Experts mull Islamic digital economy’s future and challenges

Special Experts mull Islamic digital economy’s future and challenges
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The 42nd Al-Baraka Islamic Economics Symposium was titled Envisioning the Future of the Digital Economy and included the participation of leading economics, finance, and investment experts. (Supplied)
Special Experts mull Islamic digital economy’s future and challenges
2 / 2
The 42nd Al-Baraka Islamic Economics Symposium was titled Envisioning the Future of the Digital Economy and included the participation of leading economics, finance, and investment experts. (Supplied)
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Updated 21 April 2022

Experts mull Islamic digital economy’s future and challenges

Experts mull Islamic digital economy’s future and challenges
  • Delegates discuss cybersecurity, currencies, investment in staff, research and development
  • Abdullah Saleh Kamel said that Saudi Arabia was making significant headway in becoming the world’s leading center for Islamic finance

JEDDAH: Saudi Arabia was fast reaching its goal of becoming the global hub for Shariah-compliant investment, amid challenges of aligning the growing industry securely with the latest digital technology.

These issues were raised on Tuesday at the opening ceremony of the 42nd Al-Baraka Islamic Economics Symposium. Among those who attended included Prince Saud bin Khalid Al-Faisal, deputy governor of Madinah, on behalf of the city’s governor Prince Faisal bin Salman bin Abdulaziz. Also present was Prince Dr. Mamdouh bin Saud bin Thunayan, president of the Islamic University of Madinah.

This year’s symposium was titled “Envisioning the Future of the Digital Economy,” and included the participation of leading economics, finance, and investment experts.

The symposium began with a speech by Abdullah Saleh Kamel, chairman of the board of trustees of the Al-Baraka Islamic Economics Forum, who traced the history of the body to its founder, the late businessman Sheikh Saleh Kamel, 42 years ago.

Kamel also announced the launch of the Saleh Abdullah Kamel Award that aims to recognize innovators in Islamic finance, both individuals and organizations. He said that Saudi Arabia was making significant headway in becoming the world’s leading center for Islamic finance.

In his speech, Dr. Fahad Aldossari, deputy governor of the Saudi Central Bank for research and international affairs, said the global industry was worth $7.2 trillion, while its assets in the Kingdom amounting to nearly SR3 trillion or almost $800 billion, and growing at an annual rate of 18 percent.

In his address, Dr. Saad bin Nasser Al-Shithri, adviser at the royal court and a member of the Saudi Council of Senior Scholars, welcomed efforts to digitize Islamic finance but said safeguards have to be introduced to protect the public. He urged universities in the country to conduct more research into the issue.

The inaugural session of the forum was titled “The Future of the Digital Economy,” with a speech by Prof. Fayyad Abdel Moneim, the former Egyptian minister of finance. He said that an integrated approach was needed for the industry.

In a research paper, Dr. Hatim Tahir, director of Islamic finance at Deloitte Middle East, shed light on the digital economy currently and its future. In a second research paper, Dr. Kinan Salim, head of the Islamic digital economy department at INCEIF University, Malaysia, focused on laws regulating the industry.

Ahmet Faruk Aysan, professor and program coordinator at Hamad bin Khalifa University, Qatar, presented the third research paper. He providing detailed explanations of how blockchain systems and the Internet of Things were affecting the digital economy. He also tackled the impact of digital currencies.

Hussein Abdou, professor of banking and finance at the University of Central Lancashire in the UK, focused on artificial intelligence and its applications.

Another paper, presented by Elsadig Musa Ahmed, professor of economics and technology management at Multimedia University, shed light on big data and its role in economic decision-making. Ahmed praised Saudi Arabia for its use of digital technology, and emphasized that trained workers were critical for the industry.

The second session of the forum, chaired by Dr. Majid Al-Moneef, professor and expert in energy economics, and former secretary-general of the Saudi Supreme Economic Council, discussed the challenges of achieving digital transformation and ways to confront the monopolistic policies of giant technology companies. The session also tackled the requirements for attracting investments necessary to implement the digital economy. 

In the same session, cybersecurity challenges were tackled in a paper presented by Dr. Amiruddin Abdul-Wahab, CEO of Malaysia’s Cyber Security Agency. Abdul-Wahab highlighted the need for an integrated approach to confront the risks threatening financial and economic institutions.

