MADINAH — Prince Salman bin Sultan, Emir of the Madinah area, on Monday inaugurated the forty sixth session of the AlBaraka Discussion board for Islamic Financial system, held beneath the theme “The philanthropy and benevolence sector within the Islamic financial system: Towards a brand new future,” at Prince Muqrin bin Abdulaziz College.
Abdullah Saleh Kamel, chairman of the board of trustees of the AlBaraka Discussion board for Islamic Financial system, mentioned the philanthropy and benevolence sector represents the biggest element of the Islamic financial system and must be considered as a core financial pillar reasonably than a supplementary charitable exercise.
In his remarks, Kamel mentioned the choice of this 12 months’s theme displays a forward-looking imaginative and prescient for the way forward for the Islamic financial system and attracts inspiration from Madinah, the place foundational ideas of Islamic financial thought, together with endowments, spending, and benevolence, have been first established.
He famous that the AlBaraka Discussion board has performed a key function over greater than 4 many years in creating trendy Islamic financial instruments, notably Islamic banking.
He added that the subsequent part requires built-in approaches encompassing philanthropy-based economics, efficient capital deployment, and adherence to moral values as a elementary financial basis.
Kamel defined that these three pillars, alongside established devices comparable to sukuk and takaful insurance coverage, and the optimum use of recent monetary applied sciences, type the premise for constructing a sustainable and impactful Islamic financial system.
He additionally pressured the significance of empowering the non-profit sector, highlighting Saudi Arabia’s expertise as a nationwide mannequin with international relevance in advancing sustainable growth and maximizing social influence.
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Tunisian Grand Mufti Sheikh Hisham bin Mahmoud additionally addressed the discussion board, saying that internet hosting the occasion within the Prophet’s Metropolis displays the ideas of benevolence, solidarity, and social cohesion upon which Islam was based. He cited the historic cooperation between the Muhajireen and Ansar as an enduring instance of Islamic financial and humanitarian values.
Sheikh Hisham praised Saudi Arabia’s management, beneath the Custodian of the Two Holy Mosques and Crown Prince Mohammed bin Salman, for supporting charitable and growth initiatives and selling the ideas of compassion and solidarity.
He additionally counseled the function of AlBaraka Group and AlBaraka Financial institution in Tunisia as a mannequin combining Islamic banking with jurisprudential imaginative and prescient and social duty.
The occasion included the screening of a documentary titled “The Financial system of Philanthropy and Benevolence: Giving that Creates Affect,” which traced the historic roots of charitable economics in Islam, from the primary endowment in Madinah to the fashionable transformation of the non-profit sector right into a key growth driver. The presentation highlighted Saudi Arabia’s efforts to institutionalize the non-profit sector beneath Imaginative and prescient 2030.
In the course of the ceremony, Prince Salman bin Sultan additionally oversaw the signing of three memoranda of understanding.
The agreements have been concluded between the AlBaraka Discussion board and the Islamic College of Madinah, INCEIF College, and King Abdulaziz College’s Institute of Islamic Economics, aiming to boost educational cooperation, analysis integration, and data alternate.
