Madinah: Governor of Madinah Prince Salman bin Sultan bin Abdulaziz inaugurated the 45th AlBaraka Islamic Economics Symposium, themed "Islamic Banking in Fifty Years: Past Achievements and Future Aspirations," at Prince Muqrin bin Abdulaziz University. The two-day symposium convened leading experts in economics, finance, and investment.
According to Saudi Press Agency, 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% of the Kingdom's banking operations adhere to Islamic principles, a globally unmatched percentage.
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.
Jamia Darul Uloom Karachi President and AAOIFI Shari'ah Board Chairman Sheikh Muhammad Taqi Usmani discussed 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 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.