With the participation of more than sixty members, including heads, secretaries and members of Shariah boards and committees in Islamic banks and financial institutions within the GCC States, H.E. Sheikh Saleh bin Humaid, advisor to the Royal Court, member of the Council of Senior Scholars, Imam-Khatib at the Great Mosque and President of the International Islamic Fiqh Academy chaired on Tuesday morning 13 Jamada Al-Akhira 1442, corresponding to 26 January 2021, the first scientific forum entitled “Towards a Scientific Partnership between the Academy and the Shariah Boards of Islamic Banks and Financial Institutions in the GCC States”.

The forum was inaugurated by the recitation of verses from the Holy Qur’an. Then H.E. Sheikh Saleh bin Humaid, President of the Academy, delivered the opening address in which he spoke about this forum’s objective, which is to strengthen cooperation and partnership relations between the Academy and Islamic financial institutions in the GCC States. H.E. Prof. Koutoub Sano, Secretary-General of the Academy, delivered the keynote speech of the forum, stressing the importance of the Shariah boards and committees’ commitment to the resolutions and recommendations of the Academy when issuing fatwas, directives, guidance and advice based on the fact that the Academy is the leading jurisprudential reference established by the leaders of the OIC Members states to clarify the Shariah rulings on issues of concern to Muslims and provide effective solutions to the problems of contemporary life.

Afterwards, H.E. Sheikh Abdullah Al-Mutlaq, advisor to the Royal Court, member of the Council of Senior Scholars, and head of several Shariah boards and committees in GCC Islamic banks and financial institutions delivered a speech in which he stressed the importance and attention to be given to the rising generation of young jurists to continue the process of guidance and orientation after the present generation.

H.Em. Dr. Khaled Madhkour, from the State of Kuwait, called on the Academy to coordinate with central banks to increase their support to Islamic banks and financial institutions. As for H.E. Sheikh Ahmed bin Abdulaziz Al-Haddad, Grand Mufti of the Emirate of Dubai in the United Arab Emirates, he also called for the attention to be given to the young generation of jurists. Sheikh Nizam Yaqoubi, from the Kingdom of Bahrain, spoke of the importance of coordination between the Academy and the Shariah boards and committees for the publication of standards similar to those of AAOIFI, the Islamic Financial Services Council and the General Council of Islamic Banks and Financial Institutions.

In his speech, H.Em. Sheikh Dr. Majid Al-Kindi, from the Sultanate of Oman, referred to the importance of benefiting from scientific institutions in universities, institutes and colleges, and considering the establishment of a permanent council for banks.

As for H.Em. Dr. Muhammad Ali Al-Qari from the Kingdom of Saudi Arabia, he reviewed the pioneering role played by the Academy, stating that the Academy’s resolutions and recommendations paved the way for the emergence of contemporary Islamic banks and financial institutions and that these resolutions and recommendations were and still are the foundations on which Islamic banks and financial institutions should be based.

For two and a half hours, the honourable participants, presidents, secretaries and members of Shariah boards and committees made interventions and comments.

The forum issued a final declaration and recommendations to be published later after their approval by the scholars and jurists who participated in the forum.

It should be noted that the holding of this forum is part of the series of forums that the Academy intends to hold with Shariah boards and committees within and outside the countries of the Muslim world.