ICCD's Participation at Albaraka Summit in London “Importance of Intellect in Creating Impact”
In light of ICCD’s tireless endeavors to promote the Islamic economy globally, we have the honor to announce the successful conclusion of Albaraka Summit in London, in which ICCD participated as a Strategic Partner under the theme of “Importance of Intellect in Creating Impact”, on Saturday and Sunday, November 12-13, 2022, at JW Marriott Grosvenor Hotel London.
In the presence of a selection of the prominent experts and specialists in the field of Islamic economics, Albaraka Summit in London was held and included a series of fruitful dialogue sessions, which discussed and analyzed a wide range of contemporary issues related to the Islamic economy, as well as exploring ways of promoting the field globally.
The opening session of the summit started with the opening speech of H.E. Mr. Yousef Hassan Khalawi, Secretary General of ICCD, who highlighted the efforts exerted by Albaraka Forum for Islamic Economy to develop the Islamic economy, indicating: “This is always our major goal, to provide high quality content for the Islamic economy”.
Believing in the pivotal importance of the knowledge economy as a mechanism to strengthen the status of countries regionally and globally, H.E. Prof. Dr. Koutoub Moustapha Sano, Secretary General of the International Islamic Fiqh Academy (IIFA), emphasized, during his opening speech, that the country’s knowledge content is the main determinant of its economy, not the size of its military power, and this is why many small countries, like Singapore for example, became geopolitically important at the global level.
In this context, H.E. Prof. Taha Ayhan, President of the Islamic Cooperation Youth Forum (ICYF), pointed out, during his opening speech at the summit, the education as the cornerstone of raising a conscious generation of the need to promote the Islamic economy internationally. During his opening speech, H.E. Dr. Umar Oseni, Chief Executive Officer of the International Islamic Liquidity Management Corporation (IILM)- Malaysia, discussed the need to reformulate ideas in order to establish the foundations of a prosperous and developed future.
Out of the tireless pursuit of Albaraka Forum for Islamic Economy to take all necessary actions to develop the economies of the Islamic world, the first session of the Albaraka Summit in London was held entitled “The Need for Independent, Intellectual and Specialized Institutions in Islamic Economy: Focus on Albaraka Forum for Islamic Economy”, aiming at highlighting the role of Albaraka Forum as a think tank that always seeks to support knowledge and innovation resulting in advancing the economic growth of the Islamic world’s countries.
Mr. Ibrahim Elsayed, Content Development Coordinator at Albaraka Forum for Islamic Economy, participated in this session, pointing out the projects launched by the Forum, throughout its long history, in order to promote the Islamic economy worldwide, highlighting the Forum’s vision to be an indispensable and basic reference for researchers in the Islamic economics fields.
In an effort to support innovation and scientific research in various areas of Islamic economy, Mr. Ibrahim Elsayed, Content Development Coordinator at Albaraka Forum for Islamic Economy, reviewed the value and areas of Saleh Kamel Islamic Economics Award, during the speech he delivered on behalf of Mr. Hisham M. Zaki, Business Development Manager at the Forum, in the session entitled “Saleh Kamel Islamic Economics Award as an Engine of Developing the Scientific Research”.
Emphasizing the vital role of the Islamic economic infrastructure institutions in supporting Islamic financial institutions, Dr. Rizwan Malik, Head of Standards Implementation & Strategic Developments, Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), referred, during the session entitled “Infrastructure Institutions for the Islamic Economy and the Desired Role: AAOIFI in Scope”, to the Certificate of Efficiency in Financial Accounting Standards and its role in developing the technical knowledge across the Islamic financial Institutions, thereby contributing to the facilitation of Islamic finance transactions.
As SMEs are a key driver of economic growth, Dr. Mohammed Kroessin, Head of Microfinance Department at the Islamic Relief worldwide (IRW) and CEO of the GEMicro Group of Companies, addressed the means of financing these projects, noting the role of Islamic microfinance in achieving financial inclusion of these categories, in the context of his participation in the “From Islamic Finance to Islamic Economy. The Ability to study the Islamic Economy Theory in its Comprehensive Scope” session.
