Latest news with #AlBarakaForumforIslamicEconomy
Ammon
7 hours ago
- Business
- Ammon
World Leaders, Experts Convene in Istanbul for Global Islamic Economy Summit
Ammon News - The Second Global Islamic Economy Summit, organized by the Al Baraka Forum for Islamic Economy, commenced, on Friday, in Istanbul. The three-day event, running until Sunday, has drawn the participation of Turkish President Recep Tayyip Erdoğan, alongside a distinguished gathering of policymakers, economic leaders, and prominent intellectuals from around the world. In his opening address, Abdullah Saleh Kamel, Chairman of the Board of Trustees of the Al Baraka Forum, highlighted the significant development taking place across key Arab and Islamic capitals. He noted that this progress reflects institutional maturity and a sincere commitment to contributing to the future of the global economy through a model that integrates core values with operational efficiency. Kamel emphasized that the economic transformations unfolding in many Arab countries signal a readiness to adopt a modern economic approach grounded in well-established principles. He affirmed that the Islamic economy is not a theoretical alternative, but a comprehensive financial system that has demonstrated its effectiveness through instruments such as endowments, zakat, takaful, and sukuk—tools that can thrive within responsible and modern regulatory environments. He also stressed that the Islamic world possesses the human resources, natural wealth, and intellectual foundations needed to build a competitive economic model. He called for broader partnerships among nations, institutions, and societies, with a focus on transforming successful experiences into scalable, internationally viable systems. Abdullah Saleh Kamel's remarks reflected a strategic vision for leading a values-based economic movement that remains relevant to contemporary realities, positioning the Islamic world as an active contributor to the global economic order. The Al Baraka Forum for Islamic Economy is an independent, non-profit intellectual platform. Its first seminar was held in Madinah in 1981. Since then, the Forum has continued to host annual meetings that bring together experts and decision-makers to shape the future of the Islamic economy, support research, and strengthen its knowledge base.
Saudi Gazette
3 days ago
- Business
- Saudi Gazette
Islamic economy originated in Madinah, says Abdullah Saleh Kamel at Istanbul summit attended by Erdoğan
Saudi Gazette report ISTANBUL — The second Global Islamic Economy Summit kicked off in Istanbul on Friday in the presence of Turkish President Recep Tayyip Erdoğan. Organized by the Al Baraka Forum for Islamic Economy, the summit runs until Sunday and gathers a distinguished group of policymakers, economists, and thought leaders from around the world. During the opening session, Abdullah Saleh Kamel, Chairman of the Board of Trustees of the Al Baraka Forum, emphasized that the foundations of the modern Islamic economy were laid in Madinah, and that Saudi Arabia played a key role early on in institutionalizing this values-driven model based on Islamic principles and social noted that the first sessions of the Al Baraka Forum were held in Madinah over 50 years ago, marking the beginning of an integrated Islamic economic called for Saudi Arabia to further its strategic leadership in this space amid the accelerating shifts in the global economic also highlighted the importance of investing in Islamic finance tools such as zakat, waqf, sukuk, and qard hasan (benevolent loans), which he said now represent realistic solutions for addressing development crises and promoting social and financial Al Baraka Forum for Islamic Economy is an independent, non-profit intellectual platform aimed at developing an economic model based on Islamic holds annual international gatherings that bring together economic and intellectual leaders to enrich Islamic economic research and knowledge frameworks.
