Prince Salman bin Sultan bin Abdulaziz, Governor of Madinah Region, sponsored the opening ceremony of the 45th Al-Baraka Symposium on Islamic Economics, under the slogan (Islamic Banking in Fifty Years: Achievements of the Past and Hopes for the Future), with the participation of a select group of experts and specialists in the fields of economics, finance and investment, hosted by Prince Muqrin bin Abdulaziz University, over two days in Madinah.

During the ceremony, the advisor at the Royal Court, Sheikh Saad bin Nasser Al-Shathri, a member of the Council of Senior Scholars, delivered a speech in which he explained that God Almighty has bestowed upon the Islamic nation and the entire world the blessing of this great entity, the Kingdom of Saudi Arabia, which is today a beacon of goodness and growth for Arabs, Muslims, and all of humanity. He pointed out that among the manifestations of this goodness is what has been achieved in the field of Islamic banking, as the Kingdom adopted this approach many years ago, until it became a global leader in this field.

He pointed out that the Kingdom of Saudi Arabia has adopted Islamic banking through the enactment of many regulations governing this field, and through the widespread dissemination of banking operations in the Kingdom, as more than 85% of banking operations fall within the scope of Islamic banking, a percentage that is unparalleled globally. Moreover, most of the banks operating in the Kingdom have pledged to fully adhere to the principles of Islamic banking in all their transactions, which is not available with this comprehensiveness in any other country.

He expressed his gratitude to the leadership for their continued support of this blessed initiative, and to the Prince of Madinah Region, for his well-known love of knowledge and keenness for good.

After that, Abdullah bin Saleh Kamel, Chairman of the Board of Trustees of the Al Baraka Forum for Islamic Economics, delivered a speech in which he stressed that this year’s forum meeting has an exceptional character, as it coincides with the passing of half a century since the launch of the Islamic banking journey, which began at the hands of exceptional men who were characterized by sincerity, vision and insight, so they established this unique economic edifice, and instilled its principles derived from the teachings of the Holy Qur’an and the guidance of our chosen Prophet, peace and blessings be upon him.

He explained that these efforts resulted in a distinguished banking model that spread throughout the world, achieving a great economic and social impact, noting that Islamic banking today is considered one of the most prominent achievements of that pioneering generation, which started its journey from scratch with deep faith and boundless ambition.

The launch of the first edition of the (Saleh Kamel Award for Islamic Economics) was announced, in honor of the pioneers of this sector, in commemoration of their memory, and in continuation of the journey of giving and influence, noting that the award will constitute a qualitative addition with a global dimension, and will be launched from Madinah, to confirm the principles on which Islamic banking was founded, which are (commitment, benefiting people, and rational investment).

He concluded his speech by emphasizing that this celebration does not mean dwelling on the past, but rather it is a moment of loyalty and reflection, and a renewed launch towards a brighter future led by young, faithful, and ambitious generations.

Following that, the President of Darul Uloom Karachi University in Pakistan, Chairman of the Sharia Council of the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), Sheikh Muhammad Taqi Usmani, delivered a speech in which he spoke about the role of Islamic banking as a civilized solution that balances adherence to the objectives of Sharia and the requirements of the times, pointing out that this financial system is not only an alternative to traditional systems, but is a comprehensive ethical project characterized by justice and equality.

Al-Othmani stressed that Islamic banking represents more than just a financial instrument, pointing out that it is a living embodiment of the values ​​of Islamic Sharia, which emphasizes social justice and sustainable development. He considered the significant expansion of Islamic banks around the world an important achievement, and the real challenge lies in preserving the essence of the ethical system, ensuring its sustainability and enhancing its positive impact on societies. He praised the role of the Al-Baraka Symposium in promoting Islamic economic thought by guiding scientific and religious discussions on how to develop sustainable financial solutions.

Following that, the attendees watched a visual presentation entitled: (Glimpses of Islamic Banking from its Origins to Contemporary Reality), which documents the most prominent milestones that this sector has gone through since its early beginnings. The presentation included highlighting the position of Islamic banking today, within the global financial system, in terms of growth and influence.

Following that, the topics for nomination for the Saleh Kamel Award for Islamic Economics were announced. The award was launched to encourage research and intellectual excellence in this field. The award aims to support specialized scientific production and highlight promising talents among thinkers and researchers in issues of Islamic economics and jurisprudence of finance, in a way that contributes to developing the knowledge system and enhancing the global impact of Islamic banking.

In the same context, the Governor of the Madinah Region sponsored the signing ceremony of three bilateral memoranda of understanding, the first of which was between the Non-Profit Sector Center in the region, represented by the General Supervisor of the Center, Engineer Muhammad Abbas, and the Saleh Kamel Humanitarian Foundation, represented by the Executive Director of the Foundation, Hammam Zare. The agreement aims to develop social and developmental work in the region and build the capacities of workers in the non-profit sector.

The second agreement, the Sustainability Index, and the signing of the Islamic ESG Project Memorandum were signed by Faraz Khan, CEO and co-founder of SpectrEco, and Yousef Hassan Khallawi, Secretary General of the Al Baraka Islamic Economic Forum. The Islamic Sustainability Index aims to integrate Sharia compliance with global environmental, social, and governance (ESG) standards to provide a distinctive ethical investment framework.

The third agreement included the signing of a memorandum of cooperation between the Al Baraka Forum for Islamic Economics and the University of Jordan. The forum was represented by the Secretary-General of the forum, Youssef Hassan Khalawi, and the University of Jordan was represented by the Dean of the Faculty of Sharia, Dr. Abdul Rahman Al-Kilani. The agreement aims to develop scientific content and enhance cooperation in academic and training aspects in multiple fields.

At the conclusion of the ceremony, the Prince of Madinah honored a number of leading figures in the Islamic banking sector, including scholars, thinkers, pioneering founders, and executives.