Published : 2 mins ago, on 30/10/2024
– Durham Centre for Islamic Economics and Finance and AlBaraka Forum sign historic memorandum of understanding to further the development of Islamic Economics on a local and global scale for future generations –
29 October 2024, London: At a packed 3rd AlBaraka Finance and Economic Summit which took place at the JW Marriott Grosvenor Hotel in London over the weekend, the Durham Centre for Islamic Economics and Finance signed a Memorandum of Understanding (MoU) with the AlBaraka Forum to enhance a collective impact, drive innovation, and achieve more comprehensive and effective outcomes in the field of UK Islamic economics and finance.
The UK is a flagship ‘economic hub’ for Islamic Finance and has established an ecosystem of banks, financial institutions, asset managers, and advisory firms that specialise in Sharia-compliant offerings. With the Islamic Finance market estimated to be USD$ 7.5 billion in 2024 with expectations that this will reach USD$ 8.74 billion by 2029*, it is clear why the UK government is being active in promoting the sector.
The collaboration agreed today between the Durham Centre for Islamic Economics and Finance and the AlBaraka Forum aims to deliver results in the Durham Islamic Finance Summer School (DIFSS) as it shares knowledge, skills and expertise to help place participants in positions to enter and work in the Islamic financial sector.
Commenting on the signing of the MoU, His Excellency, Mr. Yousef Hassan Khalawi, Secretary-General of AlBaraka Forum for Islamic Economy, said, “We are confident that this collaboration will enhance the relationship between the AlBaraka Forum for Islamic Economy and Durham Center for Islamic Economics and Finance. Additionally, this collaboration will ensure high-quality educational, training, and development programs which are essential to the growth of knowledge and understanding of Islamic economics and finance practices.”
Durham Centre for Islamic Economics and Finance has an international reputation for teaching, conducting cutting-edge research and publishing in Islamic economics, banking and finance for almost 30 years. It combines academic excellence, insightful research and exceptional global business connections, to equip students to become innovative business thinkers of the future and an influential individual in and beyond their careers.
A video showcased at the Summit explaining more about the mission of the AlBaraka Summit and Islamic Finance is available here.
Summarising their experiences of the 3rd annual AlBaraka Summit in London, keynote speakers said:
Aalia Jafar, Director of International Relations for the Islamic Chamber of Commerce and Development, said: “This event is key as it ensures that we can connect global businesses, thinkers and leaders together, to support each other and access financial services to support growth and development.
H.E. Mr. Dino Selimović, Adviser to the Minister of Foreign Affairs, Ministry of Foreign Affairs of Bosnia and Herzegovina, said: “In non-Muslim-majority countries, there are often misconceptions about Islamic finance, leading to hesitation to engage with it. I believe that economic and diplomatic cooperation can bridge these gaps. For example, in Bosnia and Herzegovina our Muslim population has been part of Europe for centuries, giving us a strong connection to Islamic values and culture. Bosnia and Herzegovina is uniquely positioned in Europe, serving as a cultural and geographic bridge between East and West.”
Mr. Dino Selimović continued: “As promoters of the benefits of Islamic Finance and Economics, we also have a responsibility to portray Islamic values in a clear and truthful manner, acting upon the principles we are promoting. Islamic finance provides the tools to create a fairer, more sustainable world. It is up to us to put those tools into action.”
Her Highness, Princess Sheikha Hend Faisal Al Qassemi, said: “Everyone I’ve met here is so impressive. I’m really proud to see we have Muslim leaders doing the right thing and everyone has worked with important forums and sustainable causes. I think we’re on the right track. We live in a global economy. We might deny it. But we do. I think that is part of what this forum is about. I would encourage everybody to get involved in the Islamic finance movement.”
Five key sessions on day one of the 3rd London AlBaraka Summit
The theme of the 3rd annual AlBaraka Summit is “Global Prospects for Islamic Economics: A Path to a Sustainable, Ethical, and Innovative Global Economy”. As developing countries emerge as the next economic leaders, it is important to consider the role of Islamic economics in fostering sustainable development, ethical financial practices, and genuine development-related economies.