The third session of the forum was chaired by Sidi Ould TAH, director-general of the Arab Bank for Economic Development in Africa, who discussed the potential for the digital economy to assist in sustainable development for emerging economies 

In this regard, Amani El-Rayes, vice president of INP for training, consultations and community affairs, provided a detailed analysis of the country’s role in supporting the digital economy by building basic economic infrastructure for small and medium enterprises.


Prince Mohammed bin Salman project puts its focus on Al-Jubail Mosque

Prince Mohammed bin Salman project puts its focus on Al-Jubail Mosque
Updated 30 March 2023

Prince Mohammed bin Salman project puts its focus on Al-Jubail Mosque

Prince Mohammed bin Salman project puts its focus on Al-Jubail Mosque
  • The initiative aims to increase public awareness about the importance of preserving historical mosques

RIYADH: Al-Jubail Mosque, which is three centuries old and is located in the center of Thaqif in Taif governorate in Makkah, is to be the focus of the Prince Mohammed bin Salman Project for the Development of Historical Mosques.

The initiative aims at reviving the architecture of Al-Jubail and increasing public awareness about the importance of preserving historical mosques.

The area of the site will reach 310 sq. meters after renovation, while it will maintain its capacity for 45 worshippers.

The reconstruction of the mosque will utilize methods that maintain its main component, stones from the Sarawat Mountains, in addition to local wood which is to be used in ceilings, pillars, windows, and doors.

Following its refurbishment, the mosque will maintain its narrow openings, for which its unique architectural style is famous.

Originally built with juniper wood, which is known for its durability, Al-Jubail Mosque will be reconstructed using granite stones instead of cement to revive the old Sarat architectural style.

The second phase of the Prince Mohammed bin Salman project focuses on 30 mosques across the 13 regions of Saudi Arabia.

The renovation project strikes a balance between integrating modern and ancient building standards to achieve sustainability and development, while preserving the historical characteristics of the mosques.

Saudi companies specializing in old structures, along with engineers from the Kingdom, are involved in helping to preserve each mosque’s authentic architectural identity.

The project’s first phase involved the restoration of 30 mosques in 10 regions.

The project has four strategic objectives: restoring the buildings for worship and prayer; giving an urban authenticity to historical mosques; highlighting the cultural dimension of Saudi Arabia; and enhancing the religious and cultural status of the locations.

It also contributes to highlighting the cultural depth of the Kingdom by helping to preserve the country’s urban characteristics.
 


KSrelief chief, Equatorial Guinea discuss humanitarian work

KSrelief chief, Equatorial Guinea discuss humanitarian work
Updated 30 March 2023

KSrelief chief, Equatorial Guinea discuss humanitarian work

KSrelief chief, Equatorial Guinea discuss humanitarian work
  • Since its inception in May 2015, the KSrelief has implemented 2,315 projects worth more than $6 billion in 90 countries

RIYADH: Supervisor-General of the King Salman Humanitarian Aid and Relief Center Dr. Abdullah Al-Rabeeah received the ambassador of Equatorial Guinea to the Kingdom, Dr. Benigno-Pedro Matute Tang, at the center’s headquarters in Riyadh.

During the meeting, topics of mutual interest related to humanitarian and relief affairs were discussed.

The Guinean ambassador stated appreciation for the center’s efforts exerted in the field of humanitarian work and its efforts to help people and countries in need around the world.

Since its inception in May 2015, the KSrelief has implemented 2,315 projects worth more than $6 billion in 90 countries.

The center’s programs include food security, water sanitation and hygiene, health, education, humanitarian and emergency relief coordination, logistics, nutrition, and emergency telecommunication.

The countries and territories that benefited the most from the center’s various projects were Yemen ($4.2 billion), Palestine ($369 million), Syria ($342 million) and Somalia ($232 million).
 


Who’s Who: Manal Al-Bar, director of marketing at the Jabal Omar Jumeirah Makkah

Who’s Who: Manal Al-Bar, director of marketing at the Jabal Omar Jumeirah Makkah
Updated 30 March 2023

Who’s Who: Manal Al-Bar, director of marketing at the Jabal Omar Jumeirah Makkah

Who’s Who: Manal Al-Bar, director of marketing at the Jabal Omar Jumeirah Makkah

Manal Hashem Al-Bar was recently appointed director of marketing at the Jabal Omar Jumeirah Makkah.

