10th International Doha Islamic Finance Conference to kick off Feb 27
THE 10th International Doha Islamic Finance Conference is due to convene on Feb. 27 with the participation of government authorities, international organizations, as well as financial and academic institutions in the fields of economy, finance, and technology.
Convened under the theme: “Islamic Finance 2.0 Fusion of Principles and Technology”, the event’s outcomes are projected to advance the financial funding industry in Qatar and the world.
On this occasion, Chairman of the Organizing Committee and Vice Chairman of the Board of Directors of Bait Al-Mashura Finances Consultations Prof. Dr. Khalid bin Ibrahim Al Sulayti stated that the 10th Doha Islamic Finance Conference marks the culmination of a decade of this conference, which continues to be a prominent event in the procession of Islamic finance and its transformations locally and globally.
The 10th edition of the conference stands at the threshold of a new era in the Islamic finance revamped with deeper integration into advanced technology generated by the generative artificial intelligence (AI) revolution, Al Sulayti highlighted, adding that it has been decided to adopt the term “Islamic Finance 2.0” transpiring the phase in which digital technology merges with the principles of Islamic finance.
He indicated that the conference would discuss the prospects through three main themes, including dialogue sessions, discussions, and presentations. The first theme discusses Sharia governance and smart technologies, addressing the important topic of utilizing these technologies in the fields of fatwas, Sharia auditing, financial contracts structuring, and arranging contractual obligations.
The theme explores the Islamic endowment and the potential of leveraging these technologies in resolving institutional challenges and developing mechanisms for the preservation and documentation of endowments.
The second theme reviews the impact of modern technology in enhancing the efficiency of Islamic financial institutions, by addressing the utilization of AI to maximize the role of Islamic financial institutions and develop their value, Al Sulayti outlined, noting that the theme highlights the modern technology of neural language and how it is used to develop Islamic finance products, in addition to discussing the use of smart algorithms in managing financial and banking risks and exploring the potential of AI in managing and investing in endowments.
Al Sulayti added that the third theme deals with the ethics of Islamic finance in the context of smart systems, by elucidating issues related to data sharing and privacy violations considering Islamic finance services based on AI. It also reviews the central banking legislation related to regulating AI. The theme provides insight for using machine learning as a tool to enhance Cybersecurity in financial systems.
Prof. Dr. Al-Sulayti highlighted the potential of generative AI in the financial and banking sector, where estimates suggest that generative
AI can add a value between USD200 and USD340 billion to the banking sector.
This opens opportunities for the Islamic finance sector to seize this opportunity to enhance its position, enlightened by the opinions and recommendations of scholars and experts in the field, to ensure the correctness of the path, avoid risks, and achieve the highest rate of financing efficiency based on Sharia values and principles.
He praised Qatar’s experience in the Islamic financial industry, noting that the Islamic finance sector in Qatar has shown strong performance and promising future growth prospects, affirming that It is apparent in the recently launched the third strategy for Qatars financial sector which focuses on strengthening the role of Islamic finance to transform State of Qatar into a global center for Islamic financial services by developing mechanisms to support and develop innovative
Islamic financial and banking products across all sectors.
The strategy, he stressed, aims to raise awareness among the public, companies, and markets, in addition to achieving leadership in digital transformation in the Islamic finance sector and developing a new range of sukuk products.
For his part, Director General of the General Directorate of Endowments at Ministry of Endowments and Islamic Affairs Dr. Sheikh Khalid bin Mohammed bin Ghanem Al-Thani affirmed that the General Directorate of Endowments believes in the role of knowledge in the nations progress and development. He emphasized that technological advancement has become an inevitable imperative for the continuity of institutions, including endowment institutions, as one of the most important pillars of Islamic economic institutions.
These institutions, he said, are not far from the wave of
transformation towards smart technologies, which has recently emerged remarkably in generative AI tools. This leads us to think positively and optimistically about how this new technology can improve endowment services, develop endowment work, improve its sustainability, and raise its efficiency.
The General Directorate of Endowments at Ministry of Endowments and Islamic Affairs seeks to provide experience, exchange knowledge and expertise, and learn about the latest technologies in the field of generative AI in endowments, His Excellency said, pointing out that this shall contribute to enhancing community awareness regarding the importance of endowments and their role in achieving sustainable development.
He also praised the conference’s keenness to highlight endowment issues, as one of the objectives of this conference to explore the opportunities and challenges of endowment institutions in the domain of AI.