Istanbul Summit Calls for Islamic Economy Framework to Unlock Capital
AlBaraka Islamic Economics Forum Board of Trustees Chairman Abdullah Saleh Kamel opened proceedings by stressing the pressing obligation to construct a coherent framework governing the role of capital within the Islamic economy — one capable of transforming capital into both a driver of wealth creation and a vehicle for charitable social development.
Addressing participating nations, Kamel issued a pointed commendation and an equally pointed challenge: "Allow me here to commend the countries whose systems work to enable waqf, such as the Kingdom of Saudi Arabia, Türkiye, Malaysia, and others, and to call upon other countries to follow the example of these countries."
He underscored that the developmental function of waqf — the Islamic endowment institution — was expanding daily in leading nations, representing the living continuation of a civilization that had shaped the world across centuries.
Saleh bin Abdullah bin Humaid — advisor at the Royal Court of the Kingdom of Saudi Arabia, member of the Council of Senior Scholars, and imam of Al-Masjid Al-Haram — anchored his address in the human-centered foundations of Islamic economic thought, pushing back against purely materialistic conceptions of wealth.
"Speaking about wealth is not merely a discussion about the accumulation of riches, nor about maximizing abstract figures," he said.
"Rather, it is a discussion about building the civilizational strength of the Ummah, fostering social stability, achieving economic sufficiency, and promoting guidance and sound stewardship that preserve human dignity, societal prosperity, and the security, strength, and independence of the state's decision-making," he continued.
Bin Humaid further argued that Islamic financial institutions must fundamentally reimagine their purpose, asserting that an Islamic bank should not be merely a financing institution — but rather a full partner in economic and social development.
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