In light of the global quest for digital transformation, Mr. Stuart Hutton, Chief Investment Officer at Simply Ethical, emphasized the need to digitalize financial services as an Indispensable pillar for enhancing the role of Islamic financial institutions all over the world, during his participation in the session entitled “The Effectiveness of Islamic Financial Institutions in the British Market: The Future and Prospects”.
In this regard, Dr. Hussein Abdou touched upon fintech and its role in the transition to a green economy, as well as contributing to the achievement of sustainable development goals. Mr. Adnan Halawi, Senior Proposals Manager at London Stock Exchange Group (LSEG), also referred to the United Kingdom as a center for smart Islamic finance that leads to the growth of the Islamic economy globally.
Based on the importance of halal industry to promote the Islamic economy internationally, Eng. Ashraf Tanbouly, CEO of the Islamic Chamber Halal Certification Services, addressed the investment potentials in the halal market, pointing out that the concept of halal is not limited to food only but also includes finance, tourism, fashion and other activities needed for our daily lives, during his participation in the session held entitled “The Effectiveness of Islamic Finance Institutions in the British Market: the Future and Prospects” at Albaraka Summit.
At the end of the first day of Albaraka Summit in London, Ms. Aalia Jafer, Director of International Relations at the Islamic Chamber of Commerce and Development, delivered the closing remarks of the Summit and announced the partnership of ICCD with Albaraka Forum in launching the Albaraka Summit for the next year 2023 under the theme of “Islamic Economy in the United Kingdom: Opportunities and Challenges”.
Exploring ways of promoting the role of Islamic financial institutions, a workshop was held, at the second day of Albaraka Summit In London, entitled “AAOIFI’S New Ethical Standard (Professional Ethics Program)”, and conducted by Dr. Rizwan Malik, Senior Manager Standards Implementation & Strategic Development at the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI), aiming to highlight the role of AAOIFI in developing new standards that contribute to the advancement of Islamic financial institutions, hence promoting the Islamic economy globally.
ICCD’s participation at Albaraka Summit in London, held under the theme of “Importance of Intellect in Creating Impact”, is part of its tireless efforts to promote the Islamic economy worldwide and drive economic growth in the OIC Member States forward, and in the context of its tireless pursuit to collaborate with the Albaraka Forum for the Islamic Economy, to serve the interests of the Islamic world countries.
In this regard, ICCD intends to forge ahead with its tireless endeavors to advance sustainable development across all the countries of the Islamic world. It also reaffirms its relentless commitment to cooperate with the concerned institutions, in order to lay the foundations of a bright economic future desired by the world countries.
About ICCD:
Islamic Chamber of Commerce and Development is an international institution affiliated of the Organization of Islamic Cooperation (OIC). It represents the private sector of 57 member countries of OIC, as well as observer members and other associate members from Muslim minorities. ICCD aims at strengthening cooperation among its member states in the areas of trade, industry, and information technology, and promoting investment opportunities and joint- projects among member states. Its membership consists of national chambers, unions, councils of chambers of commerce and industry in OIC member states.
ICCD was established based on the decision of the Seventh Islamic Conference of Foreign Ministers, which took place in May, 1976 Istanbul, Turkey. And was adopted by the first conference of chambers of commerce and industry in Islamic world countries, which also held in Istanbul, Turkey in Oct., 1977.
Later, the constitution of ICCD was passed by the second conference of chambers of commerce and industry in Islamic world countries, which held in Dec., 1978 in Karachi. Its headquarters in Karachi, the economic capital of the republic of Pakistan.
For more information about ICCD and its upcoming economic projects, kindly visit our website: https://iccdglobal.com , or contact media department via email: news@iccdglobal.com