Al Baraka Symposium for Islamic Economy, which is considered as one of the most important intellectual references, takes place on 25th and 26th July in Saudi Arabia.
Bahrain-based Al Baraka Banking Group (ABG), the leading Islamic banking group based in Bahrain, to hold its annual Symposium for Islamic Economy in its thirty-third session on Wednesday and Thursday the sixth and seventh of the Holly month Ramadan, corresponding to 25 to 26 July 2012 at Hilton Hotel Jeddah, where a number of emerging financial transactions and some other economic issues from an Islamic perspective will be studied.
The Symposium will be held for this session under the chairmanship of Sheikh Saleh Abdullah Kamel, Chairman of Al Baraka Banking Group.
It is worth mentioning that Al Baraka Banking Group organizes this Symposium each year with the broad participation of the owners of virtue, leading scholars and experts in Islamic economy. The discussions of the seminar will be attended also by a number close to a thousand of officials in central banks of Islamic states, CEOs and general managers of banks and Islamic financial institutions and those interested in issues of Islamic economy and Islamic banking from around the world.
The seminar will cover the areas include managing of fluctuations in exchange rates and dealing during the banking time limits; commissions and fees on letters of guarantee and documentary credits; credit cards; interest free finance (Al Qard Al-Hassan); endowment of money, shares and Stocks; issues on Zakat; use of Zakat funds in microfinance; use of Zakat funds to provide guarantees to the under privileged and contemporary applications in Zakat debtors share, and its usage to establish insurance funds for the benefit of zakat givers.
The opening session of the Symposium will be addressed by Sheikh Saleh Kamel, Chairman of the Board of Directors, Adnan Ahmed Yousif, President and Chief Executive and Dr. Abdul Sattar Abu Guddah, President of the Unified Sharia Supervisory Board of the Group.
Adnan Ahmed Yousif, President and Chief Executive of Al Baraka Banking Group said that Sheikh Saleh Kamel gives this seminar great interest and he is keen to attend and manage it every year. This is stemmed from his belief of its importance in the rationalization of banking businesses in Islamic banks in various parts of the world in general and in the subsidiary banks of Al Baraka Banking Group in particular, stressing the desire of the executive management to achieve the objectives of the Symposium as a cornerstone in the development of Islamic banking both technically and doctrinally.
Adnan revealed the launch of Al Baraka prize in Islamic economics during the activities of the Symposium this year as recognition from the Group for scholars who have contributed in a clear and evident way in Islamic banking and Islamic finance. The Group will award the first prize for this year to one of the leading figures in Islamic jurisprudence, for his clear and distinct efforts in the development of Islamic banking.
He said that the Symposium managed through its successive sessions since its inception in 1983 to issue many of the recommendations and Fatwa on many emerging financial transactions and economic issues that need to consolidate and issue legitimate judgment on them.
Al Baraka Group began organizing this Symposium before twenty-eight years, where the first session was held in Medina in the period 17-20 Ramadan 1403 corresponding to 27 to 30 June 1983 under the patronage of Sheikh Saleh Abdullah Kamel, Chairman of the Group and the participation of a group of scholars, experts, bankers and executives, and then was successively held in Tunisia, Algeria, Turkey, Mecca and Jeddah.
Al Baraka Banking Group is a Bahrain Joint Stock Company Licensed as an Islamic Wholesale Bank by Central Bank of Bahrain, listed on Bahrain Bourse and Nasdaq Dubai stock exchanges. It is a leading international Islamic bank providing its unique services to around one billion people and with Standard and Poor’s investment grade long term counterparty credit rating of BBB- / A-3 (Short Term). Al Baraka offers retail, corporate, treasury and investment banking services, strictly in accordance with the principles of the Islamic Shari’a. The authorized capital of Al Baraka is $1.5 billion, while total equity amounts to about $1.8 billion.