Abdullah Kamel at the Al-Baraka 46 Symposium: We are establishing an economy of charity and benevolence
Under the patronage of His Royal Highness Prince Salman bin Sultan bin Abdulaziz, Governor of Madinah, the 46th Al-Barakah Symposium on Islamic Economics, organized by the Al-Barakah Forum, commenced at Prince Muqrin bin Abdulaziz University. This year's symposium, themed "The Charitable Sector in Islamic Economics: Towards a New Future," is being attended by a distinguished group of scholars and economic experts from across the Muslim world.
A rich history and a promising future for the Islamic economy
The Al Baraka Symposium holds particular significance in economic and legal circles, as it is one of the oldest global platforms that has contributed for over four decades to establishing the foundations of Islamic financial jurisprudence. The symposium's resolutions and fatwas in previous sessions have served as a fundamental reference for Islamic financial institutions worldwide, helping to develop the banking instruments we see today. This current session continues this legacy by highlighting the "third sector," or non-profit sector, as a cornerstone of development, not merely a marginal charitable endeavor.
Abdullah Kamel: Charity and benevolence are a genuine economic driver
In his opening remarks, Professor Abdullah Saleh Kamel, Chairman of the Board of Trustees of the Al Baraka Forum for Islamic Economics and Chairman of the Board of Directors of the Federation of Saudi Chambers, affirmed that the choice of this year's theme was not arbitrary, but rather a forward-looking vision for the future of the Islamic economy. Kamel explained that the charitable and benevolent sector represents the largest and most influential segment within the value-based economy, emphasizing that genuine sustainable development cannot be achieved in isolation from this sector. He pointed out that the modern vision necessitates treating charitable and benevolent work as an integral economic component that generates job opportunities and supports the gross domestic product, moving beyond the traditional concept of supplementary charity work.
Kamel added that the seminar, founded by his father, the late Sheikh Saleh Kamel, has successfully built the infrastructure for Islamic banking, and is now moving into the "values economy" phase, which rests on three integrated pillars: activating the economy of charity, maximizing the role of capital in development, and adhering to ethics as the governing standard for transactions. He noted that Islamic financial instruments such as sukuk and takaful (Islamic insurance), combined with modern financial technologies (FinTech), will be the cornerstone of the next phase.
The Saudi model and the spiritual dimension of Medina
For his part, the Grand Mufti of Tunisia, Sheikh Hisham bin Mahmoud, delivered a moving speech linking the venue of the symposium to its theme, emphasizing that Medina is the cradle of the "solidarity economy" established by the Prophet Muhammad through the brotherhood between the Muhajireen (immigrants) and the Ansar (helpers). The Mufti praised the pioneering role of the Kingdom of Saudi Arabia and its leadership in supporting development and humanitarian work, citing the experience of the Al Baraka Group in Tunisia as a successful model combining investment and social responsibility.
Strategic partnerships to promote scientific research
The ceremony witnessed the signing of three strategic memoranda of understanding aimed at bridging the gap between theory and practice in Islamic economics. These agreements included cooperation with the Islamic University of Madinah to develop human development programs, a partnership with INCEIF (International Centre for Economics and Scientific Research) to support specialized research, and an agreement with the Institute of Islamic Economics at King Abdulaziz University to enhance knowledge integration. These partnerships underscore Al Baraka Forum's commitment to developing human capital and enriching the field of economics with research that addresses contemporary challenges.
