Under the auspices and in the presence of His Royal Highness Prince of Madinah Region, the 45th AlBaraka Symposium took place.

Under the auspices and in the presence of His Royal Highness Prince Salman bin Sultan bin Abdulaziz – Prince of Madinah Region, the opening ceremony of the 45^th AlBaraka Islamic Economics Symposium was held at the Hall of Master Muhammad Awad bin Laden, University of Prince Mugrin, Madinah – Kingdom of Saudi Arabia, on Wednesday, 16 April 2025, corresponding to 17 Shawwal 1446 AH, with the participation of a distinguished group of experts and specialists in the fields of economics, finance, and investment.
The ceremony began with the recitation of holy verses from Surah Fatir, recited by Dr. Abdul-Malik Mohamed Khalil, University Staff at the Islamic University, Imam of Sayyid Al-Shuhada Mosque. Following this, Prof. Besir Moafaq, Professor of Economics and Islamic Finance, Qatar University, moderated the ceremony, which included the announcement of the topics for the first edition (2025 – 2026) of the Saleh Kamel Islamic Economy Award, which are as follows:

• First Topic – Islamic Economics Studies: “The Future of Islamic Finance Industry in the Digital Age: Challenges, Risks & Aspirations -Analytical and Futuristic Study Till 2050.”
• Second Topic – Islamic Economics Jurisprudence Studies: “The role of Maqasid Al-Shariah on Jurisprudential (Fiqh) Rulings in Modern Financial Transactions.”

In his speech, H.E. Mr. Abdullah bin Saleh Kamel, Chairman of the Board of Trustees of AlBaraka Forum for Islamic Economy, praised this year’s symposium, explaining that the theme of the symposium reflects half a century of efforts in the journey of Islamic banking, which was planted and nurtured by exceptional men who started from scratch, created something from nothing, and embodied the values of leadership, sincerity, and tireless dedication to serving their communities, driven by their commitment to the teachings of the Qur’an and the guidance of the noble Prophet. Therefore, we celebrate and honor these individuals with the Saleh Kamel Award.

During the ceremony, His Royal Highness Prince Salman bin Sultan bin Abdulaziz, Governor of Madinah Region, honored a group of pioneers in the Islamic economy sector in three categories:

First Category – “Founding Pioneers”:

• His Royal Highness Prince Mohammed bin Faisal Al Saud (1937 – 2017), may he rest in peace, with the award received on his behalf by his son, His Royal Highness Prince Amr Mohammed bin Faisal Al Saud.
• Sheikh Saeed bin Ahmed Lootah (1923 – 2020), may he rest in peace, with the award received on his behalf by his daughter, Fatima bint Saeed Ahmed Lootah.
• Sheikh Ahmed Bazi’ Al-Yaseen (1928 – 2011), may he rest in peace, with the award received on his behalf by his son, Mohammed Ahmed Bazi’ Al-Yaseen.

Second Category – “Scholars and Thinkers”:

• H.E. Sheikh Abdullah bin Suleiman Al-Manea.
• Professor Muhammad Umar Chapra, with the award received on his behalf by Dr. Anas Chapra.
• Professor Mohammad Nejatullah Siddiqi (1931 – 2022), may he rest in peace, with the award received on his behalf by his son, Khalid Mohammad Nejatullah Siddiqi.
• Professor Muhammad Omar Zubair (1932 – 2021), may he rest in peace, with the award received on his behalf by Yasser bin Muhammad Omar Zubair.

Third Category – “Executive Pioneers”:

• H.E. Dr. Ahmed Mohammed Ali Al-Madani, with the award received on his behalf by his daughter, Dr. Hanan bint Ahmed Mohammed Ali Al-Madani.
• H.E. Tan Sri Abdul Wahid bin Omar.
• Mr. Musa Shihadeh (1941 – 2024), may he rest in peace, with the award received on his behalf by his son, Mohammed Musa Shihadeh.

