Kamel Calls for Better Cohesion Among Islamic Banks in Face of Global Economic Development

"Islamic banks should seek greater co-operation and form stronger ties with each other," said Saleh Kamel, president of Dallah Al-Baraka Group. Kamel also urged Islamic banks to consider seriously taking part in the field of development instead of only focussing on financing projects. He said that Islamic banks should also further develop their services to cope with the needs of the century for the benefit of the Islamic nation.

Kamel was speaking during the conclusion of the 15th Conference on Islamic Economy at Durrat Al-Arus. Kamel said the annual conference started to analyse economic and banking matters through Islamic roles since 1981.

Through these gatherings, Islamic Ulema managed to form the tools of finance and investments, which are implemented now in Islamic banks around the world, he said. He noted that the conference was a very good opportunity for the Ulema and bank managers to gain more knowledge of economics and Islamic Fiqh and roles especially in the field of Islamic economy.

He said that the main goal for this gathering is to consolidate the Islamic economy through Islamic opinions. Kamel noted that Al-Baraka Group is now preparing to initiate a new conference to discuss Information Fiqh (Jurisprudence). He said that it is a new issue that had not been raised up until now.

Dr Saleh Malaika, Executive President of Al-Baraka Investment and Development Company, said that all the results of the previous conferences were gathered and printed to benefit specialists and Islamic Ulema. After the conference, he said, participating Ulema will gather for a two-day closed-door meeting to finalise and formulate the decisions and results before approving them. About globalisation, Malaika said it could be a good opportunity to export the Islamic banking system to the world. He added that globalisation is going to be a positive approach for Islamic banks and other development and investment sectors in the Islamic world.

During the past 15 years ago, Arab investors and economists have been asking for unification and co-operation between Islamic banks like other big commercial banks but no reaction occurred since then, he said. Hundreds of millions of Riyals have been invested by Islamic banks in the international markets. Islamic banks should further localise their investments by co-operating with other Islamic banks, he noted. Kamel said it is also important to further develop Islamic banks especially after the globalisation trends, which are adopted by several countries around the world and the joint ventures that are occurring between huge banks. The two-day seminar is organised by the Shariah Council of Dallah Al-Baraka Group and included discussions on several specialised Islamic economic topics facing banks and investments. Malaika said this conference is the first of its kind in the field of Islamic economics because it aims to establish permanent spring of knowledge especially in the fields of banking.