As the sole global strategic sponsor, Al Baraka Group (ABG) successfully concluded the 44th edition of the Al Baraka Islamic Economics Symposium (Nadwa), held on 28th and 29th February 2024 at the Prince Mugrin University in Medina in the Kingdom of Saudi Arabia, which centred around the theme “Shari’ah Doctrine: Framework for Islamic Economics.”
The forum featured numerous sessions exploring the Maqasid and legal systems underpinning Islamic economics, as well as an interactive workshop titled “Maqasid Al Shari’ah: A Practical Introduction for Islamic Financial Institutions” at the Medina Chamber of Commerce. A meeting of ABG’s Shari’ah Supervisory Board also took place which was attended by representatives from the participating Shari’ah committees across the Group.
A key highlight of the opening ceremony was the signing of a Memorandum of Understanding (MoU) between Mr. Yousef Khalawi, Secretary General of the Al Baraka Islamic Economics Forum, and Mufti Roshan Abbasov, First Deputy Chairman of the Council of Muftis of Russia. This partnership was announced under the patronage of His Royal Highness Prince Salman bin Sultan bin Abdulaziz, Governor of the Medina region, and in the presence of Shaikh Abdullah Saleh Kamel, Chairman of the Board of Trustees of the Al Baraka Islamic Economics Forum and Al Baraka Group.
The Symposium also acknowledged the significant contributions of the late Sheikh Saleh Kamel in shaping the foundations of Islamic economics. The crucial roles of Shari’ah frameworks in enhancing Islamic financial institutions’ services and credit ratings were also addressed. Additionally, the event explored the ethical dimension of Islamic economics, emphasising the impact of Zakat in achieving economic objectives through both collection and distribution. Meanwhile, the concept of Takaful (Islamic insurance) and its role in Islamic banking was further examined.
This prominent regional economic forum also served as a platform to explore ways to address contemporary economic challenges and risks from an Islamic perspective. Discussions explored the strategic application of innovative investment tools, harnessing the potential of FinTech, embracing the ICT revolution, and integrating sustainable practices.
Since 1981, the Al Baraka Islamic Economics Symposium has played a significant role in advancing Islamic economic practices from both a jurisprudential and technical perspective. The Symposium features presentations and discussions on emerging economic issues led by renowned Islamic scholars and jurists, alongside extensive participation from international experts in finance, business, economics, and Islamic finance. The goal of the Symposium is to enrich Islamic economic practices through the issuance of fatwas, recommendations, and effective practical solutions. Al Baraka Banking Group plans to continue its strategic sponsorship of this prestigious event in Media, London, and Istanbul.
