Al Baraka 32nd Symposium on the Islamic Economics
Al-Baraka Islamic economics symposium is a Shariah, banking and economics forum which represents a corner stone of developing the Islamic Economics banking from both technical and Figh perspectives.
The symposium is regularly held where renowned and famous Shariah scholars, bankers and experts discuss some modern banking transactions and issue some Shariah opinions (Fatwas) and recommendations for the enhancement of Islamic banking and solving its problems.
31 symposiums had been held up-to-date since its first inception in Medinah 1981 in different cities, including Al-Madinah Al-Munawarah, Makkah Al-Mukarramah, Jeddah in addition to Damascus, Cairo, Kuala Lumpur, Beirut, Istanbul, Tunis, Algeria and Jordan.
The Symposium objectives:
The objectives of Al Baraka symposium for Islamic economy are as follow:
1. Knowledge of Figh opinion with regard to recent and modern economic and financial transactions
2. Presentation of problems faced by Islamic banks while applying different modes of Islamic finance and exchange views with scholars to solve them.
3. Linking Figh to our modern economic issues and supporting the Islamic Economic theory to enable it confront other theories.
4. Enrichment of banking Figh and the Islamic Economic library with profound discussions and new Fatwas issued by renowned Muslim scholars.
5. Fulfillment of the need of those concerned with Islamic banking Figh all over the world.
6. Fulfillment of the requirements of ABG units and the Islamic Financial institutions in the field of Islamic banking theory and its applications.
7. Linking the financial transactions of Figh with the principles of economics
8. Provision of scientific reference for research, Shariah committees, and Shariah Fatwas within the framework of Islamic banking.
9. Development of Islamic financial instruments which conform to technical & Shariah standards.
The resolutions and recommendations issued by Al Baraka Symposium for Islamic Economics represented a reference, and database which feed researches and Fatwas of Shariah boards of banks, financial institutions, Figh academies, and different organizations and agencies around the globe.
In addition, recommendations and resolutions of Al Baraka symposium were a foundation base for the establishment of many Islamic enterprises. The second Al Baraka symposium which was held in Tunisia 1984 issued Fatwa No2/5 which permit selling of shares of companies while retaining the right of administration in the hands of those owning the business name and legal register, and the purchaser retains the right of cash and capital profits provided that he shall not intervene in the management of the company.
Another Fatwa was issued permitting the sale of shares or units or shares in projects of actual assets, not restricted to debts or cash or any of them.
Based on these two fatwas and other Figh provisions, scholars started to innovate Islamic financial instruments to solve deep problems facing Islamic banking industry, such as:
1. The problem of liquidity
2. Investment opportunities
3. Liquidation of investments
After thorough studies and researches, some funds and securities companies were established in the Arab and Islamic world.
A number of scholars and Experts in Islamic Banking from different Arab and Muslim countries are usually invited to take part in the symposium in the Saudi Arabia and abroad. The number of invitees to the symposium research to about 700 persons from different countries.
Translation shall be provided from Arabic to English and vice versa to facilitate participation. New books published by ABG will be distributed to participants.
Al Braka Banking Group (ABG) will hold Al Baraka 32nd Symposium for the Islamic Economy in Jeddah in the period 10-11th Ramadan 1432H, corresponding 10-11th August 2011:
1. Issuance of Sukuks, considering their objectives, ultimate ends,ownership of holders and their guarantees.
2. Zakat on public money β the two conditions of ownership and growth and their impact upon usurped money or money over which owner has no control and upon debts of companies.
3. Insurance on deposits, investments and sukuks and dealing with government and private insurance bodies or companies.
4. Financing real estate properties by leasing to entities that have permissible objectives but are involved in impermissible practices, and review of the purification mechanism for forbidden gains.
A number of shariah scholars and banking experts will address the symposium.
