Latest news with #IslamicEconomics
The Guardian
3 days ago
- Business
- The Guardian
Khurshid Ahmad obituary
My friend Khurshid Ahmad, who has died aged 93, was a pioneering scholar admired for helping to develop the field of Islamic economics as an academic discipline. In 1973 he founded the Islamic Foundation in Leicester, a centre dedicated to research, education and training that has published more than 400 books and papers. It is now housed at the Markfield Conference Centre in Markfield, Leicestershire. Khurshid believed that conventional banking methods produce various forms of injustice, and he was deeply opposed to the charging of interest to people who borrow money. Much of his work was based on trying to find alternatives to interest-charging that were compliant with ethical Islamic principles. Khurshid was born in Delhi, in India, to Nazir Ahmad Qureishi, a journalist and businessman, and Sarwar Jahan. He attended the Anglo-Arabic school in Delhi, then, following the birth of the state of Pakistan in 1947, migrated with his family to Lahore. After gaining a degree in economics from Karachi University, followed by a master's in Islamic studies, he taught economics in Karachi at the Urdu College and Karachi University. He moved to the UK in 1968 to do a PhD, and after setting up the Islamic Foundation, he served as its chairman until his retirement in 2017. He was awarded a number of honorary doctorates, including by Loughborough University and the University of Malaya in Malaysia. Khurshid's wife, Azra (nee Mohebullah), whom he married in 1967, died in 2015. He is survived by their sons, Haris, Salman and Umer, and daughters, Asma, Salma and Fariha, and by his brother, Anis.
Zawya
26-05-2025
- Business
- Zawya
Al Baraka Group announced as global partner of the 2nd Global Islamic Economy Summit in Istanbul
Manama: Al Baraka Group (ABG) has announced its sponsorship as a Global Partner of the 2nd Global Islamic Economy Summit in Istanbul. This high-level summit, held under the theme: 'Islamic Economics Strategies: Path to an Influential Global Economy,' will take place at Istanbul Financial Center (IFC), from Friday May 30th to Sunday, June 1st 2025. With a legacy spanning over fifty years of leadership, Al Baraka Group continues through this strategic partnership to play a pivotal role in shaping the future of Islamic economics across continents. The Group is not merely a leading financial institution, but also a visionary force driving profound transformations to ward ethical economies, inclusive development, and global strategic dialogue. We are also proud and honored to announce that this prestigious summit is held under the presence of the President of the Republic of Türkiye, H.E. Recep Tayyip Erdoğan, who will officially opening the summit. The summit's agenda, attended by global influencers, top economists, and leading thought leaders, includes keynote speeches from H.E. Shaikh Abdullah Saleh Kamel, Chairman of the Board of Trustees of AlBaraka Forum, and H.E. Dr. Mahmoud Mohieldin, United Nations Special Envoy. The summit will also witness the official launch of the AlBaraka Islamic ESG Index, powered by Spectreco, and a special session held under the auspices of the Saleh Kamel Islamic Economics Award, featuring leading researchers from top Turkish universities. The summit's proceedings will be divided into six thematic panel sessions addressing strategic issues, including: The strategic roadmap for central banks in promoting Islamic economics, finance, and banking at the national and international levels; Strategic planning for the sustainable development of the Islamic economy (short- and long-term) ; Strategic Islamic economic planning; Economic strategies for sustainable growth in the Islamic economy; Strategies for social and environmental well-being, social justice, and economic empowerment; and Strategies for Islamic entrepreneurship and startups to achieve sustainable success. On this occasion, Mr. Houssem Ben Haj Amor, Board member and Group CEO of Al Baraka Group, stated: 'We are delighted to sponsor the second Al Baraka Summit in Istanbul, reaffirming our continued commitment to the values laid down by our late founder, Shaikh Saleh Kamel.' He added: 'Through our sponsorship of this summit, we reaffirm Al Baraka Group's role as a leading reference in Islamic banking and finance dedicated to establishing and advancing the Sharia-compliant foundations of economic transactions and the broader Islamic economy.' About Al Baraka Group: Al Baraka Group B.S.C. (C) is licensed as an Investment Business Firm – Category 1 (Islamic Principles) by the Central Bank of Bahrain. It is a leading international Islamic financial group providing financial services through its banking subsidiaries in 13 countries offering retail, corporate, treasury and investment banking services, strictly in accordance with the principles of Islamic Shari'a. The Group has a wide geographical presence with operations in Jordan, Egypt, Tunisia, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon and Syria, in addition to two branches in Iraq and a representative office in Libya and provides its services in more than 600 branches. ABG's network serves a population totaling around one billion customers. The authorized capital of ABG is US$ 2.5 billion.
