MADINA — Prince Salman bin Sultan, Ruler of the Madinah Region, on Monday inaugurated the 46th session of the Islamic Economy Al-Barakah Forum, held under the theme “Philanthropy and the philanthropic sector in the Islamic economy: Towards a new future” at Prince Muqrin bin Abdulaziz University.
Abdullah Saleh Kamel, Chairman of the Board of Directors of Al-Barakah Islamic Economic Forum, said that the philanthropic and philanthropic sector represents the largest part of the Islamic economic system and should be seen as a core economic pillar rather than ancillary philanthropy.
In his remarks, Kamel said that this year’s theme selection reflects a positive vision for the future of Islamic economics and draws inspiration from Madinah, where the fundamental principles of Islamic economic thought such as giving, spending and charity were first established.
He pointed out that for more than 40 years, Al-Barakah Forum has played an important role in the development of modern Islamic economic tools, especially Islamic banking.
He added that the next stage requires an integrated approach that includes philanthropic economics, effective capital deployment, and adherence to ethical values as a fundamental economic foundation.
Kamel explained that these three pillars, along with established instruments such as sukuk and takaful insurance, and the optimal use of modern financial technology, form the basis for building a sustainable and impactful Islamic economy.
He also emphasized the importance of empowering the nonprofit sector and highlighted Saudi Arabia’s experience as a globally relevant national model in promoting sustainable development and maximizing social impact.
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Grand Mufti of Tunisia Sheikh Hisham bin Mahmoud also spoke at the forum, saying that holding the event in the City of the Prophet reflected the principles of charity, solidarity and social cohesion that were fundamental to Islam. He cited the historic cooperation between Muhajireen and Ansar as an enduring example of Islamic economic and humanitarian values.
Sheikh Hisham praised Saudi leadership under the Custodian of the Two Holy Mosques and Crown Prince Mohammed bin Salman for supporting philanthropy and development efforts and promoting principles of compassion and solidarity.
He also praised the role of Al-Baraka Group and Al-Baraka Bank in Tunisia as a model that combines Islamic banking with jurisprudential vision and social responsibility.
The event also featured a screening of a documentary titled “Charity and the Philanthropic Economy: Giving that Creates an Impact.” This documentary traces the historical roots of the philanthropic economy in Islam, from the first donations in Madinah to the modern transformation in which the nonprofit sector has become a major driver of development. The presentation focused on Saudi Arabia’s efforts to institutionalize the nonprofit sector under Vision 2030.
At the ceremony, Prince Salman bin Sultan also oversaw the signing of three memorandums of understanding.
The agreement was signed between Al-Barakah Forum and the Islamic University of Madinah, INCEIF University and the Institute of Islamic Economics at King Abdulaziz University, with the aim of strengthening academic cooperation, research integration and knowledge exchange.
