Prince of the Madinah Region, His Royal Highness Prince Salman bin Sultan bin Abdulaziz, presided over the opening of the 46th AlBaraka Islamic Economics Symposium at Prince Muqrin bin Abdulaziz University in Madinah. The event was organized by the AlBaraka Forum for Islamic Economy under the theme The Righteousness and Benevolence in Islamic Economy: The Future Forward. The ceremony underscored Madinah’s historic place as an early center of Islamic economic practice. It also reaffirmed the symposium’s standing as a leading platform for contemporary Islamic economic thought.
Chairman of the Board of Trustees of the AlBaraka Forum for Islamic Economy, Abdullah Saleh Kamel, said the sector of righteousness and benevolence represents the largest component of the Islamic economic system. He argued that balanced development cannot be achieved if this sector is treated as a marginal charitable activity rather than a core economic pillar. Kamel linked the symposium’s theme to Madinah’s legacy, where waqf, meaning Islamic endowment, and structured benevolence first emerged as durable economic tools. He added that the forum has historically driven the development of modern Islamic instruments, most notably Islamic banking.
Kamel said the next phase of Islamic economics must integrate three pathways: the economy of righteousness and benevolence, the activation of capital, and the primacy of ethics and values. He noted that this framework should advance alongside established tools such as sukuk, meaning Islamic bonds, and takaful, meaning cooperative insurance. He also emphasized the importance of modern financial technologies to expand impact and sustainability. According to Kamel, empowering the non-profit sector is essential, with the Saudi experience offering a model capable of global replication.
Grand Mufti of the Republic of Tunisia, Sheikh Hisham bin Mahmoud, said hosting the symposium in Madinah reflects the values of social solidarity at the heart of Islam. He pointed to early Islamic cooperation between the Muhajirun and the Ansar as a foundation for humanitarian and economic action. The ceremony also included a presentation tracing the evolution of Islamic giving from the first waqf to its role in Saudi Vision 2030. The event concluded with the signing of three memoranda of understanding to strengthen research, academic cooperation, and human development with leading Saudi and international universities.
Alexander Jason – Redaksi