His Highness the Prince of the Madinah Region also witnessed the signing of three bilateral Memorandums of Understanding (MoUs)

1. The Sustainability Index and the signing of the Islamic ESG Project memorandum
2. MoU signed between the AlBaraka Forum for Islamic Economy and the University of Jordan. The MoU aims to develop academic content and strengthen collaboration in academic and training aspects across various fields.
3. MoU signed between the National Center for Non-Profit Sector at the Madinah Region —represented by the Center’s General Supervisor and the Saleh Kamel Humanitarian Foundation. The MoU aims to advance social and developmental work in the Madinah Region, build the capabilities of nonprofit sector personnel, and foster collaboration through the development of innovative and impactful community programs and initiatives.

H.E. Judge Muhammad Taqi Usmani, Chairman of the Center for Islamic Economics, Pakistan, President of Jamia Darul Uloom Karachi, Pakistan, and Chairman of the Shariah Council, Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), praised the AlBaraka Symposium and the AlBaraka Group for their role in the development of Islamic banking. He explained that the creation of the symposium is closely tied to the beginnings of Islamic banking, and that its pioneer, the late Sheikh Saleh Kamel, was deeply concerned about the harms of Riba and was one of the greatest supporters of the Islamic economy. He mentioned that he was honored to have participated in the symposium since his youth, which has had a profound impact on the development of Islamic banking.
H.E. Professor Dr. Saad bin Nasser Al-Shithri, Advisor to the Royal Court, Saudi Arabia, and member of the Council of Senior Scholars, in his speech, emphasized Saudi Arabia’s unique commitment to Islamic banking through the establishment of numerous regulations governing this sector. He noted that 85% of banking operations in the Kingdom are Islamic, making Saudi Arabia the ideal country to serve as the launch point for Islamic banking globally.
Dr. Al-Shithri offered several key recommendations, pointing out that while Islamic banks are moving towards London, he stated, “We want this to culminate in Madinah, the city of the Prophet, peace be upon him.” He also urged global companies organizing banking transactions to start their operations from Saudi Arabia, particularly from Madinah, emphasizing the Kingdom’s unique resources, such as research centers and digital scientific encyclopedias, which support the Islamic economy. He further highlighted that Saudi Arabia is home to many of the world’s leading figures in Islamic banking, including the AlBaraka Banking Group, which operates in over 12 countries.

Day One of the 45^th AlBaraka Islamic Economics Symposium
Wednesday, 16^th April 2025 – 17^th Shawwal 1446 AH

With poise and expertise, Prof. Besir Moafaq, welcomed the attendees of the first day of the 45^th AlBaraka Islamic Economics Symposium, introducing H.E. Mr. Yousef Hassan Khalawi, Secretary General of the AlBaraka Forum for Islamic Economy, who delivered the welcoming speech.
In his welcoming speech for the first day of the 45^th AlBaraka Islamic Economics Symposium, H.E. Mr. Yousef Hassan Khalawi emphasized the importance of the session topics, discussing Islamic banking as one of the most significant phenomena in history, enabling the halal to expand and compete with the haram, which was not only prevalent but the sole option when banking institutions first emerged. He also highlighted its pivotal role in maximizing benefits and minimizing harm.
Mr. Khalawi pointed out that Islamic banking is the first form of economic empowerment for Muslims—countries, peoples, elites, entrepreneurs, and institutions—a topic that hasn’t received sufficient attention. He also stressed that the celebration is intellectual, not merely ornamental, referring to the Forum’s intellectual contributions, including the global Islamic banking report that contains detailed financial analyses. Such publications are essential for the event to be complete. Additionally, he mentioned that the celebration goes beyond merely honoring the pioneers; it’s about reviving their intellectual legacy through two noble actions: introducing them to new generations and documenting their work.
In his concluding remarks, Mr. Khalawi announced the beta launch of the Saleh Kamel Islamic Economy Database, calling for feedback from users so that it can be refined before its official launch. He encouraged the submission of suggestions for future phases and noted that the database is an intellectual and archival resource for both institutions and individuals, with continuous updates.

