3. Global Islamic Economy Summit

3. Global Islamic Economy Summit (Eng. 3rd Global Islamic Economy Summit), held from 3–6 June 2026 in Istanbul, Türkiye, is an ongoing international economic and financial summit. ^【1】 The summit is taking place at the Halkbank Headquarters within the Istanbul Financial Center (IFC). Under the theme "Capital in the Islamic Economy: Structuring Wealth for Sustainable Development" (Capital in the Islamic Economy: Structuring Wealth for Sustainable Development), the four-day event brings together global policymakers, central bank governors, investors, financial institutions, academics and industry representatives. The summit is held under the patronage of the Presidency of Türkiye and organized by AlBaraka Forum for Islamic Economy under the AlBaraka Summits Türkiye framework. ^【2】

The organizer, AlBaraka Forum for Islamic Economy, is an international institution specializing in scientific conferences, workshops, symposia and webinars aimed at strengthening the conceptual foundations of Islamic economics and promoting development in finance and innovation. ^【3】AlBaraka Summits is a series of international summits held in global capitals such as London and Istanbul, dedicated to the advancement of Islamic economics; past editions have also taken place in Medina. This third edition in Istanbul builds upon the legacy of previous summits.

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The summit is organized in strategic partnership with the Investment and Finance Office of the Presidency of Türkiye, Türkiye Wealth Fund (TWF), Istanbul Financial Center (IFC), Islamic Cooperation Youth Forum (ICYF) and Ibn Haldun University. ^【4】 The host institution is Halkbank, the official carrier is Turkish Airlines, and the global communications partner is Anadolu Agency. Platinum sponsorship is provided by Ziraat Participation, while gold sponsors include Türkiye Participation Insurance, Takasbank, Fuzulev and Emlak Participation; silver sponsor is Yıldız Holding and bronze sponsor is Kalyon Construction. ^【5】

The summit’s theme, "Capital in the Islamic Economy," is grounded in the premise that in contemporary global economic systems, capital has increasingly detached itself from productive activities and ethical purposes, becoming concentrated in speculative ventures, thereby deepening economic inequality and contributing to financial instability. Islamic economics, by contrast, presents a comprehensive framework in which capital is not an end in itself but a tool embedded within real economic activity, ethical responsibility and social accountability. ^【6】

In this context, the summit has defined six core objectives:

• Clarify the conceptual, functional and ethical foundations of capital within the Islamic economic framework
• Examine the role of capital in economic growth, financial stability and social welfare
• Investigate mechanisms to facilitate the productive formation and efficient circulation of capital in Islamic markets
• Highlight sectoral applications of Islamic capital principles, particularly in Islamic banking, capital markets and social finance
• Share successful national and international experiences in effective Islamic economic development models; address emerging dimensions of Islamic finance such as sustainability, financial technology innovation and artificial intelligence

Wednesday, 3 June 2026 marked the beginning of the summit’s side events at the Istanbul Financial Center – Halkbank Headquarters. Multiple parallel sessions were held throughout the day.

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Wahed hosted a corporate workshop titled "Capital Formation in the Digital Age: Concreteness and Realities." Junaid Wahedna, founder of Wahed, highlighted a significant gap in access to interest-free and ethical investment solutions and recounted how the platform began as a simple prototype website.^【7】

Ibn Haldun University delivered a corporate presentation titled "Sustainability Analysis of the Participation Finance Sector Under Changing Market Dynamics." Under the patronage of the Saleh Kamel Islamic Economy Award (SKIEA), the interactive academic session "From Research to Impact" enabled master’s and PhD students to present their research projects in Islamic economics and finance to an audience of academics and experts.

Strategic Thought Center conducted a workshop on the theme "The Economic Geography of Muslims: Facts and Transformations." Parallel to this, a sectoral strategic dialogue discussed the strategic role of banking associations and federations in the development of the Islamic banking industry, alongside a roundtable discussion titled "Islamic Economy and Halal in Central Asia: Current Status and Path Forward." These open participation events addressed subtopics such as the institutionalization of Islamic economics in Central Asia, mobilizing Islamic capital for the region and positioning Islamic banking institutions.^【8】

Thursday, 4 June 2026 featured a soft opening session with three welcome addresses and two keynote presentations, alongside main presentations on "The Role of Capital in the Development of Education and Social Sectors" and "Capital as a Trust – A Global Vision for Islamic Economy." A memorandum of understanding (MoU) was signed between the General Council for Islamic Banks and Financial Institutions and the Organization of Islamic Cooperation Arbitration Centre.^【9】

Among the summit’s speakers, Turkey’s Minister of Treasury and Finance Mehmet Şimşek emphasized in his keynote address on 4 June 2026 the need to reestablish the link between capital and development priorities. Şimşek noted that global finance has become detached from the real economy, with most of the increase in foreign direct investment stemming from transfers between financial centers rather than from investments in factories, infrastructure and production. The minister pointed out that the share of developing and emerging economies in global foreign direct investment has declined from 67 percent to approximately 54 percent over the past three years, linking this decline to geopolitical fragmentation, reshoring of production and shifts in supply chains. Şimşek stated that Türkiye currently ranks ninth in Islamic finance assets and aims to move into the top five, requiring greater financial product diversity, strong liquidity and innovation. He also underscored the need to strengthen the role of the Istanbul Financial Center in global Islamic finance.^【10】

^{Mehmet Şimşek delivering his address. (}AA⁾

On the same day, four key themes were addressed in panel sessions: the foundations of capital in Islamic economics; overcoming trade challenges through digital Islamic banking and Tekafül and strengthening economic integration among ICYF member countries; capital formation and intermediation centered on banks, funds and Islamic capital markets; and the recognition of endowments as an Islamic legacy of sustainable capital.^【11】

Friday, 5 June 2026 marked the official opening ceremony, held by invitation only and serving as the summit’s flagship event.

