Islamic financial systems not only relate to commercial finance under the Islamic economic system but also relate to social finance with the same goal of achieving fallah. There are many challenges faced by the Islamic social finance sector consisting of various not-for-profit modes of Islamic finance, zakah, waqf, and non-profit microfinance institutions.

In this sector, institutions have to address the issue of sustainability in the supply of funds. Moreover, technological innovation has transformed the financial services industry over the past decade, and further disruption of the traditional financial sector is almost certain. Identifying these challenges is the first step towards meeting them. It is a brief introduction to an Islamic Social Finance, it is hoped, will culminate in an effort to modernize these reviving issues to address the economic and social needs of contemporary Muslim societies.

In order to accommodate the need for increasing demand of knowledge and development of Islamic Social Finance, University of Darussalam (UNIDA) GONTOR officially hosted the 7th ASEAN Universities International Conference on Islamic Finance (AICIF 2019) in December 2019, under the theme “Revival of Islamic Social Finance To Strengthen Economic Development Towards A Global Industrial Revolution”.

Looking at above importance issues, faculty of economics and business (FEB) delegates Dr Dimas B. Wiranatakusuma for attending and representing the Dean of FEB UMY. The conference is very important since it invites some prominent scholars in Islamic Finance, such as Prof Prof. Monzer Kahf, Prof. Khalaf Sulaiman Shalih, Dr. Musa Al Habshi, Dr Ascarya, and Dr. Minombao. The UMY’s delegation attends the conference not only as conference participant, but also paper presenter and delegation of ICIFE (International Council of Islamic Finance Educators) where UMY is one of most active institution under ICIFE.

Finally, the conference is organized very proffesional and shares some valuable insights for the development of Islamic Finance in Indonesia and the world.  The next AICIF (8th AICIF) will be held at Tazkia Institute Bogor in 2020.