PIB participates in Al-Baraka Islamic Economy Symposium in KSA

Palestine Islamic Bank participated in the 43rd session of Al-Baraka Islamic Economics Symposium. The Symposium was held over three days, from March 15 to March 17, 2023, in Medina, Kingdom of Saudi Arabia.

Symposium, held under the title of “The Sustainable Authenticity in Islamic Economy”, was attended by Dr. Ayman Jweleis, member of the Sharia Supervisory Board, and Hatem Erainat, Assistant General Manager for Banking Operations. A number of global specialists and experts, as well as representatives of Islamic banking institutions, supervisory establishments, and regionally and internationally active persons participated in the event.

Al-Baraka Symposium featured discussions on sustainable development in terms of its concept and Sharia-based origins. It shed light on how Islamic legislations surpassed most economic systems, namely since they feature legislations and regulations that guarantee achieving sustainability in terms of its belief-based, economic, environmental, and ethical aspects. The Symposium also reviewed a number of research and academic papers on the aforementioned topics issued by various Islamic finance experts.

Symposium underlined the role of Islamic banks in achieving sustainable development. In fact, this can be realized by funding small individual and group projects through various financing forms such as Murabaha, Istisnaa, and Salam. This can also be achieved through various participation forms and practices aimed at achieving social responsibility.

Commenting on the Bank’s participation in the Symposium, Dr. Imad Al-Sadi, PIB General Manager, stated that the Bank is keen on ensuring its active participation in all forums and gatherings tackling means for the development and promotion of Islamic banking. He noted that this participation is important in terms of fostering expertise exchange, becoming aware of others’ experiences, and promoting cooperation with Islamic banking institutions worldwide.

Al-Sadi also stated: “The Symposium has tackled a number of important topics related to sustainable development. In fact, these topics are important for building a promising future and overcoming all obstacles, especially that various experiences have proven that Islamic economy is more enabled to achieve sustainable development than traditional economic systems.”

On another hand, Dr. Ayman Jweleis noted that Al-Baraka Symposium is one of the major scientific, economic, and banking events and conferences in the Islamic world. This Symposium tackles contemporary financial and banking topics and contributes to the development of Islamic finance. Furthermore, this event established itself as a gathering for banking expertise exchange and for promoting cooperation, thus enabling the sector to keep pace with the latest developments in the field.