ABG to host 34th Symposium on Islamic Economy in Jeddah

Under the auspices of Sheikh Saleh Abdullah Kamel, Chairman of the Board of Directors, Al Baraka Banking Group, the Bahrain based leading Islamic banking group, will hold its thirty-fourth symposium for Islamic economy in Hilton Hotel in Jeddah, on Wednesday and Thursday 9-10 Ramadan 1434 AH, where will discuss a number of emerging banking and financial transactions and topics.

Adnan Ahmed Yousif, President and Chief Executive of the Group said that this year’s symposium will discuss a number of topics and themes include Zakat: where in this subject will address the issue of the distinction between stock Zakat acquiring for the purpose of development and those which are acquiring for trading or for both purposes, and measuring the stock Zakat on crops and fruits Zakat, and the judgment in the case the company did not achieve profit with the availability of Zakat funds, with other important issues in this subject; Dealing in Gold and Silver: this topic covers a number of issues such as: to own and titling of gold through the delivery of certificates representing certain amounts of it, trading in the global gold market by warrant holding, provisions of the purchase and sale of shares of a company engaged in the fields of gold and silver mining; Participations: this will address important issues in participatory transactions, such as the trade-off between debit and participations contracts, and legitimate means applicable in accordance with prevailing regulations to reduce the risk of participations and others and Investment by Agency: This theme covers some important issues relating to investment by agency such as: determine the expected profit and the failure of agent to achieve it and the agency contract in which it require to make a profit for at least a certain percentage.

Adnan Ahmed Yousif said that this year’s Symposium completed its thirty-fourth session and has passed on its first meeting more than a quarter of a century, as the first Al Baraka Symposium was held in Medina during the period from 17-20 Ramadan 1403, corresponding to 27-30 June 1981, and achieved a large part of its goals of: finding economic solutions to the problems faced by Muslim communities by drawing these solutions from Islamic economy as theory and system, encouraging scientific research in the field of Islamic Economics, connecting jurisprudence with our contemporary economic issues, enriching the banking jurisprudence with in-depth discussions and new fatwas issued by reputable scholars, and assisting in the development of Islamic financial products in addition to other targets, expressing his deep happiness and satisfaction with what has been achieved so far.

“I am pleased on this occasion to thank and praise the Chairman of ABG HE Sheikh Saleh Abdullah Kamel, for the adoption, management, financing and direct supervision on this Symposium throughout this period until achieving all this success. I also extend my sincere thanks and praise to scholars, researchers, executives and employees in Islamic banking who have had the great merit after God Almighty in the construction of this big edifice as it was for their efforts the best effect in the success of this work, also I commend the efforts of institutions that support the Islamic banking and the units of ABG, which provided us with their important experiments, subjects and issues to be discussed in this symposium. I also would like to thank the organizing committee for their efforts which resulted in this great work. ”

The opening session of the symposium will be addressed by HE Sheikh Saleh Abdullah Kamel, Chairman of the Board of Directors, and Adnan Ahmed Yousif, President and Chief Executive, with the participation for the first time a number of well-known scholars in the field of Islamic banking, in addition to a number of senior executives in Islamic banks and institutions, who will comment on these subjects such as Dr. Ahmad Khaled Babacar Secretary General of the Islamic Fiqh Council, Abdul Baset Shaibi CEO of Qatar International Islamic Bank, Abdul Razak Khuraiji – Executive Vice President and Head of the Islamic Banking Development Group in the National Commercial Bank and Dr. Saleh Malaekakh CEO of Rasad Bank.