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LONDON TO HOST MAJOR ISLAMIC FINANCE SUMMIT

Published

1 month ago

October 21, 2024

The 3rd AlBaraka Summit will explore a path to a more sustainable global economy rooted in Islamic economic principles.

LONDON, Oct. 21, 2024 /PRNewswire/ — Islamic finance continues to be a significant and growing part of the global financial landscape, with a $3 trillion finance market. It offers alternatives to the mainstream UK financial structure that align with Shari’ah law, including ethical, interest-free finance.

This is just one of the many topics being investigated during the 3rd annual AlBaraka Summit at the London Marriott Hotel Grosvenor Square on 26 and 27 October. Economists, business leaders, academics and scholars will meet and discuss the merits of an alternative to the traditional capitalist economic model.

The summit will focus on the role of Islamic finance in sustainable economic growth, both in the UK and globally, and provide a platform for UK businesses to explore future collaboration with companies from Muslim-majority countries.

The summit is supported by:

● Al Baraka Group B.S.C. (C) – Global Partner

● Islamic Chamber of Commerce and Development (ICCD) – Strategic Partner

● United Nations High Commissioner for Refugees (UNHCR) – Collaborating Partner

By understanding how adopting Islamic finance principles can unlock new growth opportunities within the UK, the Summit aims to demonstrate and educate attendees on alternative economic models to work alongside capitalism.

Key highlights:

– H.E. Mr. Yousef Hassan Khalawi, Secretary-General of AlBaraka Forum for Islamic Economy, will deliver the opening remarks and discuss how Islamic economics promotes both financial prosperity and social justice.

– Naz Shah, MP, a key advocate for community-based financial inclusion, will serve as a keynote speaker, emphasising the importance of ethical financial frameworks in the UK and globally.

– Expert panel discussions will cover topics such as risk-sharing, ethical investment, the Islamic digital ecosystem, and non-profit economic models like Waqf endowments and Zakat funds.

Commenting on the Summit, His Excellency, Mr. Yousef Hassan Khalawi, Secretary-General of AlBaraka Forum for Islamic Economy, said, “Islamic economics is not a system specific to Muslims, but rather a system for all human beings. The 3rd AlBaraka Summit will address the role of traditional capitalism such as debt accumulation and speculative practices while emphasising ethical considerations, charity, and risk-sharing models to promote sustainable growth.”

The theme of the 3rd annual AlBaraka Summit is “Global Prospects for Islamic Economics: A Path to a Sustainable, Ethical, and Innovative Global Economy”. As developing countries emerge as the next economic leaders, it is important to consider the role of Islamic economics in fostering sustainable development, ethical financial practices, and genuine development-related economies.

Panel topics include:

– Islamic Economics and Collective Responsibility: Unified Goals for a Shared Planet: Moderated by Stella Cox, Managing Director of DDCAP Group, this panel will explore how Islamic finance provides ethical alternatives to conventional capitalism, addressing social responsibility and sustainability.

– Beyond Profit: Embedding Responsibility in Islamic Banks and Investment Solutions for Long-Term Sustainability: Speakers such as Prof. Mohd Ma’Sum Billah of King Abdulaziz University will discuss how Islamic finance can prioritise social and environmental impacts alongside financial returns.

– Economic and Community-Led Development through Islamic Non-Profit Models: Featuring Haroun Atallah, Chairman of Islamic Relief Worldwide, this panel will highlight the power of charity and endowment models like Waqf and Qard Hassan financing for community empowerment.

Workshop, held in partnership with supporting partner The International Islamic Liquidity Management Corporation (IILM):

– Sukuk as High-Quality Liquid Assets: Structures and Navigation Liquidity Crunches in Financial Markets. Presented by H.E. Mr. Mohamad Safri Shahul Hamid, Chief Executive Officer, The International Islamic Liquidity Management Corporation (IILM)

Special Session:

– Innovation in Islamic Economics: A Special Session Featuring PhD Research from British Universities in Islamic Economics and Finance. Featured presentations:

– Islamic Banking and Investment – presented by Anglia Ruskin University

– Islamic Socio-Economics Concept in Sustainability and ESG – presented by Dundee University

– Islamic Economics and Contemporary Economics Issues – presented by Durham Centre for Islamic Economics and Finance, Durham University

– Islamic Commercial Law and Legal Solutions for Disputes – presented by SOAS Centre of Islamic and Middle Eastern Law, SOAS University

The Summit will take a look at the millennium-long history of Islamic economics, delving into its foundational principles and enduring values. It offers attendees an in-depth understanding of the core principles, ethical foundations, and Shari’ah-objectives (Maqasid) of Islamic economics, which are grounded in principles of social justice.

