Al Baraka Group Announced as Strategic Sponsor of Al Baraka Islamic Economics Symposium 2023

Al Baraka Group, today, announced its sponsorship for the 43rd edition of the Al Baraka Islamic Economics Symposium as the forum’s Strategic Sponsor. The event is being held at Prince Mugrin University in Medina in the Kingdom of Saudi Arabia on March 15-16, 2023 under the theme “The Sustainability Authenticity in Islamic Banking”.

This year’s edition will witness widespread participation from a group of senior officials, board members and chief executives of government economic agencies, Central Banks, financial institutions, Islamic banks and financing companies from around the world. Joining them will also be well known experts in the field, academics, researchers, university professors, Master’s and Doctoral students, Islamic economics and Sharia experts, as well as social media influencers in Islamic finance and economics in the Kingdom of Saudi Arabia.

The symposium aims to highlight how the concept of sustainability is rooted in its various dimensions within the principles and provisions of Islamic law, and how to achieve UN Sustainability Development Goals (SDGs) according to the mechanisms and tools of Islamic economics.

Sessions over the two-day period have been designed to examine the concept and dimensions of sustainability in accordance with the principles of Islamic economics, analyzing the ability of the Islamic economies to achieve SDGs leveraging various financing mechanisms and tools, identifying the most important challenges to achieving sustainability, and discussing the latest applications and projects developed to achieve global sustainability, in accordance with the provisions and principles of Islamic economics. Proposals and recommendations will also be presented to enhance and develop the competences of Islamic economics to achieve sustainability.

Over four decades of success, Al Baraka Islamic Economics Symposium has established itself as the leading integrated forum covering the Sharia, banking, economics, regulatory and other aspects of the industry. It represents the cornerstone in the development of Islamic banking from the technical and jurisprudence points of view.

ABG, as an annual sponsor of the symposium, will have a strong presence at the forum led by Shaikh Abdullah Saleh Kamel, Chairman of ABG and the Board of Trustees of Al Baraka Islamic Economics Symposium. He will be joined by the Group’s executive management team in order to review several banking topics and discuss the latest developments in Islamic banking and finance in a way that seeks to explore recommendations and visions to enrich the industry and find practical solutions to the challenges facing the development of the sector.

Commenting on the occasion, Shaikh Abdullah, said: “Through our annual sponsorship of the symposium, we are keen to meet the needs of those interested in Islamic banking jurisprudence all over the world, by providing a scientific reference in research, committees’ work, Sharia boards, and fatwas, and assisting in the development of Islamic financial products that meet technical and Sharia requirements, while also supporting the immediate requirements of the Group’s units, its sister banks and Islamic financial institutions in the field of theorizing Islamic banking and rooting for its applications and legal controls, and to link between the jurisprudence of financial transactions and the principles and systems of the economy.”

He added, “We are honored that Al Baraka Islamic Economics Symposium, and the recommendations and fatwas it has issued over the past years, have become a basic scientific reference and a rich database in research and fatwas issued by the Sharia bodies of Islamic banks and financial institutions, Fiqh academies and related bodies in various countries around the world. This is a testament of the remarkable contributions made by ABG with the aim of strengthening the sector, overcoming obstacles facing its development, and paving the way for broader horizons of growth and sustainability in Islamic finance.”

The first Al Baraka Islamic Economics Symposium was held in 1981, and it has continued to be held annually. During the 41st edition of the symposium, the event has become a strategic forum to discuss industry affairs in all its aspects. Previous editions have been organized in several cities including Mecca, Medina, Jeddah, Cairo, Beirut, Tunisia, and Algiers, as well as Jordan, Istanbul, Kuala Lumpur and Damascus. Each year, the forum results in the announcement of many recommendations that have gone on to have a significant impact on the development of Islamic banking in several regions worldwide.

In November 2022, Al Baraka Islamic Economics Symposium launched its new edition in London, which provided a rich and important addition to the industry and international Islamic economic events that integrate with the long-standing heritage of the symposium and build upon its aims.