To encourage discussions around these topics and to foster greater understanding of existing and future initiatives, the key sessions on day one discussed:
1.Islamic Economics and Collective Responsibility: The Unified Goals for a Shared Planet: Moderated by Mr. Faraz Khan MBE, CEO & Partner, SpectrEco US Founder & Director, Seed Ventures the panel discussed how Islamic finance provides ethical alternatives to conventional capitalism, addressing social responsibility and sustainability.
The panellists taking part in this discussion included:
Prof. Paolo Pietro Biancone, Full Professor of Business Administration and Islamic Finance, University of Turin, Italy
Assoc. Prof. Dr. Ziyaad Mahomed, Lead Researcher, Center of Islamic Social Finance, International Center for Education in Islamic Finance University (INCEIF)
Mr. Omar Shaikh, Managing Director, Global Ethical Finance Initiative (GEFI)
2.A Visionary Outlook on Islamic Economics: Unfolding Opportunities and Managing Challenges: Mr Nader El Nakib, Chief of Private and Philanthropic Partnerships MENAT at United Nations High Commissioner for Refugees (UNHCR) moderated a discussion on how Islamic Finance can enhance economic systems through its values, leading to stronger communities as an alternative to the economic and social repercussions of the traditional capitalist model.
The panellists taking part in this discussion included:
Prof. Mehmet Asutay, Professor of Middle Eastern and Islamic Political Economy and Finance Director, Durham Centre for Islamic Economics and Finance, Durham University, UK
Dr. Muhammad Meki, Associate Professor, Department of International Development, University of Oxford; Sultan Hassanal Bolkiah Fellow in Islamic Finance, Oxford Centre for Islamic Studies
Dr. Sefian Kasem, Global Head of ETF and Indexing Investment Specialists, HSBC
3.Pathways to Prosperity: Unpacking the Core Tenets of Islamic Economic Priorities: Mr. Sohail Ali, Partner at DLA Piper hosted a panel that included Dr. Muhammad Kabir Muhammad, Chief Compliance Officer, TAJBank Limited who talked through the challenges of developing communities through Islamic Economic models and how they can be overcome.
The panellists taking part in this discussion included:
Dr. Muhammad Kabir Muhammad, Chief Compliance Officer, TAJBank Limited
Mr. Vladimir Malenko, Managing Director of Business Development, XTCC
Mr. Rafi-uddin Shikoh, Chief Executive Officer and Managing Director, DinarStandard
4.Beyond Profit: Embedding Responsibility in Islamic Banks and Investment Solutions for Long-Term Sustainability: Dr. Abubaker Gaber Abubaker, Head of College and Vice-Chancellor, Al-Maktoum College of Higher Education moderated a session that discussed how Islamic finance can prioritise social and environmental impacts alongside financial returns.
The panellists taking part in this discussion included:
Dr. Salah Alhammadi, Vice-Rector for Academic Affairs and Scientific Research, Arab Open University
Mr. Muhammad Atif Hanif, Chief Executive Officer, Al Baraka Bank, Pakistan
Dr. Widad Metadjer, Lecturer in Islamic Finance and Business Management, AlMaktoum College for Higher Education in Dundee
5.Economic and Community-Led Development through Islamic Non-Profit Models: Dr. Aqsa Aziz, Senior Lecturer in Finance, School of Economics, Finance and Accounting, Faculty of Business and Law, Coventry University moderated the session where Mr Haroun Atallah, Chairman of Islamic Relief Worldwide, highlighted the power of charity and endowment models like Waqf and Qard Hassan financing for community empowerment.