More information on the 3rd AlBaraka Summit is available here.

About AlBaraka Forum:

AlBaraka Forum for Islamic Economy is an independent, non-profit, global think tank, specialising in Islamic economy in its holistic sense. The Forum emerged as an extension of the deep-rooted heritage of its founder Sheikh Saleh Abdullah Kamel (1941-2020) (may Allah bestow mercy on his soul), a heritage that covered various areas of research and development in Islamic economy.

The Forum seeks to enrich the research resources and serve the knowledge structure of Islamic economy, as well as to build partnerships and alliances with regional and international entities to foresee contemporary economic challenges and developments, in order to keep pace with Islamic economy and finance. This will enhance the outputs of the Forum as a global economic and financial knowledge beacon.

About the AlBaraka Summit Series:
AlBaraka Summits Series, Founded by Sheikh Saleh Kamel, aims to advance the global reach and impact of Islamic economics and finance. The series began in London, has since expanded to major economic hubs worldwide. It convenes thought leaders and influencers in Islamic economics to discuss timeless fundamentals and contemporary themes, embracing diverse economies from profit-driven enterprises to philanthropic endeavours.

AlBaraka Forum organizes country-based summits, with the first version launched in London. The second summit is held annually in Saudi Arabia under the patronage of His Royal Highness the Prince of Madinah Region. Our latest summit in Türkiye was graced by the presence of H.E. Mr. Recep Tayyip Erdoğan, the President of the Republic of Türkiye.

Transformation from AlBaraka Symposium to AlBaraka Forum for Islamic Economy

For nearly 50 years, AlBaraka Symposium has been the most important and largest gathering of top leading Islamic economists and experts – with a clear focus on Islamic finance – covering various disciplines: It is a hub for Sharia scholars specializing in financial transactions, as well as the world’s top economists who specialize in Islamic economy, senior executives and academics. Therefore, the symposium has served as the most important starting point and the first entry point for a variety of newcomers to Islamic finance, including new researchers and executives.

The idea of transforming AlBaraka Symposium into a scientific institution was realized at the beginning of 2020, during the latter days of the late Sheikh Saleh Kamel (may Allah bestow mercy on his soul), who was renowned for his lifelong giving. This institution’s activities are increasing beyond the influence of the annual symposium, and it makes a constant contribution throughout the year.

View original content:https://www.prnewswire.co.uk/news-releases/london-to-host-major-islamic-finance-summit-302281651.html

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China’s AIMA brand electric motorbike is now in Bangladesh

Published

10 hours ago

November 23, 2024

CISION (PR Newswire)

DHAKA, Bangladesh, Nov. 23, 2024 /PRNewswire/ — With the popularity of electric vehicles in Bangladesh, the globally renowned AIMA brand has also arrived in Bangladesh. The esteemed DX Group has brought the AIMA F-626 to customers. This environmentally friendly battery-operated electric motorbike has already been approved by the Bangladesh Road Transport Authority (BRTA) now.

In light of the increasing popularity of electric motorcycles in the country, the internationally-leading brand AIMA has entered the market. By the end of 2023, AIMA electric two-wheelers had established a presence in over 50 countries worldwide, with 11 global production bases, including overseas factories in Indonesia and Vietnam. In 2022, AIMA collaborated with Rob Janoff, the designer of the Apple logo, to refresh the brand’s VI system with a youthful and fashionable image. In 2023, AIMA teamed up with PANTONE, the global authority in color expertise, to create the trending color of the year. As an industry leader, AIMA spearheads the electric two-wheeler sector and showcases the prowess of a leading electric two-wheeler brand on a global scale. As of March 31, 2024, AIMA’s total electric two-wheeler sales had reached 80 million units, earning certification from Frost & Sullivan, a globally recognized business growth consulting firm, as the “Global Leading Electric Two-wheeler Brand”.