Session One: “The Journey of Islamic Banking: From Beginnings to Universality”

H.E. Sheikh Dr. Saad bin Nasser Al-Shithri, Advisor to the Royal Saudi Court and member of the Council of Senior Scholars, moderated the first discussion session of the 45^th AlBaraka Islamic Economics Symposium. In his speech, he addressed the challenges the world faces today, including scams and fraud, emphasizing the need to educate people about Islamic banking to highlight how it avoids such crises, both past and present. He pointed out three important aspects of Islamic banking: the scientific aspect, the practical application aspect, and the ethical aspect, stressing that Islamic banking forbids unethical practices like corruption and theft. He clarified that Islamic banking is not just a way to make money, but a tool for development, alleviating poverty, and supporting projects.
During the first session, Dr. Mohamed Cherif El Amri, Assistant Professor at the Faculty of Business and Management, Department of Islamic Economics and Finance at İstanbul Sabahattin Zaim University, tackled the topic, “The Missing Link in the History of Islamic Banking: The Impact on the Industry’s Development.” He pointed out that according to the Financial Stability Board’s 2024 report, the volume of global financial assets reached $486.4 trillion, with $188.7 trillion representing banking assets. Islamic banks reached $2.37 trillion in assets in the fourth quarter of 2023, which is less than 1.26% of total global financial assets.
Dr. El Amri highlighted that the first experience of Islamic finance in Turkey began with the opening of “private finance institutions” in 1984. He also discussed challenges faced by participatory banking in Turkey, including the lack of legal and regulatory frameworks for Islamic banking, risk management issues, and financial challenges.

Session Two: “Innovative Approaches for the Islamic Banks’ Growth: Islamic Windows and Acquisitions as Expansion Strategies”

H.E. Tan Sri Abdul Wahid bin Omar, Chairman of the Board of Directors at Bursa Malaysia, chaired the second session. He emphasized that by offering Islamic financial products and services, income from riba sources is reduced, contributing to the sustainable growth of Islamic banking. He also pointed out that 46% of financing in Malaysia’s banking system is Islamic, and 63% of local sukuk issuances are Islamic.
Prof. Mohammad Hudaib, Accounting and Finance Professor at King Saud University, tackled the topic of “Islamic Windows: Their Emergence and Objectives” during the second session, noting the rapid growth of Islamic banking. According to the 2023 ICD-LSEG Islamic Finance Development Report, Islamic banking assets worldwide grew from $1.3 trillion in 2012 to $3.24 trillion by the end of 2022. He explained the reasons conventional banks adopt Islamic windows, broadly categorizing them into legal, economic, and regulatory factors.
Prof. Ahmed Belwafi, Professor of Islamic Economics and Finance at King Abdulaziz University, discussed the preservation of Islamic identity in Islamic banking, focusing on the independence and Sharia compliance mechanisms of Islamic windows in conventional banks.
H.E. Dr. Fahad AlElayan, Senior Vice President and Head of Shari’ah Group at Bank Al Jazira, tackled the topic, “Banking Acquisition as a Means of Transformation: Bank Al Jazira’s Experience,” explaining how the bank transitioned to Islamic finance after acquiring assets from the National Bank of Pakistan, with the operation fully complying with Shariah by 2007.

Session Three: “Toward Integrated Shari’ah Governance: The Solid Foundation for Islamic Banking”

Mr. Abdullah bin Haron, Deputy Secretary General of the Islamic Financial Services Board (IFSB), chaired the third session, emphasizing that Shari’ah governance is a key pillar in the sustainability and credibility of Islamic banking. Dr. El Ayashy Fedad, Vice Chairman of the Shari’ah Board at Albaraka Bank Group, addressed the challenges of implementing Shari’ah governance in Islamic financial institutions, pointing out legal and regulatory gaps.
Mr. Yaser Abdulaziz Al Marshde, Chief Sharia Officer at Alinma Bank, discussed the framework of Shari’ah governance in financial institutions. Dr. Salem Al Ali, Chairman of the Internal Shari’ah Supervisory Committee at First Abu Dhabi Bank, highlighted the increasing importance of Shari’ah compliance and the challenges of applying Shari’ah standards in contemporary financial systems.
Dr. Abdullah bin Mousa Al-Ammar, Chairman of the Shari’ah Board at Bank Albilad, remarked on the responsibility of financial institutions to adhere to Shari’ah principles, emphasizing the importance of adequately training Shari’ah committee members.
H.E. Dr. Umar Oseni, Secretary General of the Organization of Islamic Cooperation Arbitration Center (OIC-AC), discussed the challenges of aligning local laws with Shari’ah requirements and the importance of balancing innovation with Shari’ah principles.

