIEF are accessible through HBKU’s official channels (Hamad Bin Khalifa University, n.d.-a).

Prominent Research Figures

Dr. S. Nazim Ali, former director of Harvard’s Islamic Finance Project, has been a key figure at CIEF since 2014, guiding the center toward contributing to an ethically grounded global economy through interdisciplinary research on Islamic economics and finance (Hamad Bin Khalifa University, n.d.-a).

Key Fields of Concentration (Research)

CIEF focuses on the relationships between Islamic faith and economic phenomena, examining production, redistribution, and exchange from Islamic perspectives. Its research includes the development of genuine financial products, monetary and fiscal policies, and business practices that promote economic justice and prosperity. The center adopts an interdisciplinary approach, integrating economics, finance, law, and social sciences to address contemporary challenges in Islamic finance (Hamad Bin Khalifa University, n.d.-a; 2023).

Relations to the Islamic World

CIEF serves as a global center of excellence, engaging with Muslim communities worldwide and fostering intellectual dialogue on Islam’s social dimensions. It organizes conferences and roundtables, such as the annual CEOs and Islamic Finance Leaders Roundtable, which gathers leaders from Qatar’s Islamic finance sector and beyond to discuss strategic developments and future directions. This platform strengthens ties within the Islamic finance industry and promotes Qatar’s role as a hub for ethical and sustainable Islamic wealth management (The Peninsula Qatar, 2024).

Publishing / Significant Reports

While CIEF itself produces research outputs and organizes conferences, it also contributes to and collaborates with global Islamic finance initiatives. For example, Qatar Financial Centre and Cambridge Institute of Islamic Finance jointly publish the Global Islamic Finance Report (GIFR), a key annual publication that shapes discourse in the field. CIEF’s involvement in such networks enhances the dissemination of authentic Islamic financial intelligence and supports industry development (Qatar Financial Centre, 2021).

Impacts and Partnerships from Iran’s Perspective

Iran, through institutions like the Iranian Association of Islamic Finance (IAIF), shares a strong interest in advancing Islamic finance research and practice. IAIF is actively engaged in promoting Islamic finance knowledge, organizing international webinars, and collaborating with global partners including universities and research centers. While direct formal partnerships between CIEF and Iranian institutions are not explicitly detailed in the available sources, the shared goals and active scholarly communities suggest potential for collaboration, especially in areas such as Sharia-compliant banking, economic development, and financial innovation. Iran’s strategic moves to implement Islamic banking policies and its engagement with international Islamic finance forums align with CIEF’s mission to foster ethical economic systems based on Islamic principles (Iranian Association of Islamic Finance, 2025).

Critique and Hidden Objectives from Iran’s Perspective

Geopolitical and Institutional Context

Islamic finance institutions in the GCC, including CIEF, are sometimes viewed with skepticism by Iranian scholars and policymakers due to the political and economic rivalry between Iran and GCC states. The development of Islamic finance in the GCC is often seen as intertwined with state-led economic diversification and geopolitical strategies rather than purely religious or ethical objectives. This can lead to concerns that centers like CIEF may prioritize GCC economic and political interests, potentially marginalizing alternative Islamic economic models, such as those promoted by Iran (Akkaş, 2017).

Emphasis on Market-Oriented Islamic Finance

Critics from Iran may argue that GCC-based centers, including CIEF, tend to emphasize Islamic finance products that are market-driven and integrated into global financial markets. This approach might contrast with Iran’s more state-centric and socio-economic justice-oriented interpretation of Islamic economics, which stresses wealth redistribution, social welfare, and resistance to conventional interest-based financial systems. There is concern that the GCC model may prioritize financial innovation and growth over deeper structural reforms aligned with Islamic socio-economic justice (Abdulkadir & Murtala, 2016).

Limited Engagement with Political Economy Issues

Iranian critiques often highlight a disconnection in some Islamic economics research from real socio-political challenges. This critique extends to academic institutions that avoid addressing politically sensitive economic issues. Given the political sensitivities in GCC countries, centers like CIEF may avoid critical engagement with economic policies that could challenge ruling elites or regional power dynamics, limiting the scope of their research and impact (Iran Economic Challenges report, 2024).

Hidden Objectives: Soft Power and Regional Influence

From Iran’s viewpoint, CIEF and similar GCC institutions might also serve as instruments of soft power, promoting Qatar’s leadership role in the Islamic finance industry and shaping the global narrative around Islamic economics. This could be perceived as an effort to influence international Islamic finance standards and practices in ways that align with GCC economic and political agendas, potentially sidelining alternative perspectives from countries like Iran (Akkaş, 2017).

Summary

In sum, while CIEF contributes significantly to Islamic economics and finance scholarship, Iran’s perspective may critique it for reflecting GCC geopolitical interests, emphasizing market-oriented finance over socio-economic justice, avoiding politically sensitive economic issues, and serving as a vehicle for regional soft power projection.