The hotel is the UAE-based chain’s first to open in Saudi Arabia and one of its biggest to date.

Spread across four towers it houses a variety of food and beverage venues, more than 90 retail outlets, a gym, executive lounge, and meeting facilities.

Al-Bar will be responsible for leading the marketing team and overseeing integrated marketing and public relations campaigns for hotel rooms, restaurants, and all other facilities.

With more than 13 years’ experience in hospitality leadership roles in Saudi Arabia, she was previously the marketing director for the Venue Jeddah Corniche Hotel.

Al-Bar also worked as director of marketing at the Bonyan Group where she managed Al-Rashid malls in Abha, Madinah, and Jazan, in addition to Marriott hotels in Madinah and two properties in Jazan.

As marketing manager for the Marriott International group in western Saudi Arabia, she oversaw the opening of several hotels, including the Courtyard, Residence Inn Jazan, and Jabal Omar Makkah Marriott.

After joining Hyatt, she was part of the opening of the Jabal Omar Hyatt Makkah, the company’s first branded hotel in Makkah and first Hyatt Regency brand in Saudi Arabia where she developed the marketing plan and introduced the brand and hotel offerings.

Al-Bar gained a bachelor’s degree in English language from King Abdulaziz University and successfully completed several courses to build her marketing foundational skills and techniques.

She also attended a Misk leadership program to obtain on-the-job experience.
 


Muslim World League launches food baskets project in Pakistan

Muslim World League launches food baskets project in Pakistan
Updated 30 March 2023

Muslim World League launches food baskets project in Pakistan

Muslim World League launches food baskets project in Pakistan
  • King Salman Humanitarian Aid and Relief Center has also delivered 100 tons of dates as a gift from Saudi Arabia to Pakistan

RIYADH: The Muslim World League has launched a program for distributing Ramadan food baskets in Pakistan as part of its humanitarian efforts, and to complement the role of Saudi relief institutions around the world.

A celebration at the MWL office in Islamabad marked the event, with Nawaf bin Saeed Al-Malki, the Saudi ambassador to Pakistan, and  Dr. Jamal Nasir, caretaker minister of health in Pakistan’s Punjab province, in attendance, along with a number of officials.

Saad bin Masoud Al-Harthy, the MWL’s regional director in Pakistan, said that the program would distribute 3,500 food baskets, each weighing 33 kg, covering a family’s needs for a month.

Al-Harthy added that the program was part of humanitarian efforts the MWL provides in all fields across Pakistan to meet the needs of its people.

He said that the program would benefit thousands of poor and impoverished people and widows in the country.

Nasir expressed his gratitude on behalf of the Pakistani government and the nation to King Salman and Crown Prince Mohammed bin Salman. He also thanked MWL’s members for their support of Pakistan.

Meanwhile, the King Salman Humanitarian Aid and Relief Center has delivered 100 tons of dates as a gift from Saudi Arabia to Pakistan. It was handed over by Al-Malki in the presence of a number of senior Pakistani officials.

The gift comes within the relief and humanitarian programs being offered by the government of King Salman to reach families in need in different areas of the world.
 


Saudi Arabia reports 270 new COVID-19 cases

Saudi Arabia reports 270 new COVID-19 cases
Updated 30 March 2023

Saudi Arabia reports 270 new COVID-19 cases

Saudi Arabia reports 270 new COVID-19 cases
  • Total number of cases in the Kingdom over the course of the pandemic grew to 833,245

RIYADH: Saudi authorities reported 270 new COVID-19 cases on Wednesday. As a result, the total number of cases in the Kingdom over the course of the pandemic grew to 833,245.

Of the new infections, 100 were recorded in Riyadh, 29 in Jeddah and 16 in Dammam. Several other cities recorded fewer than 10 new cases each.

The Ministry of Health also confirmed that the Kingdom’s death toll from COVID-19 reached 9,630.

It said that 125 patients had recovered from COVID-19, bringing the total number of recoveries in the Kingdom over the course of the pandemic to 818,920.

The ministry said that 4,695 COVID-19 cases are still active, adding that 6,610 PCR tests were conducted in the past 24 hours, bringing the total number to more than 45 million.

The ministry said of the current cases, 78 patients were in critical condition.

More than 69.5 million COVID-19 vaccine doses have been administered since the Kingdom’s immunization campaign began, with over 25 million people fully vaccinated.