The second day of AlBaraka Islamic Economics Symposium (45)
Thursday, 17 April 2025 – 18 Shawwal 1446 AH.

Session Four: “Islamic Banks: Engines of Socio-economic Development”

H.E. Prof. Fayyad Abdel Moneim, Former Egyptian Minister of Finance, Professor of Economics, The Faculty of Commerce, Al-Azhar University, chaired the fourth session of the 45^th AlBaraka Islamic Economics Symposium, which focused on the integral role of Islamic banks in social development, including poverty reduction, optimal resource utilization, and improving the efficiency of distribution.
During the session, Prof. Dr. Mohamed Azmi Omar, President and CEO of the International Center for Education in Islamic Finance, Malaysia, explored the concept of Islamic blended finance, which combines commercial and development finance. He highlighted Malaysia’s model as an effective tool for moral, socially-conscious investing, enabling sustainable development within Shari’ah boundaries. Notable examples include Islamic microfinance, Green Sukuk, and Waqf-backed Investments. Prof. Dr. Azmi also presented a Waqf-blended finance program launched in 2020, which transformed 163.6 hectares (201 as per the latest data) of land into a flourishing agricultural initiative. The program focuses on empowering the poor and needy (Asnaf), creating an economic ownership ecosystem, and improving socio-economic conditions through collaboration with charity and benevolence partners.
Mr. Homam Hashem, CEO and Board Member of the Small and Medium Enterprises Loan Guarantee Program (Kafala), shared the success story of the Kafala program, which aims to develop land, provide jobs, and stimulate the national economy. It is a government initiative focused on sustainability and gaining the trust of institutions and the government. Kafala is one of 120 guarantee programs globally, with all its financing in compliance with Shari’ah principles. Since its inception until the end of February 2025, the total financing granted has reached 113.4 billion riyals, with 36.7 billion riyals in outstanding financing. Mr. Hashem discussed how Kafala supported economic sectors and projects during the COVID-19 pandemic, offering Shari’ah-compliant financing to help businesses continue operations and ensure the continuity of projects.
During the session, Prof. Ahmed Belwafi, Professor of Islamic Economics and Finance at King Abdulaziz University, reviewed a study titled “Islamic Banks and Economic and Social Development: A Case Study of GCC Countries (2013-2024).” He traced the institutional practice of Islamic finance, distinguishing between the 1960s and earlier (when local savings banks existed in Egypt and Malaysia’s Hajj Fund) and the 1970s, which saw the rise of dominant institutions, especially commercial banks. The study emphasized the Gulf region, where Saudi Arabia holds 34% of the Islamic banking assets in GCC countries, and highlighted the importance of technological advancements in Islamic finance.
Prof. Habib Ahmed, Professor of Islamic Economics and Law, Sharjah Chair at Durham University, remarked on the session, emphasizing the expansion of the Kafala program to include other funding sources, such as crowdfunding. He recommended the ‘stakeholder’ model as the most appropriate for socio-economic development, where Islamic banks should adopt this model to integrate ESG principles in their operations.
Abdul Rahman Al-Atram, Associate Professor and Head of Fiqh Department, Shari’ah College, Imam Mohammad Ibn Saud Islamic University, Member of the Shari’ah Board, Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), praised the vital role of the symposium and its founder, Sheikh Saleh Abdullah Kamel – may Allah bestow mercy on him. He stressed that while Islamic banks should contribute to economic and social development, they should not be held responsible for the entire economic system, as their primary role is to avoid interest and ensure compliance with Shari’ah.

Session Five: “The Future of Islamic Banking: Challenges and Promising Opportunities”