Business Recorder
22-04-2025
- Business
- Business Recorder
Madina to Wall Street: World's first Shariah-compliant ESG Index launches
During the 45th AlBaraka Islamic Economics Symposium in Madina, two organizations – the AlBaraka Forum for Islamic Economy and Spectreco LLC, a U.S.-based sustainability and technology firm – signed an agreement to launch what they call the world's first Shariah-compliant ESG Index, the firm announced in a press release on Tuesday. The initiative, announced in the presence of Prince Faisal bin Salman Al Saud, Governor of Madina, and senior figures in Islamic finance, marks a significant step in the evolution of values-based investing. Faraz Khan MBE, CEO of Spectreco and a long-time advocate for sustainable finance, described the collaboration as a 'powerful intersection of tradition, innovation, and global impact.' 'The world is becoming regulated through ESG laws and frameworks and Islamic economy works through shariah,' Khan told Business Recorder. 'In the space of sustainability the fundamentals of both world regulations are the same. So we become a bridge in the space of sustainability and ESG laws between two worlds and developed an index that aligns the investor, business and regulators from both worlds together,' he added. The agreement merges Islamic finance principles with contemporary Environmental, Social, and Governance (ESG) standards – an intersection that stakeholders believe is long overdue. 'Islamic finance weaves together responsibility, sustainability, and transparency,' Sheikh Yousef Hassan Khalawi, Secretary-General of the AlBaraka Forum, was quoted as saying in the press release. 'Through this partnership, we are building a legacy that values both people and the planet.' A platform rooted in faith and technology Unlike conventional ESG indices, this new framework will incorporate Maqasid al-Shariah – the ethical objectives of Islamic law – into its screening and reporting processes. It also promises to use AI-driven analytics, developed by Spectreco, to provide real-time ESG data aligned with Islamic financial requirements. The platform will screen investments based on sectoral exclusions, financial ratio thresholds, and environmental and social performance. It aims to serve institutional investors, regulators, and Shariah-compliant asset managers looking to integrate ESG considerations into their portfolios without compromising religious obligations. Responding to a Global shift The move comes at a time when ESG investing is gaining traction across both developed and emerging markets. According to industry estimates, ESG assets could surpass $50 trillion by the end of 2025 – but until now, there has been no index offering a faith-based ethical filter for Muslim investors at a global scale. The Islamic ESG Index will initially target markets in the Gulf Cooperation Council (GCC), Europe, and Southeast Asia – regions with sizable Muslim populations and growing ESG mandates. By offering dynamic transparency, active monitoring, and automated Shariah screening, the platform is being positioned as a transformative tool for Islamic finance institutions navigating a rapidly changing investment landscape. 'It's not just about meeting global standards,' Khan was quoted as saying in the press release. 'It's about raising them – by showing that faith and sustainability are not mutually exclusive, but deeply compatible.' 'Collaboration through technology for Impact in the space of ESG & sustainability and creating sources of Climate finance drives us as an institution and as team,' he told Business Recorder. A significant turning point Observers say the setting of the launch – Madina, one of Islam's holiest cities – was as symbolic as it was strategic. While financial innovation is often associated with hubs like New York, London or Dubai, the message from Madina was clear: ethical finance grounded in spiritual values can originate from the very foundations of faith. The initiative is still in its early stages, with further announcements expected on implementation timelines and partnerships. But for now, the message is resonating: as the world looks for financial systems that are resilient, transparent, and just, Islamic finance may have more to offer than ever before.
Saudi Gazette
17-04-2025
- Business
- Saudi Gazette
Madinah Emir inaugurates 45th AlBaraka Islamic Economics Symposium
Saudi Gazette report MADINAH— Emir of Madinah Prince Salman bin Sultan inaugurated the 45th AlBaraka Islamic Economics Symposium at Prince Muqrin bin Abdulaziz University in Madinah on Wednesday. Eminent experts in economics, finance, and investment are taking part in the two-day symposium under the theme "Islamic banking in 50 years: Past achievements and future aspirations." AlBaraka Forum for Islamic Economy Board of Trustees Chairman Abdullah bin Saleh Kamel highlighted the symposium's significance coinciding with the 50th anniversary of Islamic banking. He announced the inaugural Saleh Kamel Islamic Economics Award, designed to honor industry pioneers and advance the sector's principles of commitment, social benefit, and responsible investment. In his speech, Royal Court Advisor and Council of Senior Scholars Member Sheikh Saad Al-Shathri emphasized Saudi Arabia's commitment to Islamic banking, noting that over 85 percent of the Kingdom's banking operations adhere to Islamic principles, a globally unmatched percentage. Jamia Darul Uloom Karachi President and Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Shari'ah Board Chairman Sheikh Muhammad Taqi Usmani underscored Islamic banking's role as an ethical and just financial system, balancing Shari'ah objectives with contemporary needs. He stressed that maintaining the system's ethical core and positive societal impact remains a key challenge. The symposium also featured the signing of three memoranda of understanding. These were between the Madinah Principality's non-profit sector center and the Saleh A. Kamel Humanitarian Foundation to enhance social development in the region; Spectreco and AlBaraka Forum for Islamic Economy to develop an Islamic sustainability index integrating Shari'ah compliance with ESG standards; and the University of Jordan and AlBaraka Forum for Islamic Economy to foster academic and training collaboration.
