Saleh Kamil, chairman of Al Baraka Banking Group, has called on Muslim countries to implement the Islamic economic system efficiently to boost their economic and social development.
“We have to understand Islamic economics clearly and implement the system in our societies properly. It would be a gift from us to humanity and would serve as an important means for spreading the message of Islam,” he said.
Addressing the 34th symposium on Islamic economics at Jeddah Hilton on Wednesday night, he said: “We as scholars and bank managers have to play our role in projecting the glittering face of Islam.
Saleh Kamil, a prominent Saudi businessman, second from right, speaks at the Islamic Economics Symposium in Jeddah on Wednesday. (AN photo)
“The Islamic economics is based on the teachings of God, who knows better the needs of humanity and how to tackle their various problems.”
Kamil urged Islamic banks to make sure their operations are successful in realizing the objectives of Islamic economics. “What is our objective? Are we here just to mobilize funds in the name of Islamic banks?” he asked.
The symposium commended Custodian of the Two Holy Mosques King Abdullah’s initiative to strengthen the private sector’s participation in nation building.
“This will promote economic activities and capital flows among Arab and Muslim countries,” said Adnan Ahmed Yousif, president and CEO of Al Baraka Banking Group. He said the symposium would contribute to further strengthening the Islamic banking and finance industry.
The symposium was attended by well-known scholars in the field of Islamic banking, in addition to a number of senior executives in Islamic banks and institutions.
Participants include Ahmad Khaled Babacar, secretary general of the Islamic Fiqh Council; Abdul Basit Shaibi, CEO of Qatar International Islamic Bank; and Abdul Razak Khuraiji, executive vice president and head of the Islamic Banking Development Group at NCB.
The discussions focused on issues related to ‘zakat’, (or alms giving practiced by Muslims) including measuring zakat for crops and fruits, and trading in the global gold market.
The first Al Baraka symposium was held in Madinah in 1981, Yousif said, adding that the symposium was instrumental in finding economic solutions to the problems faced by Muslim communities.
He commended the role played by chairman Kamil and thanked scholars, researchers, executives and Islamic banking staff for their contributions.
Al Baraka is a Bahrain-based joint stock company licensed as an Islamic wholesale bank by Central Bank of Bahrain, and is listed on Bahrain bourse and Nasdaq Dubai. It is a leading international Islamic bank providing its services to around one billion people. The group’s total finance and investment jumped from $2.7 billion in 2003 to $14.3 billion in 2013, the CEO said.
**This article P.K. Abdul Ghafour was published in Arab News. Read the original article here.