H.E. Mr. Abdulmohsen Al-Fares, Chief Executive Officer and Managing Director of Alinma Bank, from May 2006 to January 2021, chaired the fifth session of the 45^th AlBaraka Islamic Economics Symposium, focusing on two key challenges: the application of uniform regulations by central banks for both conventional and Islamic banks, and the need for dialogue to overcome challenges at the national and international levels. He raised the question of attracting non-Muslims to Islamic banking, emphasizing the importance of offering high-quality, exceptional banking experiences.
Dr. Usman Chaudry, Chief Risk Officer and Board Director, Gatehouse Bank plc, discussed “Legislative and Legal Challenges,” focusing on the drivers of Islamic economics’ growth, particularly the support from the Bank of England for UK Islamic banks in managing liquidity, the global sukuk market, and innovations in financial technology (FinTech).
Dr. Wael Eid, Chief Risk & Governance Officer and Member of the Investment Committee, QInvest, discussed “Innovation in Islamic Banking: From Product Development to Fintech,” emphasizing how fintech is revolutionizing Islamic banking by enhancing transparency, accessibility, efficiency, and Shari’ah compliance. He also explored the role of artificial intelligence in improving customer service, investment management, and risk management.
H.E. Dr. Bello Lawal Danbatta, Former Secretary General of the Islamic Financial Services Board (IFSB), discussed the development of Islamic banking over the past 50 years, noting its significant growth into a global industry focusing on ethical finance and financial inclusion, now worth USD 2.37 trillion by the end of 2023. He highlighted that Islamic banking emerged from the desire to create a financial system aligned with Islamic principles prohibiting interest, with the first institutions appearing in the 1960s in Muslim-majority countries.

Session Six: Special Panel Discussion – “Islamic Banking Groups and Their Role in Pioneering the Islamic Banking Sector and Promoting Islamic Economic Concepts”

Dr. Hamed Merah, Chief Executive Officer, Saudi Center for Commercial Arbitration, moderated the sixth session, focusing on the competitive advantages of international Islamic banking groups like Dubai Islamic Bank and Abu Dhabi Islamic Bank. He highlighted the global presence of Dubai Islamic Bank since 1975 and its assets reaching approximately USD 94 billion by the end of 2023, as well as Abu Dhabi Islamic Bank’s assets of USD 61.5 billion across six countries.
Dr. Merah emphasized the benefits of working under multiple systems and jurisdictions, leading to enhanced opportunities for cross-border Islamic banks. H.E. Dr. Adnan Chilwan, CEO of Dubai Islamic Bank, discussed the role of Islamic banks in expanding their market reach globally and emphasized that Islamic finance should be the standard for banking, not just an alternative for Muslims. He also highlighted how Islamic banks maintained their stability during the 2008 financial crisis due to their asset-backed transactions.
H.E. Mr. Mohamed Abdelbary, H.E. Mr. Mohamed Abdelbary, Group Chief Executive Officer, Abu Dhabi Islamic Bank, discussed key performance indicators (KPIs) that set Islamic banks apart, emphasizing financial outcomes, product innovation, community impact, and Shari’ah principles. He also highlighted the importance of adapting to new technologies like AI and machine learning and expanding operations across multiple regions to ensure long-term competitiveness.
Prof. Besir Moafaq, Professor at the College of Shari’ah and Islamic Studies, Qatar University, moderated a lecture by H.E. Sheikh Abdullah bin Suleiman Al-Manea, Advisor to the Royal Saudi Court, Member of the Council of Senior Scholars, titled “Cherished Memories in Islamic Banking History and Present.”

Young Researchers Hosting Grant

The symposium also hosted, as part of the second edition of the Young Researchers Hosting Grant presented by AlBaraka Forum, eight outstanding young researchers from across the Islamic world, including Türkiye, India, the Arab world, and Africa, providing a unique platform for young researchers to connect with leading experts and professionals from around the globe.

The Side Events of the 45^th AlBaraka Islamic Economics Symposium
Tuesday, April 15, 2025 – 16 Shawwal 1446 AH

Workshop 1: The AAOIFI Governance and Ethics Board (AGEB) Governance Standard “Shari’ah Decision-Making Process”

Dr. Waleed Hegazy, Founder and Managing Partner, Hegazy and Partners, Member of Governance and Ethics Board, Accounting and Auditing Organization for Islamic Financial Institutions, presented the workshop as part of the side events of the 45^th AlBaraka Islamic Economics Symposium. He outlined the main areas involved in the Shari’ah decision-making process, emphasizing that the Shari’ah Supervisory Board must approve the products and services offered by Islamic financial institutions. These can be divided into two categories: standardized products, which require continuous Shari’ah rulings in a standardized format and involve an established decision-making process, and non-standardized products, for which Shari’ah rulings are sought for specific transaction agreements such as sukuk or crowdfunding.
Dr. Hegazy also highlighted the most important considerations in the decision-making process, stressing that financial institutions must always avoid issuing undisciplined fatwas and legal deception. He explained that fatwa research must aim to obtain the most authentic and reliable opinion that fits the relevant circumstances, and it should not merely aim to gain approval for a specific result.

