Al Baraka Forum charts a path for Islamic finance in Istanbul

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Over the past two days, Istanbul hosted for the first time the Al Baraka Islamic Finance Summit, which seeks to chart a path to a more sustainable, inclusive and innovative future for the Islamic economy on a global scale.

The summit was held under the title “Global Prospects for the Islamic Economy: Components and Needs,” under the patronage of Turkish President Recep Tayyip Erdogan for the first time since its inception in 1981.

The summit was held at the Lutfi Kirdar Convention Center in Istanbul and was organized in cooperation with the Turkish Presidency Investment Office, Istanbul Financial Center (IFM), Turkey’s Sovereign Wealth Fund (TVF), Al Baraka Participation Bank, Ibn Khaldun University and the Islamic Cooperation Youth Forum (ICYF).

Specialized speakers from Islamic countries presented their vision on the role of Islamic finance in the global economy.

The summit also provided sufficient space for participants to exchange views on participatory financing.

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The summit discussed innovative solutions and strategies that are compatible with economic growth in Turkey through Islamic principles.

In a session entitled “Symbiosis and Sustainability: Exploring Ecosystems in the Islamic Economy and Their Local and International Impacts” held on the second day of the summit, the Islamic economic system at the national level and global approaches to the halal industry were discussed.

The summit concluded with a session entitled Ethical Code for Islamic Finance Professionals.

It is worth noting that “participatory banking” is a banking model that works by adopting the principles of interest-free banking, carries out all types of banking activities in accordance with these principles, collects funds on the basis of a working capital partnership or by proxy, and provides funds through purchase, sale, partnership, leasing, and other means. Methods in accordance with the principles of interest-free banking.