Over the years, AIMA has always been a product trendsetter in the electric two-wheeler sector. As of March 31, 2024, the total sales volume of AIMA electric two-wheelers reached 80 million, and Frost & Sullivan, a world-renowned market consulting company, awarded AIMA with the market status certification of the “Global Leading Electric Two-wheeler Brand (by Sales)”.

AIMA adhere to the customer-centered product philosophy and technologies that support long-term innovation and breakthroughs. We believe that the efficiency and modern technology of the AIMA F-626 will present an excellent alternative means of communication for our customers.

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China Telecom Gulf Officially Launches in Saudi Arabia for Business

Published

11 hours ago

November 23, 2024

CISION (PR Newswire)

china-telecom-gulf-officially-launches-in-saudi-arabia-for-business

HONG KONG, Nov. 23, 2024 /PRNewswire/ — On November 21, China Telecom Gulf was officially launched in Riyadh. This milestone marks a significant step in China Telecom’s efforts to provide deep services under the “Belt and Road Initiative” and to promote the building of a “China-Arab Community with a Shared Future.” It signifies another solid advancement on China Telecom’s path toward internationalization. Mr. Liu Guiqing, Executive Director and EVP of China Telecom Corporation, delivered an opening speech, along with Mr. Fawaz, Representative of Contact Office of Chinese Companies in the KSA, Deputy General Manager of Industrial and Commercial Bank of China Riyadh Branch. Over 100 guests and leaders from the Economic and Commercial Office of Embassy of the PRC of the KSA, Saudi Telecom Company (STC), Bank of China, Huawei, and others attended to witness this momentous occasion.

In his address, Mr. Liu Guiqing emphasized China Telecom’s commitment to openness, cooperation, and mutual benefit. He expressed the company’s willingness to share its experiences in cloud-network integration, cloud transformation, intelligent operations, and technological innovation. China Telecom aims to work closely with various levels of Saudi governments, enterprises, and partners to actively participate in the development of local digital infrastructure, drive the rapid advancement of next-generation information technologies, and establish a robust bridge for cooperation between China and Saudi Arabia in the field of information technology. Leveraging its extensive resources and global operational capabilities, China Telecom plans to bring its strengths in 5G, cloud computing, artificial intelligence, and other fields to provide innovative, high-quality communication products and services to Saudi enterprises, institutions, and consumers.

Mr. Fawaz extended his warm congratulations on the opening of China Telecom Gulf. He highlighted that as a leading global provider of communication services, China Telecom possesses abundant cloud-network resources and mature international service capabilities. The establishment of China Telecom Gulf is a significant step toward supporting the digital transformation of businesses in the region. He expressed confidence that through joint efforts, the company will seize opportunities in the digital era and contribute to Saudi Arabia’s socio-economic development and practical cooperation between China and Saudi Arabia in various fields.

China Telecom showcased its global resources, business capabilities, and its investments and partnerships in the Middle East and Africa. Key services introduced included eSurfing Cloud, computing power solutions, quantum technology, and customized 5G networks. Currently, China Telecom operates branches in 42 countries and regions worldwide, owns 53 international submarine cables, and manages 27 self-operated Internet Data Centers (IDCs). Its cloud-network integrated infrastructure and customer-centric digital service systems provide coverage across the globe.

During the event, China Telecom Gulf signed strategic cooperation agreements with Saudi Telecom Company (STC), Huawei Saudi Arabia, and Baud Telecom Company. The parties committed to deep collaboration, leveraging their respective strengths to provide optimized and convenient digital experiences to Saudi customers.

