The 46th session of the Al-Barakah Symposium on Islamic Economics, one of the most prominent specialized economic and intellectual platforms in the Islamic world, commenced in Madinah, specifically at the Prince Muqrin bin Abdulaziz University. This session, held under the important strategic theme of "The Charitable Sector in Islamic Economics: Towards a New Future," saw wide participation from leading scholars, financial thought leaders, decision-makers, and representatives of financial and development institutions from 18 countries, reflecting the international momentum of this prestigious symposium.
A long history and a leading position in the Islamic economy
The Al Baraka Symposium derives its significance from its long history spanning decades, having formed a cornerstone in establishing the foundations of contemporary Islamic finance since its inception. The resolutions and fatwas issued by the Al Baraka Symposiums serve as a primary reference for Islamic jurisprudence councils and financial institutions worldwide. In its 46th edition, the symposium continues its mission of renewing Islamic economic discourse, highlighting the "third economy" or non-profit sector and how to transform it from mere temporary relief efforts into a sustainable development engine that contributes to the GDP of Islamic countries.
Integrated economic and legal dimensions
In his opening remarks, the Secretary-General of the Al Baraka Forum for Islamic Economics, Youssef Khallawi, emphasized the centrality of the symposium's topic, stressing that addressing the economic dimension of the charitable sector cannot be separated from its legal foundations and social impacts. He noted that Islamic banks, whose establishment was facilitated by Al Baraka seminars, are now called upon to play a greater role in developing this vital sector.
For his part, Sheikh Muhammad Taqi Usmani, Chairman of the Sharia Council, explained that the charity sector represents one of the most complete and radiant aspects of the Islamic economy, praising the pivotal role that Al Baraka seminars have played throughout their history in developing the Islamic financial industry and deepening its intellectual and legal issues, making it a beacon for researchers and practitioners in this field.
In-depth discussions on sustainable development
The scholarly sessions witnessed extensive discussions on the fundamental concepts of the sector. In the first session, His Excellency Sheikh Saad Al-Shathri, a member of the Council of Senior Scholars, emphasized that charity and benevolence are not merely ethical conduct, but rather a fundamental principle in the structure of the Islamic economy. He explained that activating this sector directly contributes to addressing poverty and transforming those in need into productive and active members of society, calling for the necessity of combining precise legal grounding with measuring the economic and social impact of charitable projects.
From donation to strategic partnership
The second session and the participants' contributions focused on the need to restructure the charitable sector to be more functional and empowering. Mechanisms for enhancing governance and institutional efficiency were discussed, and various forms of charitable giving, such as zakat, sadaqah, interest-free loans, and endowments, were reviewed. Experts agreed on the necessity for Islamic banks to move from the traditional "donation" role to a "strategic partnership" by developing modern investment tools that ensure the sustainability of resources.
The first day's proceedings concluded with an important session that addressed "Sharia-compliant charitable investment," where the importance of developing endowments and investing Zakat funds in ways that ensure growth and sustainability was emphasized, along with setting precise standards for measuring developmental impact, in order to achieve genuine social solidarity and long-term economic sustainability.
