Madinah to Host the 45th AlBaraka Islamic Economics Symposium

Manama, Bahrain – The AlBaraka Islamic Economics Symposium, a globally recognized and highly influential forum dedicated to the advancement of Sharia-compliant finance and economics, is poised to convene its 45th edition. Al Baraka Group, a preeminent international Islamic financial institution with a significant global presence, has once again demonstrated its unwavering commitment to fostering intellectual discourse and the progress of the industry by announcing its sponsorship as a “Global Partner” for this prestigious event.

The 45th AlBaraka Islamic Economics Symposium is scheduled to take place on April 16–17, 2025, under the timely and thought-provoking theme: “Islamic Banking in Fifty Years: Past Achievements and Future Aspirations.” This landmark symposium will be hosted at the esteemed University of Prince Muqrin, located in the historically significant city of Madinah, Saudi Arabia, a spiritual and intellectual heartland for Muslims worldwide.

Related: ABG Promotes Islamic Economics at 43rd Al-Baraka Symposium in Madinah

The Significance of Madinah as Host City

The selection of Madinah as the host city for the 45th AlBaraka Islamic Economics Symposium carries profound significance. As the second holiest city in Islam and the final resting place of the Prophet Muhammad (peace be upon him), Madinah embodies a rich legacy of Islamic scholarship, justice, and economic principles. This unique setting will undoubtedly imbue the symposium with a sense of historical context and ethical grounding, fostering an environment conducive to insightful discussions on the past, present, and future of Islamic finance.

This upcoming AlBaraka Islamic Economics Symposium is anticipated to be a pivotal gathering, attracting a distinguished and diverse cohort of intellectual and industry leaders from across the globe. The program will welcome a distinguished assembly of pre-eminent Sharia scholars and jurists, highly experienced bankers and financial practitioners, and leading academics specializing in Islamic economics, finance, and related fields.

The two-day event is meticulously structured to facilitate in-depth engagement through a rich program encompassing keynote addresses, interactive workshops, and thought-provoking panel discussions. These sessions will collectively aim to dissect the remarkable journey of Islamic banking over the past half-century, tracing its evolution from its early conceptualization and implementation to its current standing as a dynamic and increasingly influential force within the global financial system.

Evolution of Islamic Banking

Attendees at the AlBaraka Islamic Economics Symposium will have the invaluable opportunity to engage in critical analyses of the key legislative and jurisprudential developments that have been instrumental in shaping the regulatory and Sharia frameworks governing Islamic banking practices. The symposium will also provide a platform to examine the impressive global market expansion achieved by Islamic financial institutions over the past five decades, exploring the diverse strategies and innovative pathways that have facilitated this growth.

This includes a focused look at the establishment and operation of Islamic windows within conventional banking institutions, allowing them to offer Sharia-compliant products and services, as well as the strategic acquisitions undertaken by Islamic financial groups to broaden their reach while steadfastly maintaining their distinct Islamic identity and core principles.  A central pillar of the discussions at the AlBaraka Islamic Economics Symposium will be the fundamental principles of Shariah governance.

Experts will explore the crucial role of Sharia supervisory boards (SSBs) within Islamic financial institutions, examining their composition, responsibilities, and the methodologies they employ to ensure that all operations and products adhere strictly to Islamic law. Furthermore, the symposium will address the ongoing efforts to develop and adopt universally recognized international Sharia standards. The establishment of such standards is viewed as essential for fostering greater harmonization, transparency, and confidence within the global Islamic finance industry, providing a solid foundation for its continued growth and integrity.

Looking towards the future, the agenda of the AlBaraka Islamic Economics Symposium will address some of the most pressing and pertinent topics concerning the role of Islamic banks in fostering sustainable socio-economic development within their respective communities and on a broader global scale. Participants will critically examine how Islamic financial principles can contribute to poverty alleviation, financial inclusion, and equitable wealth distribution.

The symposium will also delve into the future trajectory of Islamic banking, with a keen focus on navigating the complex challenges that lie ahead, such as increasing regulatory scrutiny, competition from conventional finance, and the need for greater product innovation. Simultaneously, the symposium will explore the promising opportunities presented by a rapidly changing global financial landscape, including the rise of financial technology (FinTech), the growing demand for ethical and socially responsible investing, and the increasing awareness of Islamic finance as a viable alternative financial paradigm.

A significant highlight of the AlBaraka Islamic Economics Symposium will undoubtedly be a high-level panel discussion featuring prominent leaders and thinkers in the Islamic finance world. This session will specifically focus on the critical leadership role that major banking groups play in steering the overall direction of the Islamic finance sector and actively promoting core Islamic economic principles – such as the prohibition of interest (riba), the emphasis on profit and loss sharing, and the avoidance of speculative activities – on a global scale.

In addition to these broad and strategic discussions, the AlBaraka Islamic Economics Symposium will also feature two specialized workshops designed to provide participants with more focused and practical insights into key areas of development within the industry.

Workshop 1: New Governance Standards by AAOIFI

The first workshop will concentrate on the newly evolving governance standards issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI). AAOIFI’s standards are widely recognized as the benchmark for Sharia-compliant accounting, auditing, ethics, and governance for Islamic financial institutions worldwide, and this workshop will provide crucial guidance on their implementation.

Workshop 2: Developing Islamic Financial Products through Financial Engineering

The second workshop will delve into the sophisticated mechanisms for developing innovative Islamic financial products through the application of modern financial engineering tools. This session will explore how to create Sharia-compliant financial instruments that effectively meet the diverse and evolving needs of individuals, businesses, and governments in the 21st century.