Workshop 2: “Mechanisms and Means of Developing Islamic Financial Products in Light of Financial Engineering Tools”

Dr. Faisal Al-Shammari, Member of the Shari’ah Board of Sukuk Capital, Founding Partner of Faisal Al Shammari Law Firm, presented the second workshop, discussing the process of innovating or developing Islamic financial products through several stages, starting with research and analysis, followed by the initial presentation to the Shari’ah committee, evaluation, testing, and final presentation, leading to continuous development and assessment.
During the first session of his workshop, Dr. Al-Shammari covered the Shari’ah framework for developing Islamic financial products, the Maqasid (objectives) considerations in product development, the requirements for developing these products, as well as preparing the financial product structuring document.
He also discussed the structures and applications of sukuk in the Islamic financial industry, noting the origin of the concept of Islamic sukuk in the 1970s as a Shari’ah-compliant alternative to interest-based bonds, initially established by Dr. Sami Hamoud and AlBaraka Center for Islamic Financial Research and Consulting through “Mudarabah Bonds,” and the introduction of composite structures in Saudi Arabia in recent decades.
Dr. Al-Shammari elaborated on the key features of AAOIFI Standard (62) for sukuk, which addresses the most significant rulings related to sukuk, considering contemporary developments and variations based on their intended purposes.

Thursday, April 17, 2025 – 18 Shawwal 1446 AH.
Lecture by H.E. Sheikh Abdullah bin Suleiman Al-Manea, Advisor to the Royal Saudi Court, member of the Council of Senior Scholars, titled “Cherished Memories in Islamic Banking History and Present.”

Prof. Besir Moafaq, Moderator of the lecture, spoke about Sheikh Al-Manea’s long journey, noting that he was one of the prominent figures whose names were included in the first formation of the Council of Senior Scholars when it was established in 1391 AH (1971 CE). He also referred to the many publications and works of Sheikh Al-Manea in the fields of fiqh, banking, economics, creed, and more.
Sheikh Al-Manea reviewed his rich experience with the emergence of Islamic banking. He spoke about the call made by King Faisal – may Allah bestow mercy on him – for Islamic solidarity, and the appointment of Sheikh Mahmoud Al-Sawaf to lead the mission of raising awareness among Muslims, not only about Islamic banking but also about the call for unity and brotherhood among Muslims around the world, especially in Africa and Southeast Asia. He also spoke about the impact of these calls in establishing a global organization for Islamic countries, an international Islamic jurisprudence assembly, and a bank for Islamic development.
Sheikh Al-Manea praised the role of the decisions and recommendations of the symposium in shaping the path of Islamic banking. He reviewed the early stages of Islamic banking, recalling the contributions of Prince Mohammed Al-Faisal, the founder of the Faisal Islamic Bank Group. Sheikh Al-Manea also discussed the research he conducted on currency notes, which was later published in his book titled “The Nature and Origin of Currency Notes.”

Closing of the 45^th AlBaraka Islamic Economics Symposium
Thursday, April 17, 2025 – 18 Shawwal 1446 AH

At the closing of the second day of the 45^th AlBaraka Islamic Economics Symposium, H.E. Mr. Yousef Hassan Khalawi, Secretary General of the AlBaraka Forum for Islamic Economy, announced the theme for the 46^th AlBaraka Islamic Economics Symposium, titled “Benevolence (‘Ihsan) and Altruism (Berr) Sectors in Islamic Economics: Charting a New Future”. He invited scholars and experts to submit their proposals to enrich the preparation process for this topic.
During his speech, H.E. Mr. Khalawi delivered the closing remarks for the symposium, praising the recognition and honoring of the pioneers of Islamic banking that took place the previous day. He also extended special thanks to the efforts of the award’s scientific committee. Additionally, he highlighted the progress made this year in the content of the papers and work presented at the symposium.