The 4th AlBaraka Summit confirmed London’s rising influence: it is the meeting point where the Islamic world’s financial ambitions converge with global capital…reports Asian Lite News
London has always been a city where ideas collide, evolve, and eventually transform the world. The 4th AlBaraka Summit assembled delegates from across continents at prestigious Grosvenor Hotel in the world’s oldest financial capital to discuss a rapidly rising force: Sharia-compliant global finance, an industry now shaping markets from Riyadh to Doha, Dubai to London.
As Saudi Arabia, Qatar, the UAE, and Türkiye expand their Islamic finance ecosystems, the world is witnessing the formation of a new financial architecture—one built on ethics, shared prosperity, and values-driven growth.
The summit opened with an energising call to action from Ms. Efnan Han, International News Anchor at TRT World. Standing before a full house, she urged the global audience to move boldly “from ideas to models, from interest to investment, and from potential to tangible economic value.”
Her words captured the mood of the moment. Islamic finance—rooted in ethics, responsibility, and shared prosperity—has moved beyond theory. It is now a driving force in global markets, and London is emerging as a crucial bridge connecting Muslim-majority economies with the Western financial system.
At the London summit, Türkiye offered another compelling chapter to this story.
In his keynote address on the second day of the summit, H.E. Ahmet Burak Dağlıoğlu, President of Türkiye’s Investment and Finance Office, highlighted the country’s expansion of participation finance. With USD 77.3 billion in participation banking assets and a 110% surge in retirement funds, Türkiye is tightening its links with Gulf economies and aspiring to be a major regional hub through initiatives like the Istanbul Financial Centre.
Türkiye’s rise demonstrated a key theme of the summit: Islamic finance is no longer confined to traditional players. Its appeal is global, and its values resonate across diverse economies. Numbers alone cannot explain the momentum.
Dr. Eman Shady’s workshop on labour and human capital brought a human dimension often overlooked. She revealed decades of improvement across OIC countries: unemployment falling from 6.5% in 2000 to 5.9% in 2023, a younger and increasingly educated population, and rising purchasing power.
Yet she also highlighted challenges—discrimination, marginalisation, and barriers to advancement. As Islamic finance expands, she argued, the industry must ensure opportunities are equitable and inclusive.
The summit closed with an inspiring message from Ms. Aalia Jafar of ICCD, who reminded the audience that Islamic finance was never meant to be just another financial system.
Its purpose is to restore “the balance between profit and responsibility,” ensuring that economic growth is always tied to ethical conduct.
She announced the theme of the upcoming 5th AlBaraka Summit in London:
“Ethics: Internal Construction and External Revitalization of the Islamic Economy.”
The message was clear: Islamic finance must lead the world back toward moral clarity.
Amid these developments, London has emerged as more than a host—it has become a global connector. The UK was the first non-Muslim-majority country to issue a sovereign sukuk. Today, it is a hub for Islamic banks, Sharia-compliant funds, and ethical investment platforms. The AlBaraka Summit confirmed London’s rising influence: it is the meeting point where the Islamic world’s financial ambitions converge with global capital.