To further enrich the experience for attendees, the AlBaraka Islamic Economics Symposium will also host several important accompanying activities. These will include the prestigious AlBaraka Forum awards ceremony, a significant event that recognizes and celebrates outstanding contributions to the advancement of Islamic economics and finance across various fields, including research, practice, and policy. The symposium will also provide a valuable platform for institutions and organizations within the Islamic finance sector to showcase their latest projects, initiatives, and technological advancements. Furthermore, the event will facilitate networking opportunities, including the signing of memorandums of understanding (MoUs) between key stakeholders, fostering future collaborations, partnerships, and the collective growth of the Islamic finance ecosystem.

Al Baraka Group’s Enduring Legacy: Four Decades of Intellectual Stewardship

The Al Baraka Group’s consistent and unwavering annual sponsorship of the Al Baraka Islamic Economics Symposium is a powerful testament to its foundational commitment to fostering rigorous intellectual discourse and actively supporting the continuous development and refinement of Islamic banking and economics as a robust and ethical financial system. Over the past four decades, this distinguished symposium has played an indispensable role in establishing and meticulously refining the core jurisprudential foundations upon which the entire edifice of Islamic banking and economics is constructed.

It has organically evolved into a highly respected and widely consulted scholarly reference, serving as a critical resource for academic researchers undertaking in-depth studies, Sharia committees within Islamic financial institutions grappling with complex issues of compliance, and fatwa bodies responsible for issuing authoritative religious pronouncements on intricate financial matters. In this vital capacity, the AlBaraka Islamic Economics Symposium has been instrumental in diligently safeguarding the fundamental integrity of Islamic banking practices as they effectively serve diverse societies and make meaningful contributions to sustainable economic development in strict accordance with the overarching principles of Islamic law and ethics.

Since its inception in 1981, the AlBaraka Islamic Economics Symposium has proudly maintained its position as a leading and pioneering global platform for profound and impactful discussions at the crucial intersection of Sharia law and contemporary economic realities. For over four decades of dedicated service to the intellectual advancement of the field, the symposium has made truly substantial and enduring contributions to the ongoing evolution and refinement of Islamic economic practices, thoughtfully addressing both the foundational theoretical jurisprudential underpinnings and the increasingly complex practical technical aspects of this dynamic and rapidly expanding industry.

The AlBaraka Islamic Economics Symposium continues to serve as a vital and highly respected forum where emerging and often complex economic issues and challenges are thoughtfully presented for thorough and rigorous deliberation by a carefully selected and highly esteemed panel of globally recognized senior Islamic scholars and jurists. This crucial scholarly engagement is powerfully complemented by the active and insightful participation of a diverse range of international financial and economic experts, creating a uniquely dynamic and intellectually stimulating environment that fosters meaningful dialogue, the cross-pollination of ideas, and the generation of truly innovative and practical solutions to the multifaceted challenges facing the Islamic financial world.

The enduring and overarching goal of the AlBaraka Islamic Economics Symposium remains the vital mission of continually enriching Islamic economic practices by thoughtfully offering well-reasoned and authoritative fatwas, providing practical and implementable recommendations, and developing genuinely effective and sustainable solutions to the increasingly intricate and pressing economic issues confronting Muslim communities and the wider global landscape in the 21st century.

Al Baraka Group B.S.C. (C) operates under the stringent regulatory oversight of the Central Bank of Bahrain, holding a prestigious license as an Investment Business Firm – Category 1 (Islamic Principles). As a truly prominent and influential international Islamic financial group, Al Baraka Group is deeply committed to providing a comprehensive and diverse suite of rigorously Sharia-compliant financial services through its extensive and strategically located network of banking subsidiaries that currently spans across 13 strategically important countries worldwide.

These ethically grounded services encompass a wide spectrum of financial solutions, including retail banking services tailored to individual needs, comprehensive corporate banking solutions designed to support businesses of all sizes, sophisticated treasury functions managing financial resources by Islamic principles, and a range of innovative investment banking services that adhere strictly to the tenets of Islamic Shari’a.

The Al Baraka Group boasts a truly significant and strategically important geographical presence, with well-established and thriving operations thoughtfully located in key markets across the Middle East, North Africa, and Asia, including Jordan, Egypt, Tunisia, Bahrain, Sudan, Turkey, South Africa, Algeria, Pakistan, Lebanon, and Syria. In addition to its network of fully operational subsidiaries, Al Baraka Group also maintains a presence in Iraq through two strategically important branches and operates a representative office in Libya, further extending its reach and facilitating cross-border financial activities by Islamic finance principles.

Through its extensive and well-established network of over 600 branches strategically located across these diverse markets, ABG proudly serves a substantial and rapidly growing population base, currently estimated at around one billion customers worldwide. This impressive reach underscores Al Baraka Group’s significant and ever-increasing impact on the global Islamic financial landscape and its vital role in promoting ethical and Sharia-compliant financial solutions to a vast and diverse clientele.

The authorized capital of Al Baraka Group stands at a robust US$ 2.5 billion, a testament to its strong and stable financial foundation and its enduring commitment to achieving sustainable growth and fostering innovation within the dynamic and increasingly important global Islamic finance industry. The Group’s ongoing and steadfast sponsorship of the AlBaraka Islamic Economics Symposium unequivocally reaffirms its deep-seated dedication to fostering critical knowledge sharing, promoting cutting-edge research, and driving meaningful innovation within the sector it so prominently and ethically represents on the global stage.