Asharq Al-Awsat
26-05-2025
- Politics
- Asharq Al-Awsat
Sheikh Saleh bin Humaid to Deliver Arafat Day Sermon
Custodian of the Two Holy Mosques King Salman bin Abdulaziz approved the appointment of Sheikh Dr. Saleh bin Humaid, imam and preacher of the Grand Mosque in Makkah, to deliver this year's Arafat Day sermon at the Namira Mosque, Saudi Arabia's Presidency for the Affairs of the Two Holy Mosques said in a statement. Bin Humaid, a prominent religious and academic figure, was born in 1950 in Buraidah, in the Qassim region. He later moved to Makkah, where he completed his high school education in 1967. He earned his bachelor's degree in Islamic law from Umm Al-Qura University in 1975, followed by a master's degree in 1976 and a PhD in Islamic jurisprudence and its principles in 1981, graduating with top honors. His academic career began at the same university, where he served as a teaching assistant, lecturer, and eventually associate professor. He later became head of the university's Islamic Economics Department. Bin Humaid was the first holder of a doctoral degree to be appointed as an imam at the Grand Mosque. Over the years, he held several high-profile positions, including Deputy President for the Affairs of the Two Holy Mosques and member of the Shura Council between 1993 and 2000. In 2000, he was appointed President of the General Presidency for the Affairs of the Two Holy Mosques. A royal decree in 2002 named him Chairman of the Shura Council. In 2009, he became President of the Supreme Judicial Council. In 2012, he stepped down from the judiciary role at his request and was appointed a royal adviser with the rank of minister. The General Authority for the Affairs of the Grand Mosque and the Prophet's Mosque announced that the Mataf, the circumambulation area around the Kaaba, is fully prepared to receive pilgrims during this year's Hajj, under comprehensive organizational plans aimed at ensuring the safety, comfort, and well-being of worshippers. The Mataf's operational capacity has reached 107,000 pilgrims per hour, across multiple levels, including the ground floor, first floor, two mezzanine levels, and the rooftop, it added. The entire Mataf area can accommodate up to 203,000 worshippers. Officials confirmed that the entire Mataf area has been made accessible exclusively for pilgrims performing Tawaf. Multiple main and secondary entrances have been designated to ease access to the area, with certain gates reserved for emergency and service use, all while ensuring full crowd-capacity management. The measures are part of broader efforts to streamline the performance of Hajj rituals and provide high-quality services to pilgrims, in line with the directives of the Saudi leadership.
Zawya
22-05-2025
- Business
- Zawya
2025 Islamic Development Bank (IsDB) Prize Celebrates Transformative Solutions in Health and Water Security
The winners of the 2025 Islamic Development Bank (IsDB) Prize for Impactful Achievement in Islamic Economics (Development Solutions Achievement category) received the awards during a ceremony on the side lines of the IsDB Group Annual Meetings on 20 May 2025 in Algiers, Algeria. Medikids secured the first place for its innovative waqf initiative aimed at tackling the challenges of waqf management in Indonesia, with a portion of its net waqf profits allocated to the improvement of waqf assets and a range of social welfare programs. The Blue Filter initiative won the third place for its pioneering initiative to develop a prototype designed to purify water by eliminating harmful contaminants that integrates natural filtration methods with sophisticated automation and control systems, yielding a solution that is both sustainable and exceptionally efficient. IsDB Vice President (Finance) and CFO, Dr. Zamir Iqbal, presented the first-place prize award to Mr. Afdhal Aliasar, the team leader of Medikids project, during the 19 th IsDB Global Forum on Islamic Finance, held as part of the Annual Meetings in Algiers. The third winner, Mr. Salah El Sadi, Founder&CEO, Blue Filter, was unable to attend the ceremony. The awards also included cash prizes of US$ 100,000 for the first-place winner, and US$ 30,000 for the third-place winner. The winners were selected by an independent committee of experts from outside and inside of the IsDB Group, whose work is coordinated by the IsDB Institute. The selection committee has decided to withhold the second-place award. Acting Director General of the IsDB Institute, Dr. Sami Al-Suwailem, congratulated the winners and wished them success in their endeavors. In his comments on this occasion, Afdhal Aliasar, the team leader of Medikids project, said: 'Medikids is a practical embodiment of solving the issues of developing waqf in a productive and sustainable manner, and it can be successfully implemented. The productive waqf asset, Medikids Dental Clinics, is capable of meeting the growing need for skilled medical professionals through high-quality education, as well as addressing the demand for quality healthcare services for children and the broader community.' Salah El Sadi, Founder and CEO, Blue Filter, said, 'We are deeply honored to receive this recognition from the Islamic Development Bank. The Blue Filter project was developed with a mission to provide affordable, sustainable, and eco-friendly water purification solutions for both drinking and agricultural use. Our technology operates without energy or chemical waste, making it a truly green innovation. By addressing water contamination and scarcity, we aim to improve public health, support food security, and enhance agricultural productivity—especially in underserved communities.' Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI). Social media handles: X (Twitter): Facebook: LinkedIn: About the Islamic Development Bank Institute: The Islamic Development Bank Institute (IsDBI) is the knowledge beacon of the Islamic Development Bank Group. Guided by the principles of Islamic economics and finance, the IsDB Institute leads the development of innovative knowledge-based solutions to support the sustainable economic advancement of IsDB Member Countries and various Muslim communities worldwide. The IsDB Institute enables economic development through pioneering research, human capital development, knowledge creation, dissemination, and management. The Institute leads initiatives to enable Islamic finance ecosystems, ultimately helping Member Countries achieve their development objectives. More information about the IsDB Institute is available on
Zawya
13-05-2025
- Business
- Zawya
Innovative Projects Win 2025 Islamic Development Bank (IsDB) Prize for Impactful Achievement in Islamic Economics
The Islamic Development Bank (IsDB) has announced the winners of the 2025 IsDB Prize for Impactful Achievement in Islamic Economics, honoring two pioneering projects for their creative and impactful contributions to economic development inspired by the principles of Islamic economics. Medikids secured first place for its innovative waqf initiative, addressing waqf management challenges in Indonesia. The initiative leverages dental clinics for children and families to generate sustainable funding. Established in 2018, Medikids achieved financial stability within three years and launched a scholarship program for healthcare professionals in its second year. A portion of its net profit waqf is dedicated to enhancing waqf assets and various social welfare initiatives. The selection committee has decided to withhold the second-place award. The third-place prize was awarded to the Blue Filter initiative, which created a prototype to purify water by removing harmful pollutants like nitrates, chloride, and heavy metals. This technology combines natural filtration techniques with advanced automation and control systems, resulting in a solution that is both sustainable and highly effective. It also features real-time monitoring and loss management systems to ensure optimal performance and minimize water waste. The prizes will be presented at the IsDB Group Annual Meetings, scheduled for 19-22 May 2025, in Algiers, Algeria. IsDB Group Chairman HE Dr. Muhammad Al Jasser congratulated the winners, praised their contributions to Islamic economics, and wished them continued success. 'The IsDB Prize serves as a key driver of strategic significance, promoting the transformation of knowledge and principles of Islamic economics into actionable initiatives and innovative projects aimed at fostering comprehensive economic development,' stated Dr. Al Jasser. The winners were chosen by the IsDB Prize Selection Committee, which comprises eminent experts and scholars, coordinated by the IsDB Institute. Excerpts from the IsDB Prize Selection Committee Citations: Medikids Clinic It serves the important role of civil society waqf in supporting the mission of a combined health sector and education sector, serving the underprivileged component of society. The waqf-based model is considered sustainable due to its appropriate earning incentive framework, which is in harmony with the principles of Islamic economics. Blue Filter It provides a potential solution for IsDB member countries while aligning with the strategic goals of the IsDB, especially concerning food and water security. The model emphasizing blue and bio elements has rendered it more appealing than alternative solutions that are generally contaminated with chemicals. Established in 1988 as the 'IsDB Prize in Islamic Economics, Banking, and Finance,' the prize expanded in 2020 to recognize achievements in two categories, offered alternately: (i) Development Achievement and (ii) Knowledge Contribution. The 1446H (2025) Prize cycle focuses on Development Achievement, highlighting successful projects addressing development challenges in IsDB member countries and Muslim communities worldwide. Distributed by APO Group on behalf of Islamic Development Bank Institute (IsDBI).
