MADINAH — The forty sixth session of the Al Baraka Discussion board for Islamic Financial system concluded after six specialised scientific panels held beneath the theme “Charity and benevolence sector within the Islamic financial system: Towards a brand new future,” bringing collectively students, specialists and practitioners from throughout the globe.
In his closing remarks, Secretary-Basic of the Al Baraka Discussion board for Islamic Financial system Yousef Khalawi mentioned the discussion board supplied a rigorous educational platform for dialogue, reflection and forward-looking discussions.
He famous that the wealthy debates revealed broad alternatives for ijtihad, analysis and innovation throughout the Islamic financial framework, significantly amid accelerating international financial transformations.
Khalawi described the “financial system of charity and benevolence” as a possible defining theme for the subsequent section of Islamic financial growth.
He defined that whereas Islamic banking has been the dominant headline of the previous 50 years and has firmly established the sector institutionally worldwide, the approaching section might see the rise of a broader charity-driven financial mannequin to boost developmental and social impression, alongside the continued central position of Islamic banking as the biggest and most generally accepted section of the business.
Khalawi introduced that the forty seventh version of the discussion board will give attention to Islamic banking beneath the theme “Human capital in Islamic banks.” Discussions will handle the position of Shariah boards, qualification and succession planning, management growth and the formulation of an moral constitution for professionals in Islamic monetary establishments to strengthen governance and reinforce Shariah-based skilled values.
He recommended the scholarly contributions introduced through the session, saying this yr’s theme opened new analysis horizons for universities and analysis facilities, enhanced integration between concept and observe, and supported the event of a brand new technology of specialists in charity and benevolence economics.
On the sidelines of the discussion board, a number of workshops and seminars have been held with robust engagement from contributors.
Prof. Ilyas Dardour, head of the Shariah and Regulation Division at Zitouna College in Tunisia, delivered a lecture titled “Monetary engineering of endowments: Waqf sukuk and waqf funds — buildings, mechanisms and returns,” outlining technical and Shariah frameworks for these instruments as trendy mechanisms to strengthen the sustainability of endowments.
He mentioned waqf sukuk and funds can maximize returns whereas preserving capital and adhering to Shariah tips, along with increasing neighborhood participation and remodeling endowments into efficient developmental devices.
In a particular session titled “Recording the legacy of pioneers,” Prof. Bashar Muwafaq interviewed Sheikh Muhammad Taqi Usmani, chairman of the Shariah Board of the Accounting and Auditing Group for Islamic Monetary Establishments (AAOIFI), in a dialogue on “My reminiscences with Islamic banking.” Usmani highlighted the significance of mixing sound Shariah foundations with up to date realities and the position of students in creating Islamic monetary merchandise and contracts.
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Dr. Iman Shadi, government secretary of the Strategic Pondering Middle, introduced a workshop on “Demographic progress and Islamic financial growth: New horizons,” emphasizing the impression of worldwide Muslim inhabitants progress on workforce dynamics and demand for Shariah-compliant merchandise. She underscored the significance of data-driven planning to deal with challenges in schooling, employment and healthcare.
Through the third day, a workshop on “Using endowments to help charitable and social tasks” mentioned Shariah ideas and Saudi fashions of waqf utilization in schooling, healthcare and neighborhood initiatives. Contributors famous that Saudi Imaginative and prescient 2030 goals to boost the non-profit sector’s contribution to GDP to five% by 2030, with endowment belongings within the Kingdom estimated at SR430 billion.
One other workshop addressed activating Shariah aims within the charity sector and translating them into institutional instruments that improve social impression and sustainability. Discussions coated governance, strategic planning and up to date functions to remodel the sector right into a sustainable developmental driver.
5 key themes have been examined, together with maqasid-based rules, institutional methods, sensible functions of zakat, waqf and qard hasan, regulatory challenges and trendy greatest practices.
A session beneath the Saleh Kamel Award for Islamic Financial system, titled “Bridging analysis and software,” supplied college students a platform to current revolutionary analysis tasks. Organizers highlighted the award’s complete worth of SR1 million and its position in selling innovation in Islamic economics.
Former Egyptian finance minister and head of the award’s scientific committee Prof. Fayyad Abdel Moneim described the prize as a worldwide educational initiative geared toward advancing the trajectory of Islamic economics.
In a workshop on youth empowerment and entrepreneurship, Dr. Wael El-Desouki, secretary-general of the Saleh Kamel Basis for Sustainable Entrepreneurship, emphasised that company success needs to be measured by social impression in addition to profitability, advocating moral enterprise fashions that prioritize transparency, accountability and human dignity.
The discussion board concluded with calls to translate its suggestions into actionable packages and partnerships that improve the position of the Islamic financial system in attaining sustainable growth and reinforcing values of justice and social solidarity.
