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Symposium to focus on Islamic finance issues

MANAMA: Bahrain-based Al Baraka Banking Group is planning to hold its annual symposium on Islamic economy at its 32nd session during the Holy month of Ramadan at Hilton Hotel Jeddah.

The symposium, to be held on August 10 and 11, will discus a number of emerging financial transactions and other economic issues from an Islamic perspective. It will be held under the chairmanship of Al Baraka Banking Group chairman Shaikh Saleh Kamel.

Al Baraka Banking Group has traditionally organised the symposium every year with the broad participation of the owners of virtue, leading scholars and experts in Islamic economy.

The discussions are attended by more than 700 officials from central banks in Islamic countries, chief executives and general managers of banks and Islamic financial institutions and those interested in its issues from several nations around the world.

The symposium in its current session will focus on the issuance of sukuk in compliance with Sharia purposes.

It will also focus on Zakat of public money, taking into account ownership and development conditions.

Insurance on deposits, investments and sukuk, and dealing with the government and private security institutions will also be discussed.

The symposium will also focus on financing of real estate leasing for bodies that have legal purposes but prohibited practices.

The symposium sessions will begin at 10pm and continue until 2am. The opening session will be addressed by Shaikh Saleh, president and chief executive Adnan Yousif and Dr Abdul Sattar Abu Guddah, chairman of the Unified Shariah Board of the group, while opening session programmes will be presented by Dr Ahmed Mohiyeldin, group director of research and development.

Mr Yousif said the symposium has been able over its successive sessions since its inception in 1983 to issue many of the recommendations and legal opinions in many emerging financial transactions and economic issues that need to consolidate the legal opinion about them.

Mr Yousif announced the launch of a pilot project aimed at broadening access to recommendations and opinions of Al Baraka economic seminars and facilitating access to them from their sources through advanced technologies.

He explained that the new project is related to the issuance of electronic jurisprudence encyclopaedia of the researches presented in previous seminars and opinions and recommendations issued by them in addition to books and studies issued by the group on the economic system.

The first version of this jurisprudence encyclopaedia, which is jointly published by Al Baraka Banking Group and the Arabia Information Technology Company, will be launched during the 32nd session of the symposium.

The encyclopaedia will be issued every year to include new research studies and opinions on Islamic economic system issued by the group. In addition to the encyclopaedia, a new set of studies on different areas of Islamic economics issued by the group will also be distributed at the symposium.



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