Al Baraka عربي

Al Baraka Group is the Strategic Sponsor of the 2nd Al Baraka Summit in London

Manama I October 31, 2023

To further solidify its commitment towards the support and development of the Islamic banking sector in the Kingdom of Bahrain and internationally, Al Baraka Group (“ABG” or the “Group”) was the Strategic Sponsor of the 2nd Al Baraka Summit. The event was held at JW Marriott Grosvenor House, in London on October 28-29, 2023 under the theme " Islamic Economy in The United Kingdom: Reality and Opportunities”, where London has long been recognized as a global centre for various financial activities, insurance, fund management, Islamic finance and consultancy, making it an influential hub with a rich historical legacy.
This year’s edition brought together those interested in the Islamic economy from various sectors, including policymakers, industry leaders, specialists, and scholars coming together who shared their valuable insights and innovative ideas, contributing to the shaping of the unprecedented future of the Islamic economy.
The purpose of the summit is to revive the understanding of the Islamic economy in the United Kingdom. It aims to expand the reach of the Islamic economy to various governments and institutions and increase its impact on different organizations and the government, as well as highlight the thriving Islamic banking and investment sectors in Europe and the UK.
The first day of the Second Al Baraka Summit in London covered diverse aspects of the Islamic economy and finance. These sessions included discussions on the Emergence of Islamic Finance and Banking, The Legacy of Islamic Economy, Islamic Investment Solutions, Islamic Banking Sector’s role in Sustainability and Fulfilling Societal Responsibility, and The Islamic Non-Profit Organisations in the UK.
On the second day of the Summit, a professional workshop titled "The Executive Program for the Effective Regulation and Supervision of Takaful Institutions" was held in collaboration with the Islamic Financial Services Board (IFSB). The workshop covered various topics related to Takaful, including its concept and contemporary frameworks, principles, objections to traditional insurance, modern structures, governance, Sharia compliance, fiduciary responsibilities, capital adequacy, and future opportunities.
According to Saleh Kamel Islamic Economy Database, the UK is a leading centre for Islamic finance in the Western world. It has five Islamic banks, which account for about 30% of the total Islamic banks in Europe. The UK also has a significant number of Islamic windows in traditional banks which are estimated to be more than 50% in the continent, and 53 growing fintech companies account for 65% of Europe and 11% of the whole world diversify between trading and investment companies, alternative finance, digital banks, social finance, etc.
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