The Islamic Economic Forum for Indonesian Development (ISEFID) was established in 2002 by Indonesian students and graduates of the IIUM, mostly from the Kulliyyah of Economics and Management Sciences (KENMS). ISEFID is a think-tank and research institute specializing in issues related to Islamic economics and finance, and advocating polices that are instrumental to help build the Indonesian economy.

ISEFID members play important role in the development of Islamic financial institutions in the country, including founders of Islamic banks and takaful companies, as well as founders of Islamic ... see moreeconomics programs at various universities across Indonesia. Currently ISEFID has over 300 members, of which nearly 50 are PhD holders in the area of Islamic economics and Finance.

Formally, the ISEFID Foundation was registered on 8 December 2014, and has since began to consolidate both institutional structure as well as outreach to members in Indonesia and abroad.