The organizing committee
|Dr. Abdul-Sattar AbuGhuddah
|Dr. Ahmad Mohieddin Ahmad
|Mr. Ayman Ahmad Abdallah
||Vice President - Strategy department / Member|
|Dr. El-Tigani El-Tayeb Mohammad
||Member of Scientific Committee / Member|
|Mr. Ahmed AbdulGhaffar
||Vice President - Investors Relations / Member|
|Mr. Hasan Abdulatif Hassani
||Asst. Vice President β Corporate Communications / Member|
|Mr. Abdallah Ali Agabna
||Head of Scientific Committee / Member|
|Mr. Bassam Abu-Mughli
||Public Relations Manager / Member|
|Mr. Faisal Abdul Aziz Abdallah
|Mr. Abdul Aziz Ibrahim Ali
|Mr. Khaled Mohammad Al-Baloushi
||Reception and Transport|
|Mr. Hatim Mohammad Yamani
||Head of Media Committee|
|Mr. Omar Mohammad El-Ameen
||Member Scientific Committee, Coordinator Meeting Room|
Contacts and addresses of the Organizing Committee:
Al Baraka 32nd Symposium on the Islamic Economics
Tel: 0096626710000 Ext. 2086, 3062, 3978
E.mail: [email protected]
The Programme of Albaraka 32nd Symposium for the Islamic Economics
Wednesday and Thursday Ramadan 10th - 11th,1432.H (According to Umalqura Calendar)
corresponding to 10-11, August, 2011. Jeddah Hilton, Jeddah, KSA.
The 1st day: Wednesday, 10, August, 2011
Inaugural session: 10:00 p.m β 11:00 p.m (After Traweeh prayer):
The Holy Quran
Opening Address by Dr. Abdul Sattar Abu Ghuddah. Secretary General and president of the Unified Shariah Panel of ABG.
A speech by H.E.Adnan Ahmad. Yousif, C.E.O. Of Al Baraka Banking Group.
Welcome Remarks by H.E. Sheikh Saleh A. Kamel, the chairman of Al Baraka Banking Group,
The first session:
Issuance of Sukuks, considering their objectives, ultimate ends, ownership of holders and their guarantees. 11.00 p.m β 01:00 a.m
11:00 11:20 Research Paper by Dr. Hussain Hamid Hassan
11:20 11:40 Research Paper by Dr. Hamid Hasan Meerah
11:40 11:50 Comments by Sheikh Mohammed Al Mukhtar Al Salami
11:50 12:00 Comments by Dr. Sami Suwailem
12:00 12:40 General Discussions
12:40 01:00 Tea break
The 2nd session: 01:00 a.m - 02:40 a.m
Zakat on public money β the two conditions of ownership and growth and their impact upon usurped money or money over which owner has no
control and upon debts of companies:
01:00 01:20 Research Paper by Dr. Yousif Al Shubaily
01:20 01:40 Research Paper by Dr. Saleh Al Fozan
01:40 01:50 Comments by Dr. Ibrahim Al Dhareer
01:50 02:00 Comments by Sheikh Abdulla Al Manea
02:00 02:40 General Discussions
The second day: Thursday 11, August, 2011
Third session: 10:00 p.m -12:00 a.m
Insurance on deposits, investments and sukuks and dealing with government and private insurance bodies or companies:
10:00 10:20 Research Paper by Dr. Abdul Sattar Abu Ghuddah
10:20 10:40 Research Paper by Dr. Abdul Sattar Al Khuwaildi
10:40 10:50 Comments by Dr. Omar Zuhair Hafiz
10:50 11:00 Comments by Dr. Khalifa Babaker Al Hasan
11:00 11:40 General Discussions
11:40 12:00 Tea break
The fourth session: 12:00 β 02:30 a.m.
(Financing real estate properties by leasing to entities that have permissible objectives but are involved in impermissible practices, and review of
the purification mechanism for forbidden gains:
12:00 12:20 Research Paper by Dr. Al Ayashi Fadad
12:20 12:40 Research Paper by Dr. Mousa Shehadah
12:40 01:00 Research Paper by Dr. Ali Al Qurra Daghi
01:00 01:10 Comments by Dr. Moahmmed Anas Al Zarqa
01:10 01:20 Comments by Dr. Othman Babaker Ahmed
01:20 02:30 General Discussions