At the morning session’s opening, a keynote address presented the five-year strategy of the Securities Commission Malaysia toward its 2030 goals. Subsequently, a memorandum of understanding was signed between Ibn Haldun University and the Securities Commission Malaysia.^【12】

^{President of Türkiye Recep Tayyip Erdoğan attended the summit (}AA⁾

One of the summit’s key developments was the participation of President of Türkiye Recep Tayyip Erdoğan in the official opening ceremony. The ceremony, which began at 14:30, was presided over by President Erdoğan. The program included recitation of the Qur’an, welcome addresses, a keynote presentation, a film screening titled What Capital Builds, and a presidential statement.^【13】

President Erdoğan’s stance on previous editions has been publicly known, and during this edition he again called for broader cooperation in trade, finance and investment across the Islamic world. Two additional memoranda of understanding were signed following the opening ceremony: one between the Saleh Kamel Islamic Economy Award and Istanbul Sabahattin Zaim University, and another between AlBaraka Forum for Islamic Economy and the Union of Islamic Cooperation Organizations for Broadcasting and Television.^【14】

On 5 June, a high-level opening panel featuring central bank governors and ministers was held, moderated by Mahmoud Mohieldin, Special Representative of the United Nations for Financing the 2030 Agenda for Sustainable Development. ^【15】 Panelists included Fatih Karahan, Governor of the Central Bank of the Republic of Türkiye, Abdul Rasheed Ghaffour, Governor of Bank Negara Malaysia, and Yahya Jawdat Hafez Shunnar, President of the Palestine Monetary Authority. ^【16】 Mohieldin emphasized that the world has experienced serious turbulence due to wars and leadership gaps, with UN system reports falling below growth expectations and inflation exceeding forecasts. He stressed that the climate crisis cannot be resolved through debt alone and called for mobilizing public and private finance.^【17】

Saturday, 6 June 2026, the public final day of the summit, opened with a keynote address on the role of artificial intelligence in global governance and AI-supported capital allocation within an Islamic framework.^【18】 The fifth panel session will examine the sectoral distribution of capital through SMEs, infrastructure and the real economy; taxation, infrastructure and industrial development, sustainability and natural capital will be discussed. The sixth panel session will address digital capital and financial innovation, including the digitization and tokenization of Sharia-compliant assets (sukuk, real estate, commodities and endowment assets), the use of artificial intelligence in Islamic finance operations (credit assessment, investment screening, risk monitoring and Sharia compliance automation), and regulatory frameworks and cross-border Islamic fintech integration.

The seventh panel session, under the title "Start Smart, Grow Right: Capital Formation Strategies for Young Entrepreneurs," will share experiences on early-stage capital structures, sustainable growth models and institutional SME financing.

Throughout the day, a leadership address titled "Media Perspectives on Islamic Finance," a corporate experience session presented by Ethis, and an influencer session themed "From Followers to Financial Value" will take place. The program will conclude with closing remarks.^【19】

The Saleh Kamel Islamic Economy Award, held as part of the summit, is an initiative to support academic research. The total prize value is set at 1 million Saudi riyals (approximately 266,500–270,000 US dollars). Interactive academic sessions integrated into the summit’s program have also been conducted under this award.^【20】

The AlBaraka Strategic Report on Islamic Economy, published for the first time at the summit, serves as a comprehensive reference on the future of Islamic economics. Abdullah Saleh Kamel, Chairman of the Board of the AlBaraka Forum for Islamic Economy, argues that capital must serve productive growth, social balance and sustainable development, and emphasized that Türkiye provides a strong foundation for this global dialogue.^【21】

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Among the memoranda of understanding signed or planned during the summit are: the agreement between the General Council for Islamic Banks and Financial Institutions and the Organization of Islamic Cooperation Arbitration Centre (signed on 4 June); the agreement between Ibn Haldun University and the Securities Commission Malaysia (signed on the morning of 5 June); the agreement between the Saleh Kamel Islamic Economy Award and Istanbul Sabahattin Zaim University; and the agreement between AlBaraka Forum for Islamic Economy and the Union of Islamic Cooperation Organizations for Broadcasting and Television.^【22】

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Islamic Statistical, Economic and Social Research and Training Centre (SESRIC) participated in the summit as an institutional participant under the Organization of Islamic Cooperation (OIC). According to SESRIC, the summit serves as a vital international policy dialogue platform for directing financial resources toward the real economy and ensuring inclusive growth. ^【23】 The Investment and Finance Office of the Presidency of Türkiye also supports the summit as a strategic partner, contributing to its vision of strengthening Türkiye’s position in the global Islamic finance and economics ecosystem.

TWF General Manager Salim Arda Ermut, in his opening address at the summit, noted that the Istanbul Financial Center has made significant progress since 2023, with major public institutions and regulatory authorities establishing their headquarters there and the center now hosting approximately 20,000 people. Ermut emphasized that the center’s "One-Stop Office" service will accelerate investment processes and underscored that Islamic finance supports productive activity, long-term development and entrepreneurship.^【24】