The fifth Barakah Summit, aimed at exploring ways to translate the ethical principles of Islamic finance into tangible economic impact in the fields of investment, regulation, technology, and financial inclusion, kicked off on Tuesday in the British capital, London. The summit will last for two days under the theme "Ethics in Action: Rebuilding Foundations and Enhancing the Global Impact of the Islamic Economy."
Secretary-General's Directives
At the opening of the summit, Youssef Hassan Khalawi, Secretary-General of the Barakah Forum for Islamic Economy, called for translating ethical values into daily practices within financial institutions, including their relationships with clients, decision-making, and risk management. He pointed out that organizing international events related to the Islamic economy is not an easy task and poses significant challenges.
Khalawi added that Barakah has held its events in several important cities, such as Istanbul, Karachi, and Cairo, emphasizing that these initiatives are not limited to the Islamic finance sector. He said, "I am confident that conventional banks will follow Islamic banks when they assume their responsibilities and elevate their standards."
Summit Figures and Agenda
According to information presented at the summit, the global Islamic finance sector reached a volume of 6 trillion dollars, while sukuk issuances reached the level of 1 trillion dollars. Following the opening speeches, commemorative plaques were presented to the sponsors, where Oğuz Anis Beru, Deputy Director General of the Anadolu Agency, received the plaque dedicated to the agency.
The session on "Strategic Leadership for the Islamic Economy" discussed the development of regulatory frameworks, the application of ethics in public policies, and future work priorities. The summit's agenda includes examining the role of Islamic banking, investment, and capital markets in strengthening trust based on ethical principles, supporting long-term development, and increasing the international impact of investments and funds based on these principles, alongside enhancing financial inclusion.
On the second day, the agenda highlights issues regarding the future of the sector, the role of global financial centers in developing Islamic finance based on ethical foundations, as well as technology and digital transformation.
Source: Anadolu Agency
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