New Islamic finance report unveiled at Istanbul summit

A new report on the Islamic economy was unveiled Thursday at the third edition of the Global Islamic Economy Summit in Istanbul, highlighting major gaps in data on religious institutions and the economies of Muslim-majority countries.

The four-day event, running from June 3-6, is organized by the AlBaraka Islamic Economy Forum under AlBaraka Summits Türkiye. Anadolu is the event’s global communications partner.

A key highlight of the summit was the launch of the AlBaraka Strategic Report, which examines Islamic financial institutions, the global halal industry, Islamic social finance, the economy of religious institutions and worship, and the macroeconomic realities of member states of the Organization of Islamic Cooperation (OIC).

Yousef Hassan Khalawi, secretary-general of the AlBaraka Islamic Economy Forum, said the report is part of a broader effort to strengthen research and data collection across the Islamic economy.

“The lack of data in the economy of religious institutions and worship and the macroeconomic realities of OIC member states is astounding,” Khalawi said.

Khalawi, who also chairs the advisory board of AlBaraka Turk Participation Bank, said the forum launched its first initiative five years ago to organize global events annually.

Today, we are trailblazing with three summits and two regional conferences every year, he said.

He added that the second initiative launched Thursday aims to establish a reporting system focused on the five pillars covered in the report.

According to Khalawi, the Islamic economy “generally performs well” in areas such as Islamic financial institutions and the global halal industry.

“There are some high-quality reports available in these areas, but there is still room for improvement,” he said.

The event also saw the signing of several agreements, including between the General Council for Islamic Banks and Financial Institutions (CIBAFI) and the OIC Arbitration Center; the Saleh Kamel Islamic Economics Award and Istanbul Sabahattin Zaim University; the AlBaraka Islamic Economics Forum and the OIC Publishing and Broadcasting Union; and Ibn Haldun University and Malaysia’s Securities Commission.

Oguz Karakas, coordinator of publications and productions at Anadolu, received a plaque following the signing ceremony.

*Writing by Emir Yildirim