The Al-Barakah Symposium on the Islamic Economy concluded its 46th session after six specialized scientific sessions held under the title “Charity and Philanthropy Sector in the Islamic Economy: Toward a New Future” and witnessed the participation of an elite group of academics, experts and practitioners from various countries.
In his closing speech, Yousef Hassan Qarawi, Executive Director of the Al-Barakah Islamic Economic Forum, asserted that the symposium embodied a solid scientific space for dialogue, reflection, and forecasting the next steps.
He noted that in light of the rapid transformation of the global economy, the rich discussions revealed wide-ranging opportunities for hard work, research and innovation in the Islamic economic path.
economy of justice and charity
Mr. Halawi explained that “economy of justice and charity” is a possible title for the next stage of Islamic economic development.
He said that while Islamic banking is – without a doubt – the most prestigious title of the past 50 years and has contributed to strengthening its institutional presence globally, the next phase could see Islamic banking continue to play a pivotal role as the largest organization in terms of assets, penetration and acceptance, and the emergence of charity and the charity economy as a more comprehensive framework to strengthen developmental and social impact.
New research horizons
Mr. Karawi announced that the upcoming 47th symposium will be dedicated to Islamic banking operations with the title “Human Capital in Islamic Banking”. The presentations will address a number of vital issues, including the role of Sharia institutions, qualification and succession issues, development of leadership in the banking industry, and a draft code of ethics for employees of Islamic financial institutions, in a manner that strengthens good governance and strengthens professional values derived from Islamic Sharia, it was announced.
The Secretary-General appreciated the scientific efforts of researchers and commentators, stressing that this year’s theme opened new research horizons for universities and research centres, contributed to strengthening the integration of theory and application, and helped build a generation of researchers specializing in questions of justice and charity and their institutional tools.
Seminars and workshops
Alongside the symposium, a series of seminars and scientific workshops were held to discuss the themes of the sessions and saw notable attendees and interactions.
Professor Elias Dardour, Dean of the Faculty of Sharia Law at Zaytuna University in Tunisia, delivered a lecture entitled “Financial engineering of endowments: structure, mechanisms and returns of endowment Sukuk and endowment funds”, in which he reviewed the technical and legal framework of these tools as a modern approach to developing endowment business and increasing its sustainability.
He explained that endowment sukuk and funds are modern tools that can maximize returns while preserving assets and complying with Shariah regulations, in addition to their role in widening the community participation base and turning endowments into effective development tools that contribute to supporting philanthropic projects and achieving sustainable economic and social impact.
Underlining the memories of the pioneers
In the track “Underlining the Memories of the Pioneers”, Professor Bishr Muwafaq, General Editor of the Encyclopedia of Islamic Economics and Finance, interviewed Sheikh Mohammed Taqi Al Osmani, Chairman of the Sharia Council of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), in a session entitled “My Memories with Islamic Banking”. Reflecting on his scientific beginnings and academic career, Shaikh Al Osmani emphasized the importance of combining Sharia roots with real-world requirements and the role of academics in the development of the Islamic banking industry through researching, writing and drafting Sharia-compliant contracts and products.
Dr. Iman Shadi, Executive Director of the Center for Strategic Thinking, held a workshop entitled “Population Growth and Islamic Economic Expansion: New Horizons” to discuss the impact of the world’s Muslim population growth on strengthening the young workforce and increasing demand for Shariah-compliant products, highlighting the importance of data-driven planning to address challenges in education, employment and health, and the importance of investing in demographic opportunities in the rapidly growing Islamic market.
Increase your nonprofit contributions
On the third day, a workshop on “Using Donations to Support Charitable Activities and Social Projects” was held, opened by Mr. Ibrahim Al Said, Director of International Cooperation, Al-Barakah Forum, where Dr. Abdullah Al Ghamdi reviewed the legal concept of donations and models for the use of donations in the Kingdom in the areas of the Two Holy Mosques, education, health and community projects. He noted that Saudi Vision 2030 aims to increase the contribution of the nonprofit sector to gross domestic product to 5% by 2030, and that Saudi endowment assets are estimated at approximately SR430 billion.
The workshop “Activating Sharia Goals in the Philanthropic and Philanthropic Sector and Their Application in Modern Society” discussed the frameworks applied to the goals and the mechanisms to transform them into institutional instruments that increase social impact and sustainability. Dr. Abdel Nasser Hamdan explored the concept of an “economy of dignity” based on empowering beneficiaries and moving from seasonal donations to investment funds and smart development, while Dr. Ali Abu Al-Ez discussed the mechanisms of Maqasid governance and the importance of independent Shariah monitoring and measuring institutional impact.
5 main axes
The workshop featured discussions on five main topics, including the regulation of maqasid, institutional strategies, zakat, endowment, practical translation of the purpose of Qad al-Hasan, regulatory challenges and ways to address them, as well as the most prominent contemporary applications to strengthen the transformation of the sector into a sustainable development lever.
Dr. Hisham Zaki moderated a special session organized by the Saleh Kamel Prize in Islamic Economics entitled “Bridging Research and Application Initiative”. The session aimed to translate academic research into practical applications and provide a platform for students to present their research and innovative projects. He reviewed the vision of the award, its path and the total amount of SAR 1 million, stressing that it is a continuation of Sheikh Saleh Kamel’s legacy in serving the Islamic economy and encouraging innovation (may God have mercy on him).
Global projects and qualitative leaps
Professor Fayyad Abdel Moneim, former Egyptian Minister of Finance and Chairman of the Prize’s Scientific Committee, acknowledged that the Prize represents a global scientific project aimed at bringing about qualitative changes in Islamic economic processes.
At the workshop “Empowering young minds: Entrepreneurship is the path to change and creativity”, Dr. Wael Al Desouki, Executive Director of the Saleh Kamel Al Hasnia Foundation for Sustainable Entrepreneurship, presented an inspiring vision of entrepreneurship from the perspective of justice and charity, emphasizing that the success of companies is measured by social impact in addition to profit.
He pointed to the importance of ethics at various stages of work and the importance of building business models that combine innovation, transparency and responsibility, and that put people and dignity at the center of economic development.
The symposium concluded by highlighting the importance of translating its recommendations into enforcement programs and effective partnerships that contribute to the development of Islamic economic systems, strengthening their role in achieving sustainable development, and strengthening the values of justice and solidarity in society.
