Istanbul becomes global meeting point of Islamic economy

The Istanbul Finance Center hosted the 3rd Global Islamic Economy Summit, organized under the auspices of the Presidency and as part of the AlBaraka Summit Series, with Anadolu acting as the global communications partner.

AlBaraka Islamic Economics Forum Board of Trustees Chairman Abdullah Saleh Kamel emphasized the urgent duty to establish the proper framework for the role of capital in the Islamic economy.

Kamel stated that this framework helped achieve higher objectives by making capital a generator of wealth and pure charitable social capital.

"Allow me here to commend the countries whose systems work to enable waqf, such as the Kingdom of Saudi Arabia, Türkiye, Malaysia, and others, and to call upon other countries to follow the example of these countries," Kamel said.

He noted that the developmental role of waqf grew daily in these countries as an extension of a great civilization that extended across the world for many centuries.

Moral principles must form basis of economic development

Saleh bin Abdullah bin Humaid, advisor at the Royal Court of the Kingdom of Saudi Arabia, member of the Council of Senior Scholars, and imam of Al-Masjid Al-Haram, drew attention to the human-oriented approach of the Islamic economy.

He said: "Speaking about wealth is not merely a discussion about the accumulation of riches, nor about maximizing abstract figures.

"Rather, it is a discussion about building the civilizational strength of the Ummah, fostering social stability, achieving economic sufficiency, and promoting guidance and sound stewardship that preserve human dignity, societal prosperity, and the security, strength, and independence of the state’s decision-making"

An Islamic bank should not be merely a financing institution; rather, it should be a partner in economic and social development, he added.