Saudi Gazette report

MADINAH— Emir of Madinah Prince Salman bin Sultan inaugurated the 45th AlBaraka Islamic Economics Symposium at Prince Muqrin bin Abdulaziz University in Madinah on Wednesday. Eminent experts in economics, finance, and investment are taking part in the two-day symposium under the theme "Islamic banking in 50 years: Past achievements and future aspirations."

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.

In his speech, 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 percent of the Kingdom's banking operations adhere to Islamic principles, a globally unmatched percentage.

Jamia Darul Uloom Karachi President and Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI) Shari'ah Board Chairman Sheikh Muhammad Taqi Usmani underscored 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. These were 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.