Madinah Governor Prince Salman Inaugurates 45th AlBaraka Islamic Economics Symposium On Future Aspirations

The 45th AlBaraka Islamic Economics Symposium, themed "Islamic Banking in Fifty Years: Past Achievements and Future Aspirations," was inaugurated by Governor of Madinah Prince Salman bin Sultan bin Abdulaziz at Prince Muqrin bin Abdulaziz University. This two-day event gathered prominent figures in economics, finance, and investment to discuss the future of Islamic banking.

During the symposium, Sheikh Saad Al-Shathri, Royal Court Advisor and Council of Senior Scholars Member, highlighted Saudi Arabia's dedication to Islamic banking. He noted that over 85% of the Kingdom's banking operations follow Islamic principles, a percentage unmatched globally. This commitment underscores the nation's leadership in this financial sector.

Abdullah bin Saleh Kamel, Chairman of the AlBaraka Forum for Islamic Economy Board of Trustees, announced the introduction of the Saleh Kamel Islamic Economics Award. This award aims to recognise pioneers in the industry while promoting principles such as commitment, social benefit, and responsible investment. The announcement coincided with the 50th anniversary of Islamic banking.

Sheikh Muhammad Taqi Usmani, President of Jamia Darul Uloom Karachi and Chairman of AAOIFI Shari'ah Board, spoke on the ethical nature of Islamic banking. He emphasised its role as a just financial system that aligns Shari'ah objectives with modern needs. Maintaining its ethical foundation and societal benefits remains a significant challenge for the sector.

The symposium also witnessed the signing of three memoranda of understanding aimed at fostering development in various areas. One agreement was between Madinah Principality's non-profit sector center and the Saleh A. Kamel Humanitarian Foundation to boost social development in Madinah. Another involved Spectreco and AlBaraka Forum for Islamic Economy to create an Islamic sustainability index that combines Shari'ah compliance with ESG standards.

A third memorandum was signed between the University of Jordan and AlBaraka Forum for Islamic Economy to enhance academic and training collaboration. These agreements reflect a commitment to advancing both economic growth and social welfare through cooperative efforts.

The symposium served as a platform for experts to share insights on past achievements while setting aspirations for future advancements in Islamic banking. The discussions highlighted both opportunities and challenges faced by this ethical financial system as it continues to evolve globally.

With inputs from SPA