At the Conference of Islamic Banks at the University of Jordan, " Behavioral Economics, its nature and areas of applications" CEO/General Manager of JIB, Dr. Hussein Said: Islamic banks have the opportunity to benefit from the positives of behavioral ec

                      CEO/General Manager of Jordan Islamic Bank, Dr. Hussein Said, said that the applications of modern behavioral economics put Islamic banks in front of the opportunity to benefit from the positives of behavioral economics implementation and reflect it on their business. Islamic banks are constantly striving to develop their products, services and transaction contracts, which flow into the real economy that are not based on the principle of consumption, and link them to the provisions and principles of Islamic Sharia and its purposes, so that they do not lead to damage to their customers and to stay away completely from everything that is forbidden by Sharia or what includes or involves any legal suspicion. He added that Islamic banks consider their customers as partners in the performance of their mission and work, and they also have the responsibility to provide support, awareness and clarification to their customers about the necessary services, products and information that are provided to contribute to allowing customers to make the right decision, while staying away from exploiting their religious orientation in dealing with Islamic banks. By providing clear information that takes into account levels of awareness and achieves the principle of financial inclusion to reach all segments of society and allow them to benefit from various Islamic banking services. This came in a speech delivered by Dr. Hussein Said during the opening of the activities of the Fifth International Conference of the Department of Islamic Banks at the Faculty of Sharia / University of Jordan, in cooperation with the Jordan Association for Islamic Finance, entitled “Behavioral Economics, its nature and areas of applications” and under the exclusive sponsorship of Jordan Islamic Bank, under the patronage of the President of the University of Jordan His Excellency Prof. Dr. Nathir  Obeidat, with the participation of academics, economists and specialized researchers, during the period 26-27/7/2022. Dr. Hussein Said also chaired the first session of the conference entitled "Behavioral Economics, a Conceptual Introduction", which dealt with behavioral economics as a general conceptual approach and cognitive biases and their impact on behavioral economics and behavioral economics, its origins, principles and implementation in Islamic economics. Dr. Hussein Said indicated that Islamic economics stems from the methodology of the Holy Qur’an and Prophet's Sunnah in calling for controlling the behavior of a Muslim by taking the correct and sound decision by giving priority to reason over emotion and without harming anyone. The principles that govern his behavior extend to include all good things, excluding the evil, and moderation in the demand for any commodity whatsoever. Exaggeration, extravagance are rejected. The Muslim’s idea of consumption is subject to principles and rules, including: the origin of things is permissibility, legality (Halal and Haram), moral values, and moderation. As for the factors affecting his behavior, they include belief and morals, in addition to economic, social and psychological factors. Dr. Hussein Said stressed Jordan Islamic Bank's constant endeavor to reflect the concept of behavioral economics on its business, whether with regard to the behavior of its customers, employees or officials, by studying the behaviors, needs and desires of its customers and working to develop its products, services and transaction contracts and linking them to the development of its business, relying on the commitment of its employees Ethics, professionalism, honesty and trustworthiness, advising and not misleading, in addition to reversing the behavior of officials and decision-makers when making rational decisions by relying on the legal and ethical aspect that controls the ethics of Islamic banking. He added that the support and sponsorship of Jordan Islamic Bank for this conference comes as a continuation of the continuous support that the annual conferences of the College of Sharia have received from our bank since its establishment, in order to enhance the sustainable strategic partnership between our bank and the most prestigious Jordanian universities, the Mother University, (The University of Jordan) and to confirm and support the academic career and scientific research. Looking forward that this conference will achieve its goals by reviewing the research and studies of researchers to shed light on this topic and introduce it, dialogue and discussion, exchange experiences and come up with results and recommendations that are in everyone's interest. In speeches delivered during the opening ceremony of the conference, His Excellency Prof. Nathir Obeidat, President of the University of Jordan, the sponsor of the conference, Prof. Adnan Al-Assaf, Dean of the Faculty of Sharia at the University of Jordan, and Dr. Hiyam Al-Zaidani, Head of the Islamic Banks Department, expressed their thanks and appreciation to Jordan Islamic Bank for sponsoring the conference and its continuous support for the activities of the Faculty of Sharia in the University of Jordan, Dr. Hussein Said was also handed an honorary shield in appreciation of Jordan Islamic Bank’s exclusive sponsorship of the conference, which aims to introduce behavioral economics and its methodology and to demonstrate the importance of benefiting from its applications in various public and private sectors and to enrich the Arab Library with research and references that research this subject and harmonize between Islamic economic thought behavioral economics also provides the opportunity for specialists to dialogue and exchange experiences in the conference axes, which included behavioral economics within the framework of economic analysis and its relationship to social sciences and Islamic economics and its contemporary applications.