The panellists taking part in this discussion included:
Mr. Haroun Atallah, Chairman, Islamic Relief Worldwide
Dr. Hurriyah El Islamy, Chief Executive Officer and Founder, HGC Firm
The second day of the Summit included:
Workshop, held in partnership with supporting partner The International Islamic Liquidity Management Corporation (IILM):
Sukuk as High-Quality Liquid Assets: Structures and Navigation Liquidity Crunches in Financial Markets. Presented by H.E. Mr. Mohamad Safri Shahul Hamid, Chief Executive Officer, The International Islamic Liquidity Management Corporation (IILM)
A Special Session:
Innovation in Islamic Economics: A Special Session Featuring PhD Research from British Universities in Islamic Economics and Finance. Featured presentations:
Islamic Banking and Investment – presented by Anglia Ruskin University
Islamic Socio-Economics Concept in Sustainability and ESG – presented by Dundee University
Islamic Economics and Contemporary Economics Issues – presented by Durham Centre for Islamic Economics and Finance, Durham University
Islamic Commercial Law and Legal Solutions for Disputes – presented by SOAS Centre of Islamic and Middle Eastern Law, SOAS University
The Summit examined the millennium-long history of Islamic economics, delving into its foundational principles and enduring values. It offered attendees an in-depth understanding of the core principles, ethical foundations, and Shair’ah-objectives (Maqasid) of Islamic economics, which are grounded in principles of social justice.
More information on the 3rd AlBaraka Summit is available here
The 3rd annual AlBaraka Summit is supported by:
Al Baraka Group B.S.C. (C) – Global Partner
Islamic Chamber of Commerce and Development (ICCD) – Strategic Partner
United Nations High Commissioner for Refugees (UNHCR) – Collaborating Partner
Media Information
To arrange an interview with key speakers at the AlBaraka Summit, please contact:
Further Information is available here:
When & Where:
The second day of the 3rd AlBaraka Summit takes place on Sunday, 27 October 2024 at
JW Marriott Grosvenor House, London.
Sunday 27 October 2024:
10:00am – Opening session
About AlBaraka Forum:
AlBaraka Forum for Islamic Economy is an independent, non-profit, global think tank, specialising in Islamic economy in its holistic sense. The Forum emerged as an extension of the deep-rooted heritage of its founder Sheikh Saleh Abdullah Kamel (1941-2020) (may Allah bestow mercy on his soul), a heritage that covered various areas of research and development in Islamic economy.
The Forum seeks to enrich the research resources and serve the knowledge structure of Islamic economy, as well as to build partnerships and alliances with regional and international entities to foresee contemporary economic challenges and developments, in order to keep pace with Islamic economy and finance. This will enhance the outputs of the Forum as a global economic and financial knowledge beacon.
About the AlBaraka Summit Series:
AlBaraka Summits Series, Founded by Sheikh Saleh Kamel, aims to advance the global reach and impact of Islamic economics and finance. The series began in London, has since expanded to major economic hubs worldwide. It convenes thought leaders and influencers in Islamic economics to discuss timeless fundamentals and contemporary themes, embracing diverse economies from profit-driven enterprises to philanthropic endeavours.
AlBaraka Forum organizes country-based summits, with the first version launched in London. The second summit is held annually in Saudi Arabia under the patronage of His Royal Highness the Prince of Madinah Region. Our latest summit in Türkiye was graced by the presence of H.E. Mr. Recep Tayyip Erdoğan, the President of the Republic of Türkiye.
Transformation from AlBaraka Symposium to AlBaraka Forum for Islamic Economy
For nearly 50 years, AlBaraka Symposium has been the most important and largest gathering of top leading Islamic economists and experts – with a clear focus on Islamic finance – covering various disciplines: It is a hub for Sharia scholars specializing in financial transactions, as well as the world’s top economists who specialize in Islamic economy, senior executives and academics. Therefore, the symposium has served as the most important starting point and the first entry point for a variety of newcomers to Islamic finance, including new researchers and executives.
The idea of transforming AlBaraka Symposium into a scientific institution was realized at the beginning of 2020, during the latter days of the late Sheikh Saleh Kamel (may Allah bestow mercy on his soul), who was renowned for his lifelong giving. This institution’s activities are increasing beyond the influence of the annual symposium, and it makes a constant contribution throughout the year.