The establishment of China Telecom’s presence in Saudi Arabia marks a major milestone in the company’s entry into the Middle Eastern communications market, representing a key development in its global strategy. Moving forward, China Telecom Gulf will leverage China Telecom’s robust digital infrastructure and resource integration capabilities. We will collaborate closely with local Saudi enterprises, Chinese businesses expanding internationally, and global companies to strengthen cooperation and enhance exchanges. The company aims to contribute to the growth of Sino-Saudi and Middle Eastern industrial cooperation, continuously offering more smart solutions for the development of the Middle East’s digital economy, while striving to become a world-class provider of digital and intelligent technology services.

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Redefining Financial Frontiers: Nucleus Software Celebrates 30 Years with Synapse 2024 in Singapore

Published

1 day ago

November 23, 2024

CISION (PR Newswire)

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SINGAPORE, Nov. 23, 2024 /PRNewswire/ — The thriving India–Singapore partnership in banking and technology reached a new milestone as Nucleus Software celebrated 30 years of transformative innovation at Synapse 2024, held in Singapore. The event underscored the company’s role in redefining financial services across Southeast Asia (SEA) and the globe, bringing together leaders in finance and technology to explore a shared vision for the future of banking.

Synapse 2024 celebrated 30 years of Nucleus Software’s leadership in driving transformative change across Singapore and Southeast Asia’s financial ecosystem. The event also shone a spotlight on the Global Finance & Technology Network (GFTN), an initiative supported by the Monetary Authority of Singapore (MAS) to champion responsible technology adoption. The event highlighted the deepening synergies between India and Singapore, driven by their shared commitment to innovation, cross-border collaboration, and financial inclusion. As the financial services sector undergoes rapid evolution with advancements in artificial intelligence, blockchain, and digital banking, these partnerships are setting the stage for a more connected, resilient, and inclusive global ecosystem.

Vishnu R. Dusad, Co-founder and Managing Director of Nucleus Software, reflected on the milestone: “For over 30 years, we’ve had the privilege of aligning our journey with Singapore’s ascent as a global financial powerhouse. Back in 1994, when we chose to go East instead of West, it was a bold and emotional decision—guided by our belief in Singapore as a hub for innovation and collaboration. We saw then what remains true today: Singapore is at the heart of the global financial landscape, a place where new ideas take root, and partnerships thrive.”

The event brought together a distinguished array of participants, highlighting the transformative potential of India–Singapore collaboration. Mr. Piyush Gupta, CEO of DBS Group and the Guest of Honor, set the tone for the event with his opening remarks, emphasizing the transformative role of big tech in reimagining scalable, customer-centric financial services in the digital age.

Following his address, key speakers enriched the discussions with their insights. Mr. Sopnendu Mohanty, Chief Fintech Officer at the Monetary Authority of Singapore and Group CEO-Designate of The Global Finance & Technology Network (GFTN), underlined the importance of fostering responsible technology adoption and building inclusive financial ecosystems. Mr. Vinod Rai, globally respected public policy expert, Distinguished Visiting Research Fellow at the National University of Singapore, and former Comptroller and Auditor General of India, shared his perspectives on governance and policy frameworks in financial systems. Mr. S.M. Acharya, Chairman of Nucleus Software and former Defence Secretary of India, offered a visionary outlook on leveraging technology to modernize and secure banking frameworks. Finally, Mr. Pieter Franken, Co-founder and Director of GFTN (Japan), a global FinTech pioneer and deep tech innovator, discussed the future of decentralized finance and its implications for the financial sector.

The event showcased the transformative role of technology in global financial systems, emphasizing innovations that set benchmarks for scalability and inclusivity. Panelists discussed the importance of localized solutions, the challenges of cross-border integration, and leveraging dual business models to optimize capital and foster public participation. The dialogue highlighted the need for common standards, unified frameworks like APIs, and collaborative efforts to accelerate financial inclusion and drive global connectivity in the digital age.

For 30 years, Nucleus Software has consistently introduced advanced lending and banking solutions that support financial institutions’ evolving needs in Singapore and South East Asia. Driven by lean development methodologies like Acceptance Test-Driven Development (ATDD) and Continuous Integration/Continuous Delivery (CICD), Nucleus Software continues to push boundaries in efficient, flexible, and secure financial technology.

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